Homework Answers
| Date | General Journal | Debit | Credit |
| January 01, 2021 | Cash | 65,244 | |
| Discount on bonds payable | 4,756 | ||
| Bonds payable | 70,000 |
| Date | General Journal | Debit | Credit |
| June 30, 2021 | Interest expense | 2,610 | |
| Discount on bonds payable | 160 | ||
| Cash | 2,450 |
Semi annual interest payment = 70,000 x 7% x 6/12
= $2,450
Interest expense on June 30, 2021 = Carrying value of bonds x Market interest rate
= 65,244 x 4%
= $2,610
Discount on bonds payable amortized on June 30, 2021 = Interest expense - Interest payment
= 2,610-2,450
= $160
Kindly comment if you need further assistance. Thanks‼!
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