Hastings, Corp., issued 6%, five-year bonds payable with a maturity value of ($5,000) at a price of
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Hastings, Corp., issued 6%, five-year bonds payable with a maturity value of \($5,000\) at a price of \($5,460\) when the market rate was 4% on January 1,2010. Journalize the following transactions for Hastings, Corp. Include an explanation for each entry.
a. Issuance of the bond payable on January 1, 2010.
b. Payment of semiannual interest and amortization of bond premium on July 1, 2010. (Use the straight-line method to amortize the premium.)
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