a locally famous accounting firm, issues a $15,000, ten-year, 8% bond on January 1, 2021. The bond pays interest semi-annually on June 30th and December 31st.
Due to regulatory issues the bond is issued (sold) at par on April 1, 2021. Kick the Budget has a policy of recording accrued interest as Interest expense.
What is the journal entry that would be made on April 1, 2021 when the bond is sold?
