On January 1, 2024, Nurses Credit Union (NCU) issued 8%, 20-year bonds payable with face value of $1,100,000. These bonds pay interest on June 30 and December 31. The issue price of the bonds is 101. Journalize the following bond transactions: i (Click the icon to view the bond transactions.) (Assume bonds payable are amortized using the straight-line amortization method. Record debits first, then credits. Select explanations on the last line of the journal entry. Round your answers to the nearest whole dollar.) a. Journalize the issuance of the bonds on January 1, 2024. Date 2024 Jan. 1 Accounts and Explanation b. Journali Date 2024 Jun. 30 Bonds Payable Cash Discount on Bonds Payable Interest Expense Premium on Bonds Payable Debit Credit 24. Debit Credit c. Journalize the payment of interest and amortization on December 31, 2024. Date 2024 Dec. 31 Accounts and Explanation Debit Credit d. Journalize the retirement of the bond at maturity on December 31, 2043, assuming the last interest payment has already been recorded. Date Accounts and Explanation Debit Credit 2043 Dec. 31 More info a. Issuance of the bonds on January 1, 2024. b. Payment of interest and amortization on June 30, 2024. C c. Payment of interest and amortization on December 31, 2024. d. Retirement of the bond at maturity on December 31, 2043, assuming the last interest payment has already been recorded. Print Done Next

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 5PA: Volunteer Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July...