On February $200,000. The bonds sold for $182,841 and mature in 20 years. was 10

Question

On February $200,000. The bonds sold for $182,841 and mature in 20 years. was 10%. Interest Fox uses the straight-line method of amortization 1, 2018, Fox Corporation issued 9% bonds dated February 1, 2018, with a face amount of The effective interest rate for these bonds is paid semiannually on July 31 and January 31. Fox's fiscal year is the calendar year. 1. Prepare the journal entry to record the bond issuance on February 1, 2018 2. Prepare the entry to record interest on July 31, 2018 3. Prepare the necessary journal entry on December 31,2018. 4. Prepare the necessary journal entry on January 31, 2019. (Ctrl)-

Explanation / Answer

1. In the books of Fox Corporation :

2.

3.

4.

Date General Journal Debit Credit $ $ Feb 1, 2018 Cash 182,841 Discount on Bonds Payable 17,159 Bonds Payable 200,000 To record issuance of bonds payable

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