Requirement Prepare the journal entries required to issue the bonds on April 30, 2022, and record the first interest payment on June 30, 2022. The market rate of interest on the date of sale of the bonds was 3% CITE Prepare the journal entry required to issue the bonds on April 30, 2022 (Record debits first, then credits Exclude explanations from any joumal entries Round intermediary calculations and your final answers to the nearest whole dollar) Account April 30, 2022
Requirement Prepare the journal entries required to issue the bonds on April 30, 2022, and record the first interest payment on June 30, 2022. The market rate of interest on the date of sale of the bonds was 3% CITE Prepare the journal entry required to issue the bonds on April 30, 2022 (Record debits first, then credits Exclude explanations from any joumal entries Round intermediary calculations and your final answers to the nearest whole dollar) Account April 30, 2022
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Target Company issued $670,200 par value, 5-year, 2% bonds on April 30, 2022. The bonds are dated January 1, 2022, and pay interest semiannually on June 30 and December 31.
The bonds are sold at $673,668, including accrued interest, because they are sold between interest dates
Requirement
Prepare the journal entries required to issue the bonds on April 30, 2022, and record the first interest payment on June 30, 2022 The market rate of interest on the date of sale of the
bonds was 3%
Prepare the journal entry required to issue the bonds on April 30, 2022 (Record debits first, then credits Exclude explanations from any joumal entries. Round intermediary calculations
and your final answers to the nearest whole dollar)
Account
April 30, 2022
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