10. Journal entry worksheet: 1. Record the bond issue. (Jan. 01, 2021) 2. Record the first semiannual interest payment. (June 30, 2021) 3. Record the second semiannual interest payment. (Dec. 31, 2021) thank you so much!
10. Journal entry worksheet: 1. Record the bond issue. (Jan. 01, 2021) 2. Record the first semiannual interest payment. (June 30, 2021) 3. Record the second semiannual interest payment. (Dec. 31, 2021) thank you so much!
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
10.
1. Record the bond issue. (Jan. 01, 2021)
2. Record the first semiannual interest payment. (June 30, 2021)
3. Record the second semiannual interest payment. (Dec. 31, 2021)
thank you so much!
![**Required Information**
[The following information applies to the questions displayed below.]
Mi-T-M Corporation is a leading designer and manufacturer of high-quality industrial equipment. Mi-T-M Corporation issues $540,000 of 7% bonds on January 1, 2021, to finance operations. The bonds are due in 10 years. Interest is paid semiannually on June 30 and December 31.
**3.** If the market interest rate is 6%, the bonds will issue at $580,169. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest dollar amount.)
**View transaction list**
**Journal entry worksheet**
| Date | General Journal | Debit | Credit |
|------------------|-------------------------|--------|--------|
| January 01, 2021 | | | |
Note: Enter debits before credits.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4c03d17e-03c0-44bf-860a-ef4a718bf31e%2F7decff00-0bb3-418d-9ba6-55c019064efe%2F2kmt39_processed.png&w=3840&q=75)
Transcribed Image Text:**Required Information**
[The following information applies to the questions displayed below.]
Mi-T-M Corporation is a leading designer and manufacturer of high-quality industrial equipment. Mi-T-M Corporation issues $540,000 of 7% bonds on January 1, 2021, to finance operations. The bonds are due in 10 years. Interest is paid semiannually on June 30 and December 31.
**3.** If the market interest rate is 6%, the bonds will issue at $580,169. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest dollar amount.)
**View transaction list**
**Journal entry worksheet**
| Date | General Journal | Debit | Credit |
|------------------|-------------------------|--------|--------|
| January 01, 2021 | | | |
Note: Enter debits before credits.
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