Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. can you please solve this on january 1,2019 ,

can you please solve this On January 1,2019 , Desmond Corporation...

90.2K

Verified Solution

Question

Accounting

can you please solve this
image
On January 1,2019 , Desmond Corporation sold $600,000,8% bonds ( 7% APR market rate) for $620,621. The bonds were dated January 1, 2019, paying interest each June 30 and December 31 , and mature in 4 years. Required 1. Prepare the journal entry to record the issuance of the bonds. 2. Prepare the journal entries to record the interest payments on June 30, 2019, and December 31, 2019, using the effective-interest amortization method. 3. Show how the bond interest expense and bonds payable amounts should be reported on the December 31, 2019 income statement and balance sheet

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students