On the first day of the fiscal year, a company issues a $8,900,000, 6%, 5-year bond...
On the first day of the fiscal year, a company issues a $8,900,000, 6%, 5-year bond that pays semiannual interest of $267,000 ($8,900,000 × 6% × ½), receiving cash of $9,699,451.
Journalize the bond issuance. If an amount box does not require an entry, leave it blank.
| Cash | |||
| Premium on Bonds Payable | |||
| Bonds Payable |
On the first day of the fiscal year, a company issues a $8,800,000, 10%, 9-year bond that pays semiannual interest of $440,000 ($8,800,000 × 10% × ½), receiving cash of $10,541,040.
Journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank.
Homework Answers
| 1 | |||
| Cash | 9699451 | ||
| Premium on Bonds Payable | 799451 | ||
| Bonds Payable | 8900000 | ||
| 2 | |||
| Interest expense | 343276 | ||
| Premium on Bonds Payable | 96724 | =(10541040-8800000)/9*1/2 | |
| Cash | 440000 |
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