(Solution) - On April 30 2007 Hackman Corporation issued 1 million face -(2025 Original AI-Free Solution)

Paper Details

On April 30, 2007 Hackman Corporation issued $1 million face value 12% bonds dated January 1, 2007, for $1,023,000 plus accrued interest. The bonds pay interest semiannually on June 30 and December 31 and are due December 31, 2014. The company uses the straight-line amortization method.

Required
Record the issuance of the bonds and the first two interest payments.