suo,000x.7%.e-year e market rate was 6%. This December 1: Interest is to On Janu

Question

suo,000x.7%.e-year e market rate was 6%. This December 1: Interest is to On January 1, Byte received SI 18,182.90 when they issued 34. be paid semiannually on June 30 and December 31, entry was never recorded December 31: entry using the effective-interest method. This entry was never 35. ,: Check # 5367 was issued on June 30 for the timely interest payment for the bond. Record the recorded December 31: Check # 6011 was issued on December 31st for the tinely interest payment for the bond. Record the entry using effective-interest method Post your journal entries to the general ledger and prepare the Unadjusted Trial Balance as of December 31st Make sure your work is correct by uploading your file 36. A. B.

Explanation / Answer

35. The following journal entry will be prepared:

36. The following entry will be prepared.

Date Account Titles and Explanation Debit Credit Jun. 30 Interest Expense (118,182.90 x 6% x 1/2) 3,545.50 Premium on Bonds Payable (3,850 - 3,545.50) 304.50       Cash (110,000 x 7% x 1/2) 3,850

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