Vasquez issued a $400,000 face value, 8%, 20-year bond at 95. Which of the following is the correct journal entry to record the retirement of the bond at maturity? A. Date Accounts and Explanation Debit Credit Bonds Payable 380,000 Cash 380,000 B. Date Accounts and Explanation Debit Credit Cash 380,000 Bonds Payable 380,000 C. Date Accounts and Explanation Debit Credit Cash 400,000 Bonds Payable 400,000 D. Date Accounts and Explanation Debit Credit Bonds Payable 400,000 Cash 400,000

On december 31, 2011, daggett company issued $750,000 of ten-year, 9% bonds payable for $700,353, yielding an effective interest rate of 10%. interest is payable semiannually on june 30 and december 31. prepare journal entries to reflect (a) the issuance of the bonds, (b) the semiannual interest payment and discount amortization (effective interest method) on june 30, 2012, and (c) the semiannual interest payment and discount amortization on december 31, 2012. round amounts to the nearest dollar.

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