Interest expense = $57,000 * 7% = $3,990
Date | General Journal | Debit | credit |
January 1, 2021 | Cash | $57,000 | |
Bonds payable | $57,000 | ||
December 31, 2021 | Interest expense | $3,990 | |
Cash | $3,990 |
Pretzelmania, Inc., issues 7%, 10-year bonds with a face amount of $57,000 for $57,000 on January...
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two parts A company issues 7%, 10-year bonds with a face amount of $80,000 for $85.951 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid semiannually on June 30 and December 31 Required: 1. & 2. Record the bond issue and first interest payment on June 30, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field. Do not...
> on the interest expense be sure to take the time into consideration, should be
$57,000 * 7% * 1/2(because it's semiannual) = 1995
Camo 1549 Wed, Dec 1, 2021 5:54 PM