The Gonzalez Group issued $970,000 of 13% bonds on June 30, 2024, for $1,042,973. 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 12% 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 t Journal entry worksheet Record the issuance of the bond on June 30, 2024. None: Enter detits before creat Date June 30, 2024 Record entry General Journal Clear entry Deb Credit View general journal
The Gonzalez Group issued $970,000 of 13% bonds on June 30, 2024, for $1,042,973. 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 12% 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 t Journal entry worksheet Record the issuance of the bond on June 30, 2024. None: Enter detits before creat Date June 30, 2024 Record entry General Journal Clear entry Deb Credit View general journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The Gonzalez Group issued $970,000 of 13% bonds on June 30, 2024, for $1,042,973.
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 12%
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 Bat
Journal entry worksheet
1
2
Record the issuance of the bond on June 30, 2024.
Note: Enter detits before credits
Date
June 30, 2024
Record entry
General Journal
Clear entry
Deb
Credil
View general journal
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