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On January 1, 2019, the date of bond authorization, Paquette Inc. issued 3-year, 12-per cent...

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Accounting

image On January 1, 2019, the date of bond authorization, Paquette Inc. issued 3-year, 12-per cent bonds. Semi-annual interest is payable on June 30 and December 31. Paquette uses the straight-line method of amortization. The following journal entry records the first payment of interest: Required: Reconstruct the journal entry made to record the issuance of bonds on January 1,2019

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