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Required information 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 $470,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Required: 1. If the market interest rate is 8%, the bonds will issue at $470,000. 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.) View transaction list Journal entry worksheet 2 3 Record the bond issue. Note: Enter debits before credits Date General Journal Debit Credit January 01, 2021 Recedy Clear entry View general journal

Answer 1

The answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and format. For detailed answer refer to the supporting sheet.

Answer 2 Part 1) Date 4 January.01,2021 Credit Debit 470000 General Journal Cash Bond Payable (To record Bond Issue) 470000 9 Part 2) Date 11 June 30,2021 10 Credit Debit 18800 General Journal Interest expense (470000*8%/2) Cash (To record interest expense) 18800 13 Credit 16 Part 3) Date General Journal General 18 December 31, 2021 Interest expense (470000*8%/2) Cash (To record interest expense) Debit 18800 18800