of the three assumptions The company amortices from any jourmal entres Round your Sinal answers to the nearest whole dollar) premium and then credits Journal20 the issuance of bonds when the market interest rate is 8% Date Oabe
Homework Answers
Assumption 1.
| Accounts | Debit | Credit |
| Cash | $91,000 | - |
| Bonds payable | - | $91,000 |
| Interest expense | $5,460 | - |
| Cash | - | $5,460 |
Assumption 2.
| Accounts | Debit | Credit |
| Cash | $81,321 | - |
| Discount on bonds payable | $9,679 | - |
| Bonds payable | - | $91,000 |
| Interest expense | $5,692 | - |
| Discount on bonds payable | - | $232 |
| Cash | - | $5,460 |
Assumption 3.
| Accounts | Debit | Credit |
| Cash | $115,697 | - |
| Bonds payable | - | $91,000 |
| Premium on bonds payable | - | $24,697 |
| Interest expense | $4,628 | - |
| Premium on bonds payable | $832 | - |
| Cash | - | $5,460 |
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$91,000 The market fate of interest 12% at issuance The present value of the ther the market interest rate is 8% T...
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Please complete all parts. Thank you Journalize issuance of the bond and the first semiannual interest...
Please complete all parts. Thank you
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Review the following three bonds payable assumptions: (Click the icon to view the bond assumptions.) Journalize...
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Please answer all parts A-D On January 1, 2018, Eastside Credit Union (ECU) issued 5%, 20-year...
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Journalize issuance of the bond and the first semiannual interest payment under each of the three assumptions. The company amortizes bond premium and discount by the effective-interest amortization method. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries. Round your final answers to the nearest whole dollar.) Assumption 1. Seven-year bonds payable with face value of $85,000 and stated interest rate of 10%, paid semiannually. The market rate...
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