tpx M Chapter 101H My.VCCS Applications a HP-See what\'s Hot a WildTangent Games

Question

tpx M Chapter 101H My.VCCS Applications a HP-See what's Hot a WildTangent Games fo.". value: 0.45 points Dobbs Company issues 6%, two-year bonds, on December 31, 2015, with a par value of $101,000 and semiannual interest payments semiannual interest payments. Semiannual Period-End Unamortized Discount Carrying Value (0) 12/31/2015 (1) 630/2016 (2) 12/31/2016 (3) 6/302017 (4) 12/31/2017 $6,020 4,515 3,010 1,505 $ 94,980 96,485 97,990 99,495 101,000 Use the above straight-line bond amortization table and prepare joumal entries for the following Required: (a) The issuance of bonds on December 31, 2015 view transaction list view general journal Journal Entry Worksheet Record the issue of bonds with a par value of $101,000 cash on December 31, 2015. General Journal Debit Credit Dec 31, 5 "Enter debits before credits

Explanation / Answer

Ans.1) Record the issue of bonds with par value of $101,000 cash on 31/12/2015

Cash $94980

Discount on Bonds Payable 6020

            Bonds payable   $101,000

Ans.2)Record interest payment and amortisation on 30/06/2015

Interest expense $4515

                Discount on Bonds $1485

                Cash                      $3030

Ans .3 Payment on maturity 31/12/2017

Bonds Payable $101,000

            Cash    $ $101,000

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