Pleasw answer required 1,2 2. Record the bond issue on January 1, 2021, and the first two semi-annual 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. Roundyour answers to the nearest dollar amount.)Vlew journat entry workaheetView transaction listNoDateGeneral JournalDebitCreditJanuary 01, 2021 Cash1Bonds Payable2June 30, 2021Interest ExpenseCashDecember 31,2021Interest Expense3Cash heducation.com/ext/map/index.html?_con=con&external_browser=0&launchurl=https%253A%252F%252Flms.mheduca. *#3 6Save & ExitSubmitSavedHelpOn January 1, 2021, a company issues $710,000 of 10% bonds, due in twelve years, with interest payable semiannually on June 30 andDecember 31 each year. Assuming the market interest rate on the issue date is 11%, the bonds will issue at $663,311,Required:1. Fill in the blanks in the amortization schedule below: (Round your answers to the nearest dollar amount. Enter all amounts aspositive values.)Change inCarrying ValueInterestDateCash PaidCarrying ValueExpense01/01/20212,1302,13006/30/202136.48212/31/2021

>Bonds Payable are the source of finance for the companies. >The bondholders are…

On January 1, 2021, a company issues $710.000 of 10% bonds, due in twelve years, with interest payable semiannuaily on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 11%, the bonds will issue at $663,311, Required: 1. Fill in the blanks in the amortization schedule below: (Round your answers to the nearest dollar amount. Enter all amounts as positive values.) Change in Carrying Value Carrying Value Interest Date Cash Paid Expense 01/01/2021 36,482 2,130 S 2.130 06/30/2021 12/31/2021

On January 1, 2021, a company issues $710.000 of 10% bonds, due in twelve years, with interest payable semiannuaily on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 11%, the bonds will issue at $663,311, Required: 1. Fill in the blanks in the amortization schedule below: (Round your answers to the nearest dollar amount. Enter all amounts as positive values.) Change in Carrying Value Carrying Value Interest Date Cash Paid Expense 01/01/2021 36,482 2,130 S 2.130 06/30/2021 12/31/2021

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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Piper Specialty Store Ltd. completed the following merchandising transactions in the month of May 2021. At the beginning of May, Piper's ledger showed Cash $7,000; Accounts Receivable $1,900; Inventory $3,500; Common Shares $7,800; and Retained Earnings $4,600. Piper Specialty has experienced a return rate of 2% of sales and uses a perpetual inventory system. Purchased merchandise on account from Depot Wholesale Supply Ltd. for $5,340, terms 1/10, n/30, FOB shipping point. May 3 Freight charges of $137 were paid by the appropriate party on the merchandise purchased on May 1. Sold merchandise on account to Yip Company for $3,500, terms n/30, FOB destination. The cost of the merchandise was $2,400. 7 Freight charges of $86 were paid by the appropriate party on the May 4 sale. 8. Received a $140 credit from Depot Wholesale Supply when merchandise was returned. Paid Depot Wholesale Supply in full. 11 Purchased supplies for $390 cash. 14 Received payment in full from Yip Company for…
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