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The Kell Company issued $600,000 of 10 year, 12% bonds at 99. The bonds were...

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Accounting

  1. The Kell Company issued $600,000 of 10 year, 12% bonds at 99. The bonds were issued on January 1, 20x1, with interest payable semiannually on June 30 and December 31.

REQUIRED: Present the journal entries for each of the following:

  1. The issuance of the bonds.

  1. The payment of interest for the first six months.

  1. Amortization for the first six months.

  1. The retirement of 1/2 the bonds at 102 on January 1, 20x5.

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