Canga Corp. issued $20,000 of bonds payable at par on January 1,
2017. The bonds had a face rate of 4%. Interest is paid
semiannually and the bonds are due in 5 years.

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Question: Canga Corp. issued $20,000 of bonds payable at par on January 1, 2017. The bonds had a face rate …
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Journalize Canga’s issuance of the bonds on January 1, 2017.

Journalize Canga’s first interest payments on July 1, 2017.

Give all journal entries Canga would have to record on the
bonds’ maturity date, January 1, 2022.

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