[gary123]

On December 31, 2007 Frame Inc. issued $800,000, 8% bonds. Interest is payable semi-annually on June 30 and Dec 31, and the bonds mature on December 31, 2017. The applicable market rate is 10% and Frame uses the effective interest rate method to account for bonds. On Dec 31, 2008 (after the interest payment) Frame retired $200,000 of the bonds at 104.

Prepare the Dec 31, 2007 journal entry to record the sale of the bond?

2) Prepare the Dec 31, 2008 journal entry to record the interest payment.

3) Prepare the entry on Dec31, 2008 to record the early redemption of the bonds.

PLEASE HELP

[morgaine300]

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