(Solution Document) P10-7BPrepare entries to record issuance of bonds, interest accrual, and straigh


P10-7BPrepare entries to record issuance of bonds, interest accrual, and straight-line amortization for 2 years               Fernetti Company sold $6,000,000, 9%, 20-year bonds on January 1, 2015.  The bonds were dated  January 1, 2015, and pay interest on January 1 and July 1. Fernetti Company uses the straight-line method to amortize bond premium or discount.The bonds were sold at 96.Assume no interest is accrued on June 30.                      

 







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