On January​ 1, 2024​,Technicians Credit Union ​(TCU​) issued 7%​, 20​-year bonds payable with face value of $1,100,000. These bonds pay interest on June 30 and December 31. The issue price of the bonds is 106. Journalize the following bond​ transactions: More info a. Issuance of the bonds on January​ 1, 2024. b. Payment of interest and amortization on June​ 30, 2024. c. Payment of interest and amortization on December​ 31, 2024. d. Retirement of the bond at maturity on December​ 31, 2043​, assuming the last interest payment has already been recorded. ​(Assume bonds payable are amortized using the​ straight-line amortization method. Record debits​ first, then credits. Select explanations on the last line of the journal entry. Round your answers to the nearest whole​ dollar.) Part 1 a. Journalize the issuance of the bonds

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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1.) On January​ 1, 2024​,Technicians Credit Union ​(TCU​) issued 7%​, 20​-year bonds payable with face value of $1,100,000.

These bonds pay interest on June 30 and December 31. The issue price of the bonds is 106.

Journalize the following bond​ transactions:

More info

a.

Issuance of the bonds on January​ 1, 2024.

b.

Payment of interest and amortization on June​ 30, 2024.

c.

Payment of interest and amortization on December​ 31, 2024.

d.

Retirement of the bond at maturity on December​ 31, 2043​, assuming the last interest payment has already been recorded.

​(Assume bonds payable are amortized using the​ straight-line amortization method. Record debits​ first, then credits. Select explanations on the last line of the journal entry. Round your answers to the nearest whole​ dollar.)

Part 1 a. Journalize the issuance of the bonds on January​ 1, 2024.

Date

Accounts and Explanation

Debit

Credit

2024

 

 

 

Jan. 1

Cash

 

 

 

Premium on Bonds Payable

 

 

 

Bonds Payable

 

 

 

 

 

 

 

Issued bonds at a premium.

 

 
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