Prepare the journal entry for the issuance of these bonds. Assume the bonds are issued for...
Prepare the journal entry for the issuance of these bonds.
Assume the bonds are issued for cash on January 1, 2017.
Garcia Company issues 10.50%, 15-year bonds with a par value of
$430,000 and semiannual interest payments. On the issue date, the
annual market rate for these bonds is 8.50%, which implies a
selling price of 114 1/2.
Record the issue of bonds with a par value of $430,000.
Homework Answers
| Date | Account Title and Explanation | Debit | Credit |
| Jan 01- 2017 | Cash | $ 492,350 | |
| Premium on bonds payable | $ 62,350 | ||
| Bonds payable | $ 430,000 | ||
| (To record Issue of bonds ) |
Working
| Bond issue price (430000/100 x 114.5) | $ 492,350 |
| Face value | $ 430,000 |
| Premium on bonds payable (192350-430000) | $ 62,350 |
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