(Answered) Question - foreman company issued 864000 of 10 20-year

Accounting

Question - Foreman Company issued $864,000 of 10%, 20-year bonds on January 1, 2011, at 102. Interest is payable semiannually on July 1 and January 1. Foreman Company uses the effective interest method of amortization for bond premium or discount. Assume an effective yield of 9.7705%.

Prepare the journal entries to record the following. (Round all intermediate calculations and answers to 0 decimal places, e.g. 5,510.

(a) The issuance of the bonds.

(b) The payment of interest and the related amortization on July 1, 2011.

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