Xtra-Gold Corporation had a $1,200,000, 5% bond available for issue on September 1, 2014. Interest is to

Question:

Xtra-Gold had a $1,200,000, 5% bond available for issue on September 1, 2014. Interest is to be paid quarterly beginning November 30. All of the bonds were issued at par on October 1. Prepare the appropriate entries for:
a. October 1, 2014
b. November 30, 2014
c. December 31, 2014 (Xtra-Gold’s year-end)
d. February 28, 2015

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...