1)On the first day of the fiscal year, a company issues a $1,600,000, 8%, 5-year bond...
1)On the first day of the fiscal year, a company issues a $1,600,000, 8%, 5-year bond that pays semiannual interest of $64,000 ($1,600,000 × 8% × ½), receiving cash of $1,810,050.
Journalize the bond issuance. If an amount box does not require an entry, leave it blank.
2)On the first day of the fiscal year, a company issues a $1,700,000, 10%, 10-year bond that pays semiannual interest of $85,000 ($1,700,000 × 10% × ½), receiving cash of $1,810,568.
Journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank.
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1)On the first day of the fiscal year, a company issues a
$1,600,000, 8%, 5-year bond...
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