Please do not give solution in image format ? And Fast Answering Please ? And Explain Proper Step by Step. b. Prepare the journal entry to record the payment of interest and related amortization on July 1, 2018.DateAccountsDebitJul. 1, 2018Creditc. Prepare the journal entry to record the accrual of interest and related amortization on December 31, 2018.DateAccountsDebitCreditDec. 31, 2018 Australian Horse Rides Ltd. issues $6,000,000 of six-year, 10% bonds dated January 1, 2018. Interest is payable on January 1 and July 1 each year. The proceeds realized from the issue were the $6,765,932sales price less the $60,000 fee charged by Horse's lawyers. Horse's year-end is December 31.Read the requirement.a. Prepare the journal entry to record the issuance of the bonds on January 1, 2018.AccountsDebitDateJan. 1, 2018Before journalizing entries (b) and (c), prepare an amortization schedule for the bonds through the first two semi-annual interest periods. (Use a financial calculator to compute the semi-annual effective interestrate and round the semi-annual effective rate to four decimal places, X.XXXX%. Round all currency amounts to the nearest whole dollar.)Semi-annualinterest expense atDate2018 Jan. 12018 Jul. 12019 Jan. 1%CreditInterest paidPremium amortizedAmortized cost

Given in the question: Face Value $6,000,000 Sales Price $6,765,932 Fee…

a. Prepare the journal entry to record the issuance of the bonds on January 1, 2018. Date Accounts Jan. 1, 2018 Debit Credit Before journalizing entries (b) and (c), prepare an amortization schedule for the bonds through the first two semi-annual interest periods. (Use a financial calculator to compute the semi-annual effective interest rate and round the semi-annual effective rate to four decimal places, X.XXXX%. Round all currency amounts to the nearest whole dollar.)

a. Prepare the journal entry to record the issuance of the bonds on January 1, 2018. Date Accounts Jan. 1, 2018 Debit Credit Before journalizing entries (b) and (c), prepare an amortization schedule for the bonds through the first two semi-annual interest periods. (Use a financial calculator to compute the semi-annual effective interest rate and round the semi-annual effective rate to four decimal places, X.XXXX%. Round all currency amounts to the nearest whole dollar.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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