Bond premium, entries for bonds payable transactions Rodgers Corporation produces and sells football equipment. On July 1, 20Y1, Rodgers issued $70,400,000 of 10-year, 11% bonds at a market (effective) interest rate of 9%, receiving cash of $79,557,400. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: For all journal entries, if an amount box does not require an entry, leave it blank. Question Content Area 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1. DateAccount DebitCredit 20Y1 July 1 Cash Premium on Bonds Payable Bonds Payable

Bond premium, entries for bonds payable transactions Rodgers Corporation produces and sells football equipment. On July 1, 20Y1, Rodgers issued $70,400,000 of 10-year, 11% bonds at a market (effective) interest rate of 9%, receiving cash of $79,557,400. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: For all journal entries, if an amount box does not require an entry, leave it blank. Question Content Area 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1. DateAccount DebitCredit 20Y1 July 1 Cash Premium on Bonds Payable Bonds Payable

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter14: Long-term Liabilities: Bonds And Notes

Section: Chapter Questions

Problem 6PB

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