On January 1, 2018, Roberts Unlimited issues 8%, 20-year bonds payable with a face value of $240,000.

Question:

On January 1, 2018, Roberts Unlimited issues 8%, 20-year bonds payable with a of $240,000. The bonds are issued at 104 and pay interest on June 30 and December 31.
Requirements
1. Journalize the issuance of the bonds on January 1, 2018.
2. Journalize the semiannual interest payment and amortization of bond premium on June 30, 2018.
3. Journalize the semiannual interest payment and amortization of bond premium on December 31, 2018.
4. Journalize the retirement of the bond at maturity, assuming the last interest payment has already been recorded. (Give the date.)
Face Value
Face value is a financial term used to describe the nominal or dollar value of a security, as stated by its issuer. For stocks, the face value is the original cost of the stock, as listed on the certificate. For bonds, it is the amount paid to the...