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Exercise 9-12 (Algo) Record bonds issued at a premium and related semiannual interest (LO9-5) [The following information applies to the questions displayed below] On January 1, 2024, Splash City issues $450,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 6%, the bonds will issue at $483,476. Exercise 9-12 (Algo) Part 1 Required: 1. Complete the first three rows of an amortization schedule. (Round your final answers to the nearest whole dollar.) Date 1/1/2024 6/30/2024 12/31/2024 Change in Cash Paid Interest Expense Carrying Value Carrying Value

Exercise 9-12 (Algo) Record bonds issued at a premium and related semiannual interest (LO9-5) [The following information applies to the questions displayed below] On January 1, 2024, Splash City issues $450,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 6%, the bonds will issue at $483,476. Exercise 9-12 (Algo) Part 1 Required: 1. Complete the first three rows of an amortization schedule. (Round your final answers to the nearest whole dollar.) Date 1/1/2024 6/30/2024 12/31/2024 Change in Cash Paid Interest Expense Carrying Value Carrying Value

FINANCIAL ACCOUNTING
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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Exercise 9-12 (Algo) Record bonds issued at a premium and related semiannual interest (LO9-5) [The following information applies to the questions displayed below] On January 1, 2024, Splash City issues $450,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 6%, the bonds will issue at $483,476. Exercise 9-12 (Algo) Part 1 Required: 1. Complete the first three rows of an amortization schedule. (Round your final answers to the nearest whole dollar.) Date 1/1/2024 6/30/2024 12/31/2024 Cash Paid Interest Expense Change in Carrying Value Carrying Value
Transcribed Image Text:Exercise 9-12 (Algo) Record bonds issued at a premium and related semiannual interest (LO9-5) [The following information applies to the questions displayed below] On January 1, 2024, Splash City issues $450,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 6%, the bonds will issue at $483,476. Exercise 9-12 (Algo) Part 1 Required: 1. Complete the first three rows of an amortization schedule. (Round your final answers to the nearest whole dollar.) Date 1/1/2024 6/30/2024 12/31/2024 Cash Paid Interest Expense Change in Carrying Value Carrying Value
Required information Exercise 9-12 (Algo) Record bonds issued at a premium and related semiannual interest (LO9-5) [The following information applies to the questions displayed below.] On January 1, 2024, Splash City issues $450,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 6%, the bonds will issue at $483,476 Exercise 9-12 (Algo) Part 2 2. Record the bond issue on January 1, 2024, and the first two semiannual interest payments on June 30, 2024, and December 31, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 3 A
Transcribed Image Text:Required information Exercise 9-12 (Algo) Record bonds issued at a premium and related semiannual interest (LO9-5) [The following information applies to the questions displayed below.] On January 1, 2024, Splash City issues $450,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 6%, the bonds will issue at $483,476 Exercise 9-12 (Algo) Part 2 2. Record the bond issue on January 1, 2024, and the first two semiannual interest payments on June 30, 2024, and December 31, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 3 A
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