Pretzelmania, Inc., issues 5%, 20-year bonds with a face amount of $68,000 for $60,200 on January...
Pretzelmania, Inc., issues 5%, 20-year bonds with a face amount of $68,000 for $60,200 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid annually on December 31.
Required:
1. & 2. Record the bond issue and first interest payment on December 31, 2021
Homework Answers
| Jan 1 | Cash | 60,200 | |
| Discount on bonds payable | 7,800 | ||
| Bonds payable | 68,000 | ||
| Dec 31 | Interest expense | 3790 | |
| Cash (68,000*5%) | 3400 | ||
| Discount on bonds payable (7800/20) | 390 | ||
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Required: 1. & 2. Record the bond issue and first interest payment on 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 1...
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Pretzelmania, Inc., issues 5%, 10-year bonds with a face amount
of $53,000 for $53,000 on January 1, 2021. The market interest rate
for bonds of similar risk and maturity is 5%. Interest is paid
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Required: 1. & 2. Record the bond issue and first interest payment on 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 1...
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