Question: Only part b needs to be solved. Problem 6 On January 1, 2014, Irish, Inc. issued 10-year bonds of $500,000 face value at 103. Interest

Only part b needs to be solved.

Problem 6 On January 1, 2014, Irish, Inc. issued 10-year bonds of $500,000 face value at 103. Interest is payable on June 30 and December 31 at 8%. On April 1, 2015, Irish reacquires $100,000 bonds at 99 plus accrued interest. The fiscal period for Irish is the calendar year. The straight-line method is used to amortize any premium or discount. Prepare entries to record: A) the issuance of the bonds and B) the reacquisition and retirement of the bonds

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