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Prepare journal entries to record the following transactions
(a) On June 1, 2010, XYZ, Inc. issued $600,000, 6% bonds for $587,640, which includes accrued interest. Interest is payable semiannually on February 1 and August 1 with the bonds maturing on February 1, 2020. The bonds are callable at 102.
(b) On August 1, 2010, XYZ paid interest on the bonds and recorded amortization. XYZ uses straight-line amortization. (c) On February 1, 2011, XYZ paid interest and recorded amortization on all of the bonds, and purchased $360,000 of the bonds at the call price. . |
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