CP 104 On January 1, 2019, the date of bond authorization, Paquette Inc. issued 3year,...
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CP 104 On January 1, 2019, the date of bond authorization, Paquette Inc. issued 3year, 12per cent bonds. Semiannual interest is payable on June 30 and December 31. Paquette uses the straightline method of amortization. The following journal entry records the first payment of interest: 2019 June 30 Interest Expense 17,000 Cash 16,500 Discount on Bonds 500 Required: Reconstruct the journal entry made to record the issuance of bonds on January 1, 2019.
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