[The following information applies to the questions displayed below.]

On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $580,000 of 8% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year.

3. If the market interest rate is 7%, the bonds will issue at $621,216. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest dollar amount.)

Question

23-04-2020
Business

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[The following information applies to the questions displayed below.]

On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $580,000 of 8% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year.

3. If the market interest rate is 7%, the bonds will issue at $621,216. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest dollar amount.)

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monica789412 monica789412 · Answer 1 · 2020-04-28T08:37:35+02:00

The following journal entries will be passed in the books of accounts

Explanation:

Date General Journal Debit Credit

Janaury 1, 2021 Cash 580000

Bonds payable 580000

(To record issuance of bonds)

June 30, 2021 Interest expense 23200

Cash 23200

(To record first semiannual interest payment)

December 31, 2021 Interest expense 23200

Cash 23200

(To record second semiannual interest payment)

2 Date General Journal Debit Credit

Janaury 1, 2021 Cash 542277

Discount on bonds payable 37723

Bonds payable 580000

(To record issuance of bonds)

June 30, 2021 Interest expense 24402

Discount on bonds payable 1202

Cash 23200

(To record first semiannual interest payment and amortization of discount)

December 31, 2021 Interest expense 24457

Discount on bonds payable 1257

Cash 23200

(To record second semiannual interest payment and amortization of discount)

3 Date General Journal Debit Credit

Janaury 1, 2020 Cash 621216

Premium on bonds payable 41216

Bonds payable 580000

(To record issuance of bonds)

June 30, 2021 Interest expense 21743

Premium on bonds payable 1457

Cash ($580000 into 8% into 0.5) 23200

(To record first semiannual interest payment and amortization of premium)

December 31, 2021 Interest expense 21692

Premium on bonds payable 1508

Cash 23200

(To record second semiannual interest payment and amortization of premium)