! Required information [The following information applies to the questions displayed below.] Duval Company issues four-year bonds with a $114,000 par value on January 1, 2021, at a price of $109,870. The annual contract rate is 5%, and interest is paid semiannually on June 30 and December 31. 2. Prepare journal entries to record the first two interest payments. > Answer is not complete. No Date General Journal Debit Credit 1 June 30, 2021 Bond interest expense 2,297 x Cash 2,518 Discount on bonds payable 221x 2 December 31, 202 Bond interest expense Cash Discount on bonds payable 2,293 × 2,518 226X
! Required information [The following information applies to the questions displayed below.] Duval Company issues four-year bonds with a $114,000 par value on January 1, 2021, at a price of $109,870. The annual contract rate is 5%, and interest is paid semiannually on June 30 and December 31. 2. Prepare journal entries to record the first two interest payments. > Answer is not complete. No Date General Journal Debit Credit 1 June 30, 2021 Bond interest expense 2,297 x Cash 2,518 Discount on bonds payable 221x 2 December 31, 202 Bond interest expense Cash Discount on bonds payable 2,293 × 2,518 226X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
[The following information applies to the questions displayed below.]
Duval Company issues four-year bonds with a $114,000 par value on January 1, 2021, at a price of $109,870. The annual
contract rate is 5%, and interest is paid semiannually on June 30 and December 31.
2. Prepare journal entries to record the first two interest payments.
> Answer is not complete.
No
Date
General Journal
Debit
Credit
1
June 30, 2021
Bond interest expense
2,297 x
Cash
2,518
Discount on bonds payable
221x
2
December 31, 202 Bond interest expense
Cash
Discount on bonds payable
2,293 ×
2,518
226X](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff852f9b0-bf2d-43d9-8c88-5ef61b0577d1%2F0fa44111-9961-458c-9813-7816c5a42d1f%2F4q179b_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Duval Company issues four-year bonds with a $114,000 par value on January 1, 2021, at a price of $109,870. The annual
contract rate is 5%, and interest is paid semiannually on June 30 and December 31.
2. Prepare journal entries to record the first two interest payments.
> Answer is not complete.
No
Date
General Journal
Debit
Credit
1
June 30, 2021
Bond interest expense
2,297 x
Cash
2,518
Discount on bonds payable
221x
2
December 31, 202 Bond interest expense
Cash
Discount on bonds payable
2,293 ×
2,518
226X
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