Paulson Company issues 7%, four-year bonds, on January1 of this year, with a par value of $91,000 and semiannual interest payments. (e) (1) (2) Semiannual Period-End January 1, issuance June 30, first payment December 31, second payment Unamortized Discount $6,553 5,734 4,915 Carrying Value $84,447 85,266 86,085 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 iterest payment on June 30. (c) The second interest pavment on December 31

Paulson Company issues 7%, four-year bonds, on January1 of this year, with a par value of $91,000 and semiannual interest payments. (e) (1) (2) Semiannual Period-End January 1, issuance June 30, first payment December 31, second payment Unamortized Discount $6,553 5,734 4,915 Carrying Value $84,447 85,266 86,085 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 iterest payment on June 30. (c) The second interest pavment on December 31

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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On the first day of the fiscal year, a company issues a $621,000, 11%, 10-year bond that pays semiannual interest of $34,155 ($621,000 × 11% × 1/2), receiving cash of $652,050. Required: Journalize the entry to record the first interest payment and amortization of premium using the straight-line method. Refer to the Chart of Accounts for exact wording of account titles. Chart Of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 113 Allowance for Doubtful Accounts 114 Notes Receivable 115 Interest Receivable 121 Merchandise Inventory 122 Supplies 131 Prepaid Insurance 140 Land 151 Building 152 Accumulated Depreciation-Building 153 Equipment 154 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Salaries Payable 231 Sales Tax Payable 241 Notes Payable 242 Interest Payable 251 Bonds Payable 252 Discount on Bonds…
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