The Gonzalez Group issued $830,000 of 9% bonds on June 30, 2024, for $912,141. • The bonds were dated on June 30 and mature on June 30, 2044 (20 years). The market yield for bonds of similar risk and maturity is 8%. • Interest is paid semiannually on December 31 and June 30. Required: 1. to 3. Prepare the journal entries to record their issuance by The Gonzalez Group on June 30, 2024, interest on December 31, 2024 and interest on June 30, 2025 (at the effective rate). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 2 3 Record the issuance of the bond on June 30, 2024. Date June 30, 2024 Note: Enter debits before credits. General Journal Debit Credit
The Gonzalez Group issued $830,000 of 9% bonds on June 30, 2024, for $912,141. • The bonds were dated on June 30 and mature on June 30, 2044 (20 years). The market yield for bonds of similar risk and maturity is 8%. • Interest is paid semiannually on December 31 and June 30. Required: 1. to 3. Prepare the journal entries to record their issuance by The Gonzalez Group on June 30, 2024, interest on December 31, 2024 and interest on June 30, 2025 (at the effective rate). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 2 3 Record the issuance of the bond on June 30, 2024. Date June 30, 2024 Note: Enter debits before credits. General Journal Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![The Gonzalez Group issued $830,000 of 9% bonds on June 30, 2024, for $912,141.
• The bonds were dated on June 30 and mature on June 30, 2044 (20 years).
• The market yield for bonds of similar risk and maturity is 8%.
• Interest is paid semiannually on December 31 and June 30.
Required:
1. to 3. Prepare the journal entries to record their issuance by The Gonzalez Group on June 30, 2024, interest on December 31, 2024
and interest on June 30, 2025 (at the effective rate).
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
Journal entry worksheet
1
2
3
Record the issuance of the bond on June 30, 2024.
Date
June 30, 2024
Note: Enter debits before credits.
General Journal
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc47f04bf-22a9-4274-aa74-6185f2bc371a%2Fb23817d3-ac4c-47f2-a430-b81b41bacafb%2Ffgeefmo_processed.png&w=3840&q=75)
Transcribed Image Text:The Gonzalez Group issued $830,000 of 9% bonds on June 30, 2024, for $912,141.
• The bonds were dated on June 30 and mature on June 30, 2044 (20 years).
• The market yield for bonds of similar risk and maturity is 8%.
• Interest is paid semiannually on December 31 and June 30.
Required:
1. to 3. Prepare the journal entries to record their issuance by The Gonzalez Group on June 30, 2024, interest on December 31, 2024
and interest on June 30, 2025 (at the effective rate).
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
Journal entry worksheet
1
2
3
Record the issuance of the bond on June 30, 2024.
Date
June 30, 2024
Note: Enter debits before credits.
General Journal
Debit
Credit
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education