Waterbury corporation issued $1,6,000,000 in 8.5%, 5 yr. bonds on March 1, 2014, at 96. The… 1 answer below »

Waterbury corporation issued $1,6,000,000 in 8.5%, 5 yr. bonds on March 1, 2014, at 96. The semiannual interest payment dates are September 1 and March 1. Prepare the journal entries to record the issue of the bonds by Waterbury on March 1, 2014, and the first 2 payments on September 1, 2014, and March 1, 2015. Used the straight-line method and ignore year-end accruals.