Company borrowed money by issuing of % bonds payable at on July 1, . The...
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Company borrowed money by issuing of % bonds payable at on July 1, . The bonds are five-year bonds and pay interest each January 1 and July 1
Requirements
| 1. | How much cash did Kelvin receive when it issued the bonds payable? Journalize this transaction. |
| 2. | How much must Kelvin pay back at maturity? When is the maturity date? |
| 3. | How much cash interest will Kelvin pay each six months? |
| 4. | How much interest expense will Kelvin report each six months? Use the straight-line amortization method. Journalize the entries for the accrual of interest and the amortization of premium on December 31,2018, and payment of interest on January 1,2019. |
1. How much cash did
Kelvin
receive when it issued the bonds payable? Journalize this transaction.
| Kelvin received $ |
| when the bonds payable were issued. |
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