Q4. Play Store Corporation issucd $200,000 of 9%, five-year bonds at 99 on January 1, 2000. Interest ispaid semi-annually on January 1 and July 1. Play Store Corporation uses the straight-line method ofamortization. This Qucstion requires you to record transactions related to the issuc of bonds andsubscquent interest payments in the gèneral journal.Transactions for 2000Jan. 1Issued $200.000 of 5-year. 9% bonds at 99. Interest is paid on January 1 and July 1.Jul. IRecorded the interest payment.Dec. 31Recorded the accerued interest on the bonds.Transactions for 2001Jan. 1Recorded the interest payment.Jul. 1Recorded the interest payment.Dec. 31Recorded the acerued interest on the bonds.

Bond is an investment security which pays a regular fixed interest to the bond holders during the…

Answered: Q4. Play Store Corporation issucd…

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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Waterway Industries issues 2300, 10-year, 8%, $1000 bonds dated January 1, 2020, at 98. The journal entry to record the issuance will show a O debit to Cash of $2300000. O credit to Bonds Payable for $2346000. O debit to Cash for $2254000. O credit to Discount on Bonds Payable for $46000.
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Diana Inc. issued $300,000 of its 5%, 5-year bonds for $287,215 when the market rate was 6%. The bonds pay interest semi-annually. Prepare an amortization table for the first three payments. Round intermediate and final answers to whole dollar amount. Cash InterestPayment Interest onCarrying Value Amortization ofDiscount Carrying Value Jan. 1, Year 1 $fill in the blank 1 June 30, Year 1 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 fill in the blank 5 Dec. 31, Year 1 fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 June 30, Year 2 fill in the blank 10 fill in the blank 11 fill in the blank 12 fill in the blank 13
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