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Farhan Corporation issued $ 1,000,000 of 8%, 28-year bond on January 1, 2020, at 119.792...

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Accounting

  1. Farhan Corporation issued $ 1,000,000 of 8%, 28-year bond on January 1, 2020, at 119.792 to yield 6%. Interest is payable semi-annually on July 1 and January 1.

Prepare journal entries to record following:

  1. The issuance of bonds
  2. The payment of interest and related amortization on July 1, 2020
  3. The accrual of interest and related amortization on December 31, 2020

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