Please, make the journal entries for them Problem 2 Part II Assume that on April...
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Accounting
Please, make the journal entries for them
Problem 2
Part II
Assume that on April 1, 2019 Berry Corporation issued an $3,000,000, 20-year, 8% bond at 105 because the market rate was 6%. Interest is payable semi-annually.
REQUIRED:
Make the necessary journal entries for the following dates:
May 1, 2019: The day the bond was issued.
Oct. 31, 2019: The first interest payment under the straight-line method of bond discount amortization.
Oct. 31, 2019: The first interest payment under the effective interest method of bond discount amortization.
Dec. 31, 2019: The necessary adjusting entry under the straight-line method.
Dec. 31, 2019 The closing entry under the straight-line method of amortization.
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