(Answered) Problem bonds payableon october 1 2010 noller company

Accounting

Problem: Bonds Payable

On October 1, 2010, Noller Company issued $3,000,000 par value, 10%, 10-year bonds dated July 1, 2010, with interest payable semiannually on January 1 and July 1. The bonds are issued at $3,406,500 (to yield 8%) plus accrued interest. The effective interest method is used.

(a) Prepare the journal entry at the date the bonds are issued.

(b) Prepare the adjusting entry at December 31, 2010, the end of the fiscal year.

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