Homework Answers
Journal entry
| Date | General journal | debit | Credit |
| Dec 31, 2023 | Interest expense (2670030*6%) | 160202 | |
| Premium on bonds payable | 14798 | ||
| Interest payable | 175000 |
Balance sheet presentation
| Long term liabilities | ||
| Bonds payable | 2500000 | |
| Add: Premium on bonds payable | 155232 | 2655232 |
1) Interest expense for 2023 = $160202
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9%, 10-year bonds at $3,222,644. This price resulted in an
effective-interest rate of 8% on the bonds. Novak uses the
effective-interest method to amortize bond premium or discount. The
bonds pay annual interest on each January 1.
Prepare the journal entries to record the following
transactions. (Round answers to 0 decimal places, e.g.
15,250. Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
(1)
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bonds pay annual interest on January 1.
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on January 1, 2019. (Credit account titles are
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Date
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