On May 2, 2021, Luka Modric issues 6-year, $1,000,000, 8% bonds to finance the equisiti of a restaurant in Pula, Croatia. The bonds are issued at a price of $1,048,317, for an effective rate of 7%. The bonds pay interest semi-annually, on November 1 and May 1 of each year. Modric's fiscal year-end is on December 31. Prepare all necessary journal entries in relation to these bonds starting on the date of issuance, through May 2, 2022. Clearly mark the date for each journal entry.

On May 2, 2021, Luka Modric issues 6-year, $1,000,000, 8% bonds to finance the equisiti of a restaurant in Pula, Croatia. The bonds are issued at a price of $1,048,317, for an effective rate of 7%. The bonds pay interest semi-annually, on November 1 and May 1 of each year. Modric's fiscal year-end is on December 31. Prepare all necessary journal entries in relation to these bonds starting on the date of issuance, through May 2, 2022. Clearly mark the date for each journal entry.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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