Collins Company issues term bonds with a face value of $100,000 on May 1, 20X3. The bonds have a stated rate of interest of 4 percent and a life of ten years. They pay interest semiannually on June 30 and December 31. The market value on the date of issuance was 6 percent. Record all necessary journal entries on the following dates:
a. The issuance of the bonds on May 1, 20X3
b. The payment of interest on June 30, 20X3
c. The payment of interest on December 31, 20X3
Fitzgerald Corporation issues a $3,000,000 in serial bonds on August 1, 20X2. The terms are as follow:
◦ Time to maturity: three years
◦ Stated and effective interest rate: 7 percent, paid annually on August 1
◦ Principal to be repaid at the end of each year: $1,000,000
◦ Determine the journal entries for each of the following dates:
a. The issuance of the bonds on August 1, 20X2
b. Accrual of interest expense on December 31, 20X2
c. Payment of principal and interest on August 1, 20X3
d. Accrual of interest expense on December 31, 20X3
e. Payment of principal and interest on August 1, 20X4
f. Accrual of interest expense on December 31, 20X4
g. Payment of principal and interest on August 1, 20X5
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