Question

Hello, I am having trouble computing the amounts for the journal entries that are red. I am using a financial calculator, so I would prefer step by step instructions on how to get the correct answer using a calculator. Thank you!

Question 2 0.76/1 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. The Kingbird Company issued $420,000 of 9% bonds on January 1, 2020. The bonds are due January 1, 2025, with interest payable each July 1 and January 1. The bonds are issued at face value. Prepare Kingbird's journal entries for (a) the January issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Cash 420000 || Bonds Payable 420000 Interest Expense 21000 Cash 21000 Interest Expense 21000 21000 Interest Payable 21000

Answer 1

Date	Account Titles	Debit	Credit
1-Jul	Interest Expense	$       18,900
	Cash		$       18,900
31-Dec	Interest Expense	$       18,900
	Interest Payable		$       18,900
	420000*9%/2