Yale Corporation issued $60,000, 8% (cash interest payable semiannually on June 30 and December 31)...
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Accounting
Yale Corporation issued $60,000, 8% (cash interest payable semiannually on June 30 and December 31) 10-year bonds dated and sold on January 1. Yale amortizes any bond discount or premium using the straight-line amortization method. If the bonds were sold at 103, provide journal entries to be made at each of the following dates. a. January 1, for issuance of bonds. b. March 31, for accrual of interest for quarterly reporting. c. June 30, for the first interest payment. (No reversing entries made.)
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