None Required Information[The following Information applies to the questions displayed below.]Duval Company Issues four-year bonds with a $100,000 par value on January 1, 2021, at a price of $95,952. The annualcontract rate is 7%, and Interest is paid semiannually on June 30 and December 31.2. Prepare journal entries to record the first two Interest payments.View transaction listJournal entry worksheet<12Record the interest payment and discount amortization on June 30, 2021.Note: Enter debits before credits.DateJune 30, 2021General JournalDebitCreditRecord entryClear entryView general journal

Bonds are the financial debt instruments.Which can be issued at a premium, at a discount, or at par.…

[The following Information applies to the questions displayed below.] Duval Company Issues four-year bonds with a $100,000 par value on January 1, 2021, at a price of $95,952. The annual contract rate is 7%, and Interest is paid semiannually on June 30 and December 31. Prepare Journal entries to record the first two Interest payments.

[The following Information applies to the questions displayed below.] Duval Company Issues four-year bonds with a $100,000 par value on January 1, 2021, at a price of $95,952. The annual contract rate is 7%, and Interest is paid semiannually on June 30 and December 31. Prepare Journal entries to record the first two Interest payments.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 71E

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