Woodwick Company issues 6%, five-year bonds, on December 31, 2016, with a par value of $107,000...
Woodwick Company issues 6%, five-year bonds, on December 31,
2016, with a par value of $107,000 and semiannual interest
payments.
| Semiannual Period-End | Unamortized Premium | Carrying Value | ||||||
| (0) | 12/31/2016 | $ | 8,251 | $ | 115,251 | |||
| (1) | 6/30/2017 | 7,426 | 114,426 | |||||
| (2) | 12/31/2017 | 6,601 | 113,601 | |||||
Use the above straight-line bond amortization table and prepare
journal entries for the following.
- (a) The issuance of bonds on December 31, 2016.
- (b) The first interest payment on June 30, 2017.
- (c) The second interest payment on December 31, 2017.
Homework Answers
Journal entry
| Date | Account and explanation | Debit | Credit |
| Dec 31 | Cash | 115251 | |
| Bonds payable | 107000 | ||
| Premium on bonds payable | 8251 | ||
| June 30 | Interest expense | 2385 | |
| Premium on bonds payable (8251/10) | 825 | ||
| Cash (107000*3%) | 3210 | ||
| Dec 31 | Interest expense | 2385 | |
| Premium on bonds payable | 825 | ||
| Cash | 3210 | ||
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