Required information Skip to question [The following information applies to the questions displayed below.] On January 1, 2024, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $530,000 of 7% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. 3. If the market interest rate is 6%, the bonds will issue at $591,254. Record the bond issue on January 1, 2024, and the first two semiannual interest payments on June 30, 2024, and December 31, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest dollar amount.)

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 4EB: Chung Inc. issued $50,000 of 3-year bonds on January 1, 2018, with a stated rate of 4% and a market...
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Required information Skip to question [The following information applies to the
questions displayed below.] On January 1, 2024, Twister Enterprises, a
manufacturer of a variety of transportable spin rides, issues $530,000 of 7%
bonds, due in 20 years, with interest payable semiannually on June 30 and
December 31 each year. 3. If the market interest rate is 6%, the bonds will issue
at $591,254. Record the bond issue on January 1, 2024, and the first two
semiannual interest payments on June 30, 2024, and December 31, 2024. (If no
entry is required for a particular transaction/event, select "No Journal Entry
Required" in the first account field. Round your answers to the nearest dollar
amount.)
Transcribed Image Text:Required information Skip to question [The following information applies to the questions displayed below.] On January 1, 2024, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $530,000 of 7% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. 3. If the market interest rate is 6%, the bonds will issue at $591,254. Record the bond issue on January 1, 2024, and the first two semiannual interest payments on June 30, 2024, and December 31, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest dollar amount.)
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