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Question

t.html eispengh-AD - SHREYA CHAND?.. @sh estor women l- "Reliable"Go-Te.o. E @mymathiab ? connecta create Your Freew. 0pts) QS 10-7 Recording bond issuance and discount amortization LO P1, P2 Sylvestor Company issues 10%, five-year bonds, on December 31, 2016, with a par value of $100,000 and semiannual interest payments (0) 12/31/2016 () 6/30/2017 (2) 12/31/2017 $7,360 6,624 5,888 92,640 93,376 94,112 Use the above bond amortization first interest on table and prepare journal entries to record (ol the issuance of bonds on December 31, 2016:(b) the pr Journal entry worksheet Record the issuance of the bonds. Note: Enter dubits betore K Prex 5 of 10 Next> G Search or type URL

Explanation / Answer

Ans.1 No. Date General journal Debit Credit 1)Issue           12/31/2016 Cash 92640 Discount on bonds payable 7360 Bonds payable 100000 2)First interest payment    6/30/2017 Bond interest expenses 5736 Discount on bonds payable (7360 - 6624) 736 Cash (100000 * 10% * 6/12) 5000 3)Second interst payment 12/31/2017 Bond interest expenses 5736 Discount on bonds payable (6624 - 5888) 736 Cash (100000 * 10% * 6/12) 5000

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