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Prepare journal entries to record the following transactions related to long-term bonds of Quirk Co.

(a) On April 1, 2009, Quirk issued $500,000, 9% bonds for $537,868 including accrued interest. Interest is payable annually on January 1, and the bonds mature on January 1, 2019.

(b) On July 1, 2011 Quirk retired $150,000 of the bonds at 102 plus accrued interest. Quirk uses straight-line amortization.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9437757

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