Refer to the information for Roman Corporation below. Roman Corporation decided to issue long-term debt in order

Question:

Refer to the information for Roman below.
Roman decided to issue long-term debt in order to pay off its short-term obligations.
On January 1, 2021, Roman issued $900,000 in 7% bonds (payable on December 31, 2030) at 87. Interest is paid on June 30 and December 31. The market rate of interest is 9%.
Required:
Prepare the journal entries for December 31, 2021 and 2022.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...