On January 1, 2021, Wallgrub Wholesale Ltd. issued $ 500,000 of 10-year, 6% bonds payable at 99. Interest is payable semi-annually on June 30 and December 31. Semi-annual amortization for this bond is $ 250.
Instructions
a) Record all entries required for this bond during 2021.
b) Show how the bonds would be reported on Wallgrub's December 31, 2021 balance sheet.

Question

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The Answer of On January 1, 2021, Wallgrub Wholesale Ltd. issued $ 500,000 of 10-year, 6% bonds payable at 99. Interest is payable semi-annually on June 30 and December 31. Semi-annual amortization for this bond is $ 250.
Instructions
a) Record all entries required for this bond during 2021.
b) Show how the bonds would be reported on Wallgrub's December 31, 2021 balance sheet.