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Mathematics, 02.09.2021 04:10 johannah51
Entries for Issuing Bonds and Amortizing Premium by Straight-Line Method
Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, Year 1, Smiley issued $20,000,000 of five-year, 9% bonds at a market (effective) interest rate of 8%, receiving cash of $20,811,010. Interest is payable semiannually on April 1 and October 1.
a. Journalize the entry to record the issuance of bonds on April 1, Year 1. For a compound transaction, if an amount box does not require an entry, leave it blank.
Cash 20,811,010 0
Premium on Bonds Payable 0 811,010
Bonds Payable 0 20,000,000
b. Journalize the entry to record the first interest payment on October 1, Year 1, and amortization of bond premium for six months, using the straight-line method. (Round to the nearest dollar.) For a compound transaction, if an amount box does not require an entry, leave it blank.
Interest Expense
Premium on Bonds Payable
Cash
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Entries for Issuing Bonds and Amortizing Premium by Straight-Line Method
Smiley Corporation wholes...
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