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5 On January 1, Innovative Solutions, Inc., issued $160,000 in bonds at face value. The bonds have a stated interest rate of 5 percent. The bonds mature in 10 years and pay interest once per year on December 31 Required: 1, 2& 3. Prepare the required journal entries to record the bond issuance, interest payment on December 31, early retirement of the 12 points bonds. Assume the bonds were retired immediately after the first interest payment at a quoted price of 103. (lf no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 01:53:52 View transaction list Print Journal entry worksheet References Record the issuance of bonds of $160,000 at face value. Note: Enter debits before credits. Date General Journal Debit Credit January 01 Record entry Clear entry View general journal On January 1, Innovative Solutions, Inc., issued $160,000 in bonds at face value. The bonds have a stated interest rate of 5 percent. 5 The bonds mature in 10 years and pay interest once per year on December 31 Required 1, 2 & 3. Prepare the required journal entries to record the bond issuance, interest payment on December 31, early retirement of the 12 points bonds. Assume the bonds were retired immediately after the first interest payment at a quoted price of 103. (lf no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 01:53:46 View transaction list Print Journal entry worksheet 2 3 References Record the interest payment on December 31. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal 5 On January 1, Innovative Solutions, Inc., issued $160,000 in bonds at face value. The bonds have a stated interest rate of 5 percent. The bonds mature in 10 years and pay interest once per year on December 31 Required: 1, 2 & 3. Prepare the required journal entries to record the bond issuance, interest payment on December 31, early retirement of the 12 points bonds. Assume the bonds were retired immediately after the first interest payment at a quoted price of 103. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 01:53:42 View transaction list Print Journal entry worksheet References Record the retirement of the bonds at a quoted price of 103 Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal

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