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On January 2, 2010, Horst Corporation issued ten-year, 8 percent bonds with a face value...

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Accounting

On January 2, 2010, Horst Corporation issued ten-year, 8 percent bonds with a face value of $1,000,000. The semiannual interest dates are June 30 and december 31. The bonds were issued for $875,480 to yield a market interest rate of 10 percent. The accounting year ends on December 31. Prepare entries in journal form without explnantions to record the bond issue on January 2, 2010 and the payments of interest and amortization of discount on June 30 and December 31, 2010. Use the straight line method of amortization.

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