Paulson Company issues 6%, four-year bonds, on January 1 of this year, with a par value of $110,000 and semiannual interest payments. Carrying Value $103,067 103,934 104,801 Semiannual Period-End Unamortized Discount (0) (1) (2) January 1, issuance June 30, first payment December 31, second payment $6,933 6,066 5,199 Use the above straight-line bond amortization table and prepare journal entries for the following. (a) The issuance of bonds on January 1. (b) The first interest payment on June 30. (c) The second interest payment on December 31. View transaction list View journal entry worksheet Debit Credit No Date General Journal Cash 103,067 January 01 Discount on bonds payable 6,933 110,000 Bonds payable June 30 Bond interest expense 2,433 867 Discount on bonds payable Cash 3. December 31 Bond interest expense 2,433 Discount on bonds payable 867 Cash 1,566

Paulson Company issues 6%, four-year bonds, on January 1 of this year, with a par value of $110,000 and semiannual interest payments. Carrying Value $103,067 103,934 104,801 Semiannual Period-End Unamortized Discount (0) (1) (2) January 1, issuance June 30, first payment December 31, second payment $6,933 6,066 5,199 Use the above straight-line bond amortization table and prepare journal entries for the following. (a) The issuance of bonds on January 1. (b) The first interest payment on June 30. (c) The second interest payment on December 31. View transaction list View journal entry worksheet Debit Credit No Date General Journal Cash 103,067 January 01 Discount on bonds payable 6,933 110,000 Bonds payable June 30 Bond interest expense 2,433 867 Discount on bonds payable Cash 3. December 31 Bond interest expense 2,433 Discount on bonds payable 867 Cash 1,566

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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