on june 30, tower company issues 8%, 20-year bonds payable with a face amount of $100,000....
on june 30, tower company issues 8%, 20-year bonds payable with a face amount of $100,000. The bonds are issues at 95 (this is a great to given the 95% number instead of having to use the tables to arrive at the issues/sales price) and require interest payments on june 30 and dec 31
requirements 1: journalize the iisuance of the bonds on june 30 and dec 31
Requirements 2 jouranalize the semiannual interst payment and amortization of the bond discount on dec 31
Homework Answers
Journal entry
| Date | account and explanation | Debit | Credit |
| June 30 | Cash | 95000 | |
| Discount on bonds payable | 5000 | ||
| Bonds payable | 100000 | ||
| (To record bond issue) |
Journal entry
| Date | account and explanation | Debit | Credit |
| Dec 31 | Interest expense | 4125 | |
| Discount on bonds payable (5000/40) | 125 | ||
| Cash (100000*8%*6/12) | 4000 | ||
| (To record interest) |
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on june 30, tower company issues 8%, 20-year bonds payable with
a face amount of $100,000....
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