Surf's Up is a manufacturer of surfing supplies and training equipment. On January 1, 2021. Surf's Up Issues 7% 10-year bonds with a face amount of $51,000 for $51.000 to finance Its new warehouse. The market Interest rae for bonds of similar nisk and maturity is 7%. Interest is pald annually on December 31. Required: 1. & 2 Record the bond issue and first interest payment on December 31, 2021. (If no entry Is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction st Journal entry worksheet 2 Record the bond issue on January 1, 2021. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Record entry Clear entry View general journal

Surf's Up is a manufacturer of surfing supplies and training equipment. On January 1, 2021. Surf's Up Issues 7% 10-year bonds with a face amount of $51,000 for $51.000 to finance Its new warehouse. The market Interest rae for bonds of similar nisk and maturity is 7%. Interest is pald annually on December 31. Required: 1. & 2 Record the bond issue and first interest payment on December 31, 2021. (If no entry Is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction st Journal entry worksheet 2 Record the bond issue on January 1, 2021. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Record entry Clear entry View general journal

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter14: Long-term Liabilities: Bonds And Notes

Section: Chapter Questions

Problem 8E

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