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On May 31, 2021, Fresh Co. issued 3%, $2,000,000, 10 year bonds for a price...

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Accounting

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On May 31, 2021, Fresh Co. issued 3%, $2,000,000, 10 year bonds for a price to yield 2.5% annually. Interest will be paid every November 30 and May 31. The company's year-end is December 31 and it uses the effective interest method to amortize any discount or premium on its bonds REQUIRED: 1. Calculate the issue price of the bonds on May 31, 2021. 2. Prepare the necessary Journal entries on these dates: May 31, 2021. November 30, 2021. December 31, 2021, and May 31, 2031. (the maturity.diate) 3 Based on your answer to 2 above, show the balance sheet accounts and related dollar amounts for Fresh Co. on December 31, 2021 4. Bawed on your amwer to 2 above show the income statement accounts and related dollar amounts for Fresh Co. for the year ended December 31, 2021

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