10 Quiz ezto.mheducation.com/hm.tpx Question 7 (of 7) M10-11 Recording Bonds Iss

Question

10 Quiz ezto.mheducation.com/hm.tpx Question 7 (of 7) M10-11 Recording Bonds Issued at Face Value LO 10-3] The following information applies to the questions displayed below) Schlitterbahn Waterslide Company issued 34.000. 10-year, 7 percent. $100 bonds on Januery 1 at face value Interest is payable each December 31 (a) The issuance of these bonds on Januery 1 (b) The first interest payment on December 31 References Section Break 0.74 points M10-11 Part 2 2. Prepare the journal entries r relate q for the ab ove transactions (If no entry is required for a transactionievent select No Journal Entry Required" in the first account field.) Type here to search

Explanation / Answer

. Joutnal Entries Date Account Tittle Debit Credit 01-Jan Cash $3,400,000.00 Bond Payable $3,400,000.00 To Record issuance of Bond 31-Dec Interest Expense $238,000.00 Cash ($3400000X7%) $238,000.00 To Record Interest payement

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