(Answered) Question - on jan 1 quest corp issues 8 20 year bonds

Accounting

Question - On Jan 1, Quest Corp issues 8%, 20 year bonds payable with a maturity value of $100,000. The bond sell at 98 and pay interest on Jan. 1 and July 1.Quest amortizes bond discounts and premium by straight-line method.

a. Record issuance of the bond on Jan1.

b. Record the semi-annual interest payment on July 1.

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