Payroll Tax General Journal Assignment | Top Universities

Legacy issues $720,000 of 6.5%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $683,649 when the market rate is 8%. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. 2. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 3. Prepare an effective interest amortization table for the bonds' first two years. 4. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the January 1 journal entry to record the bonds' issuance. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 January 01 Cash 683,649 Discount on bonds payable 36,351 Bonds payable 720,000 Required 1 Required 2 Legacy issues $720,000 of 6.5%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31.

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They are issued at $683,649 when the market rate is 8% Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. 2. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 3. Prepare an effective interest amortization table for the bonds' first two years. 4. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life Total bond interest expense over life of bonds: Amount repaid: 8 payments of $ S 23,400 187,200 Par value at maturity 720,000 Total repaid 907,200 Less amount borrowed (683,649) S Total bond interest expense 223,551 Required 1 Required 3 Legacy issues $720,000 of 6.5%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $683.,649 when the market rate is 8% Required: 1. Prepare the January 1journal entry to record the bonds' issuance. 2. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 3. Prepare an effective interest amortization table for the bonds' first two years. 4. Prepare the journal entries to record the first two interest payments Complete this question by entering your answers in the tabs below. Required 2 Required 1 Required 3 Required 4 Prepare an effective interest amortization table for the bonds' first two years. Semiannual Interest Period-End Bond Interest Expense Unamortized Discount Discount Amortization Cash Interest Paid Carrying Value 01/01/2019 S 36,351 $ 683,649 06/30/2019 12/31/2019 06/30/2020 12/31/2020 Required 2 Required 4 Legacy issues $720,000 of 6.5%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $683,649 when the market rate is 8%. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. 2. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 3. Prepare an effective interest amortization table for the bonds' first two years. 4. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the journal entries to record the first two interest payments. View transaction list View journal entry worksheet No Date General Journal Debit Credit Bond interest expense 1 June 30 27,944 4,544 Discount on bonds payable Cash 23,400 Required 3 Required 4. Get Accounting homework help today

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