Pretze ana ng issues 7% 15-year bonds with a face amount of $70,000 or S7 79 on

Question

Pretze ana ng issues 7% 15-year bonds with a face amount of $70,000 or S7 79 on January 1 2018. The marke interest rate or bonds of similar and maturit s6% e ests aid an a on e ember: 31 1. & 2. Record the bond issue and first interest payment on December 31, 2018. (I no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Vlew transaction list Journal entry worksheet Record the first interest payment. Note: Enter debts before credts. Date General Journal Debit Credit December 31, 2018 (nterest expense on Bands Payable Cash Rex ord entry Clear entry View general journal

Explanation / Answer

Jan-1-18 Cash 76799       Bonds payable 70000       Premium on Bonds payable 6799 Dec-31-18 Interest expense 4608 =76799*6% Premium on Bonds payable 292        Cash 4900 =70000*7%

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