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Resto Corporation has authorized to issue$5,000,000 of its 8%, 5-year bonds On January 1, 2019,...

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Accounting

Resto Corporation has authorized to issue$5,000,000 of its 8%, 5-year bonds On January 1, 2019, the bonds issued at 28/02/2019 plus accrued interest when the effective interest rate10%. The bonds interest is quartile onApril1, July 1, October1, and January 1. On July 1, 2020 after paid interest Resto purchased 40% of its issued bonds on the open market at $1,500,000 and cancelled them. Resto uses the effective interest rate method for amortization of bond premiums and discounts. Required: 1- Journalize the bonds issued on February 28, 2019? 2- Journalize all interest entries during 2019? 4- Journalize the entry for redemptions of bonds on July1, 2020and entries at 31, December 2020

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