Wookie Company issues 6%, five-year bonds, on January 1 of this year, with a par value of $107,000 and semiannual interest pay Unamortized Premium $8,251 7,426 6,601 Carrying Value $115,251 114,426 113,601 Semiannual Period-End (0) (1) January 1, issuance June 30, first payment December 31, second payment (2) Use the above straight-line bond amortization table and prepare journal entries for the following. (a) The issuance of bonds on January 1. (b) The first interest payment on June 30. (c) The second interest payment on December 31.

Wookie Company issues 6%, five-year bonds, on January 1 of this year, with a par value of $107,000 and semiannual interest pay Unamortized Premium $8,251 7,426 6,601 Carrying Value $115,251 114,426 113,601 Semiannual Period-End (0) (1) January 1, issuance June 30, first payment December 31, second payment (2) Use the above straight-line bond amortization table and prepare journal entries for the following. (a) The issuance of bonds on January 1. (b) The first interest payment on June 30. (c) The second interest payment on December 31.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 6PB: Edward Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1,...

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