! 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 x Discount on bonds payable 221 X 2 December 31, 202 Bond interest expense 2,293 x Cash 2,518 Discount on bonds payable 226
! 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 x Discount on bonds payable 221 X 2 December 31, 202 Bond interest expense 2,293 x Cash 2,518 Discount on bonds payable 226
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![!
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 x
Discount on bonds payable
221 X
2
December 31, 202 Bond interest expense
2,293 x
Cash
2,518
Discount on bonds payable
226](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F98012129-1c1f-4964-9771-7ec3edb0219b%2F4a447380-6599-4360-a30f-207082e5f271%2F6dgu4sn_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 x
Discount on bonds payable
221 X
2
December 31, 202 Bond interest expense
2,293 x
Cash
2,518
Discount on bonds payable
226
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