MI-T-M Corporation is a leading designer and manufacturer of high quality industrial equipment. Mi- T-M...
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MI-T-M Corporation is a leading designer and manufacturer of high quality industrial equipment. Mi- T-M Corporation issues $580,000 of 8% bonds on January 1, 2021 to finance operations. The bonds are due in 10 years. Interest is paid semiannually on June 30 and December 31. Required: 1. If the market interest rate is 8%, the bonds will issue at $580,000. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (if no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the bond issue. Journal entry worksheet Record the first semiannual interest payment. Note: Enter debits before credits. General Journal Debit Credit Date June 30, 2021 Record the second semiannual interest payment. Note: Enter debits before credits. General Journal Date December 31, 2021 Debit Credit
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