Shunda Corporation wholesales parts to appliance manufacturers. On January 1, Shunda issued $30,000,000 of five-year, 10% bonds at a market (effective) interest rate of 8%, receiving cash of $32,433,150. Interest is payable semiannually. Shunda’s fiscal year begins on January 1. The company uses the interest method. a.  Journalize the entries to record the following: 1.  Sale of the bonds. Round to the nearest dollar. If an amount box does not require an entry, leave it blank.   Cash  fill in the blank f63d02049fd306d_2 fill in the blank f63d02049fd306d_3   Premium on Bonds Payable  fill in the blank f63d02049fd306d_5 fill in the blank f63d02049fd306d_6   Bonds Payable  fill in the blank f63d02049fd306d_8 fill in the blank f63d02049fd306d_9     2.  First semiannual interest payment, including amortization of premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank.   Interest Expense  fill in the blank b527c406400bfff_2 fill in the blank b527c406400bfff_3   Premium on Bonds Payable  fill in the blank b527c406400bfff_5 fill in the blank b527c406400bfff_6   Cash  fill in the blank b527c406400bfff_8 fill in the blank b527c406400bfff_9   Feedback 3.  Second semiannual interest payment, including amortization of premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank.   Interest Expense  fill in the blank ff23b1fea07e04b_2 fill in the blank ff23b1fea07e04b_3   Premium on Bonds Payable  fill in the blank ff23b1fea07e04b_5 fill in the blank ff23b1fea07e04b_6   Cash  fill in the blank ff23b1fea07e04b_8 fill in the blank ff23b1fea07e04b_9     b.  Determine the bond interest expense for the first year. Round to the nearest dollar. Annual interest paid $fill in the blank 0048c3fabfd4fe6_1 Less premium amortized fill in the blank 0048c3fabfd4fe6_2 Interest expense for first year $fill in the blank 0048c3fabfd4fe6_3

Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, 20Y1, Smiley issued $24,200,000 of five-year, 11% bonds at a market (effective) interest rate of 9%, receiving cash of $26,114,936. Interest is payable semiannually on April 1 and October 1. Required: a. Journalize the entries to record the following. Refer to the Chart of Accounts for exact wording of account titles. 1. Issuance of bonds on April 1, 20Y1. 2. First interest payment on October 1, 20Y1, and amortization of bond premium for six months, using the straight-line method. (Round to the nearest dollar.) b. Explain why the company was able to issue the bonds for $26, 114,936 rather than for the face amount of $24,200,000.

On January 1, the first day of its fiscal year, Jacinto Company issued $6,500,000 of six-year, 7% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 8%, resulting in Jacinto Company receiving cash of $6,194,985. Required: a. Journalize the entries to record the following (refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.): 1. Issuance of the bonds. 2. First semiannual interest payment. The bond discount amortization, using the straight-line method, is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) 3. Second semiannual interest payment. The bond discount amortization, using…

Show Me How Entries for Issuing Bonds and Amortizing Discount by Straight-Line Method On the first day of its fiscal year, Chin Company issued $25,500,000 of five-year, 11% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannua at a market (effective) interest rate of 13%, resulting in Chin receiving cash of $23,666,949. eBook a. Journalize the entries to record the following: 1. Issuance of the bonds. 2. First semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) 3. Second semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) If an amount box does not require an entry, leave it blank. 1 2. 3. b. Determine the amount of the bond interest expense for the first year. $ c. Why was the company able to issue the bonds for only $23,666,949 rather than for the face…