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A company issues 9%,11-year bonds with a face amount of $80,000 for $85,781 on January...

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Question

Accounting

A company issues 9%,11-year bonds with a face amount of $80,000 for $85,781 on January 1,2024. The market interest rate for bonds of similar risk and maturity is 8%. Interest is paid semiannually on June 30 and December 31.
Required:
& 2. Record the bond issue and first interest payment on June 30,2024.(If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest dollar amount.)
Journal entry worksheet
1
2
Record the bond issue.
Note: Enter debits before credits.
\table[[Date,,General Journal,Credit],[January 01,2024,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]
image

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