Wookie Company issues 8%, five-year bonds, on January 1 of this year, with a par value of $92,000 and semiannual interest payments. Carrying Value $ 99,951 99,156 98,361 Seelannual Period-End (0) January 1, issuance (1) June 30, first payment (2) December 31, second payment 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. View transaction list Journal entry worksheet 1 2 Unamortized Premium 3 Record the issuance of the bonds on January 1. $7,951 7,156 6,361
Wookie Company issues 8%, five-year bonds, on January 1 of this year, with a par value of $92,000 and semiannual interest payments. Carrying Value $ 99,951 99,156 98,361 Seelannual Period-End (0) January 1, issuance (1) June 30, first payment (2) December 31, second payment 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. View transaction list Journal entry worksheet 1 2 Unamortized Premium 3 Record the issuance of the bonds on January 1. $7,951 7,156 6,361
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Wookie Company issues 8%, five-year bonds, on January 1 of this year, with a par value of $92,000 and semiannual interest payments.
Unamortized Premium
Carrying Value
$99,951
$ 7,951
(0) January 1, issuance
(1) June 30, first payment
7,156
99,156
(2) December 31, second payment
6,361
98,361
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.
Seelannual Period-End
View transaction list
Journal entry worksheet
1
2
3
Record the issuance of the bonds on January 1.
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