Question

in the middle joural entry you will see a blank i am struggling with about how to go about getting the answer

*Exercise 15-16 a-c Blossom Company issued $710.000. 12% 10-year hands on December 31, 2019, for Interest is payable annually on December 31. Blossom Company uses the straight amortize bond premium or discount. Year bonds on December 31, 2019, for $640,000. Many uses the straight-line method to Credit Prepare the journal entry to record the issuance of the bands. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Date Account Titles and Explanation Debit Dec 31, 2019 Cash A ct 10-D000 7710,000 10.000 Discount on bond au 70.000 70,000 Bond Payable 110,000 Prepare the journal entry to record the payment of interest and the discount amortization on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit 7 Credit Dec. 31, 2020 Interest Expense Discount on band pay. Cash 8 710,000 X Prepare the journal entry to record the redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2029 Pond Paralle D10,000 Cosh 110,000 Question Attempts: 0 of 5 used 85200- 12% Anvatization Amt=79000|lbyr = 7,000 Dyplus.com/edugen/shared/assignment/test/print.uni

Answer 1

Particulars	Amount
Face value	$ 710,000.00
Rate of Interest	12%
Issued value	$ 640,000.00
Discount on issue	$   70,000.00
Bonds total period	10 years
Discount amortized per year	$    7,000.00
Interest expense payable per year	$   85,200.00
Interest expense to be shown	$   78,200.00

December 31, 2020	Interest expense	$   92,200.00
	Discount on bonds payable		$   7,000.00
	Interest payabale / Cash		$ 85,200.00

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