Loschiavo Ltd was authorized to issue $1,000,000 of 5-year, 8% bonds payable on 1 January 20X2 The bonds are due on 31 December 20X6. Interest payments dates were 30 June and 31 December. The bond was sold to yield 10% Required: 1 Provide the journal entry for issuance of the bond. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round time value factor to 5 decimal places. Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) View transaction list View journal entry worksheet No 1 Transaction 1 Cash Discount Bond payable General Journal Debit 922.779 77 221 Credit
Loschiavo Ltd was authorized to issue $1,000,000 of 5-year, 8% bonds payable on 1 January 20X2 The bonds are due on 31 December 20X6. Interest payments dates were 30 June and 31 December. The bond was sold to yield 10% Required: 1 Provide the journal entry for issuance of the bond. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round time value factor to 5 decimal places. Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) View transaction list View journal entry worksheet No 1 Transaction 1 Cash Discount Bond payable General Journal Debit 922.779 77 221 Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please help me provide complete and correct answer for all requirements with all working for all parts answer in text please answer correct please remember answer all requirements or skip /leave for other expert thanks million thanks please double underline need answer for all requirements or skip please do not waste time or question by giving incomplete or incorrect answer please no copy paste from other answer
Transcribed Image Text:2. Provide the journal entries for interest expense for 20X2 assuming the effective interest method of amortization (If no entry is
required for a transaction/event, select "No journal entry required" in the first account field. Round time value factor to 5 decimal
places. Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.)
Journal entry worksheet
Record the rest expence
Needs befo
December
Journal entry worksheet
General Jel
1 Povide the journal entries for interest expense for 2012 assuming the straight-line method of amortization ( no entry is required
for a transactie select "No journal entry required in the first account field. Round time value factor to 5 decimal places. De
not round intermediate calculations. Round your final a
arest whole doller amount.)
Record the expense
de
Iramachan
June 30
Central Jel
Transact
December 3
Journal entry worksheet
Record the interest expense
Provide the journal entries for interest expense for 20X2 assuming the straight-line method of amortization of no entry is required
or a transaction/event, select "No journal entry required" in the first account field. Round time value factor to 5 decimal places. Do
hot round intermediate calculations. Round your final answers to the nearest whole dollar amount)
General Jestal
Debi
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Deb
Credit
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Debit
Credit
Transcribed Image Text:Loschiavo Ltd was authorized to issue $1,000,000 of 5-year, 8% bonds payable on 1 January 20X2 The bonds are due on 31
December 20X6. Interest payments dates were 30 June and 31 December. The bond was sold to yield 10%
Required:
1 Provide the journal entry for issuance of the bond. (If no entry is required for a transaction/event, select "No journal entry
required" in the first account field. Round time value factor to 5 decimal places. Do not round intermediate calculations. Round your
final answers to the nearest whole dollar amount.)
View transaction list View journal entry worksheet
No
1
Transaction
View transaction list
<
1
Journal entry worksheet
Cash
Discount
2
Bond payable
2. Provide the journal entries for interest expense for 20X2 assuming the effective interest method of amortization (If no entry is
required for a transaction/event, select "No journal entry required" in the first account field. Round time value factor to 5 decimal
places. Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.)
Transaction
June 30
Record the interest expense.
Note: Enter debits before credits
+
Record entry
General Journal
General Journal
Clear entry
Debit
Credit
Debit
View general journal
922,779
77,221
Credit
1,000,000
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