Presented below is a partial amortization schedule for Discount Pizza. (1) (2) Cash Paid for Interest (3) (4) Increase in Carrying Value (5) Interest Expense Carrying Value $58,523 58,681 58,845 Period Issue date $1,890 1,890 1 $2,048 2,054 $158 164 Required: 1. & 2. Record the bond issue and first interest payment assuming the face amount of bonds payable is $63,000. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Presented below is a partial amortization schedule for Discount Pizza. (1) (2) Cash Paid for Interest (3) (4) Increase in Carrying Value (5) Interest Expense Carrying Value $58,523 58,681 58,845 Period Issue date $1,890 1,890 1 $2,048 2,054 $158 164 Required: 1. & 2. Record the bond issue and first interest payment assuming the face amount of bonds payable is $63,000. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Presented below is a partial amortization schedule for Discount Pizza.
(1)
(2)
Cash
Paid
for
Interest
(3)
(4)
Increase
in
(5)
Interest
Carrying
Value
Carrying
Value
$58,523
58,681
58,845
Period
Issue date
Expense
1
$1,890
1,890
$2,048
2,054
$158
164
2
Required:
1. & 2. Record the bond issue and first interest payment assuming the face amount of bonds payable is $63,000. (If no entry is
required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
1
2
<>
Record the bond issue.
Note: Enter debits before credits.
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