Solution
Date | Account Title and Explanation | Debit | Credit |
January 01, 2021.. | Cash | $ 480,000 | |
Bonds payable | $ 480,000 | ||
(To record Issuance of bonds ) | |||
June 30, 2021.. | Bond interest expense | $ 19,200 | |
Cash | $ 19,200 | ||
(Interest on bond paid) | |||
December 31, 2021. | Bond interest expense | $ 19,200 | |
Cash | $ 19,200 | ||
(Interest on bond paid) |
On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues...
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On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $430,000 of 6% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. Required: 1. If the market interest rate is 6%, the bonds will issue at $430,000. 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...
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Save &Exit Submit Help Saved Check my work On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $540,000 of 7 % bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year rt 2 of 3 2. If the market interest rate is 8 % , the bonds will issue at $503,306. Record the bond issue on January 1, 2021, and the first two semiannual interest payments...