Question

Please help my fix the incorrect part

Your answer is partially correct. Foreman Company issued $800,000 of 10%, 20-year bonds on January 1, 2020, at 119.793 to yield 8%. Interest is payable semiannually on July 1 and January 1. Prepare the journal entries to record (a) the issuance of the bonds, (b) the payment of interest and the related amortization on July 1, 2020, and (c) the accrual of interest and the related amortization on December 31, 2020. (Round answers to 0 decimal places, eg. 125. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit No. Date (a) 1/1/20 Cash 958344 Bonds Payable 958344 (b) 7/1/20 Interest Expense 36041 Bonds Payable 3959 Cash 40000 (c) 12/31/20 + 36041 Interest Expense Bonds Payable 3959 Interest Payable 40000 Tovéhoek

Answer 1

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