Duval Company issues four-year bonds with a $110,000 par value on January 1, 2021, at a...
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Duval Company issues four-year bonds with a $110,000 par value on January 1, 2021, at a price of $105,895. The annual contract rate is 7%, and interest is paid semiannually on June 30 and December 31. Prepare journal entries to record the first two interest payments. Duval Company issues four-year bonds with a $110,000 par value on January 1, 2021, at a price of $105,895. The annual contract rate is 7%, and interest is paid semiannually on June 30 and December 31. Prepare journal entries to record the first two interest payments.
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