Wookie Company issues 9%, five-year bonds, on January 1 of this year, with a par value of $109,000 and semiannual interest payments. Semiannual Period-End Unamortized Premium Carrying Value (0) January 1, issuance $ 8,291 $ 117,291 (1) June 30, first payment 7,462 116,462 (2) December 31, second payment 6,633 115,633 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 9%, five-year bonds, on January 1 of this year, with a par value of $109,000 and semiannual interest payments. Semiannual Period-End Unamortized Premium Carrying Value (0) January 1, issuance $ 8,291 $ 117,291 (1) June 30, first payment 7,462 116,462 (2) December 31, second payment 6,633 115,633 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.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 7MCQ
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Wookie Company issues 9%, five-year bonds, on January 1 of this year, with a par value of $109,000 and semiannual interest payments. Semiannual Period-End Unamortized Premium Carrying Value (0) January 1, issuance $ 8,291 $ 117,291 (1) June 30, first payment 7,462 116,462 (2) December 31, second payment 6,633 115,633 Use the above straight-line bond amortization table and prepare
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