On March 1, 2010, Hrd Corporation issued a 6-year bond worth $422,000 with an interest rate of 8% per annum. Interest is to be paid semi-annually on August 31 and February 28. At the time of the issuance, the market interest rate was 12%. Hrd Corporation amortizes any premium or discount using the straight-line method.
a) Prepare the journal entry on March 1, 2010, to issue the bonds.
| Date | Account Title and Explanation | Debit | Credit |
| Mar 1 |
Mark 1.00 out of 1.00
|
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