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  3. inver bonds payable (10 points) on january 1, 2019

Inver BONDS PAYABLE (10 Points) On January 1, 2019, Cheryll Company issued (sold) $2,500,000 of...

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Inver BONDS PAYABLE (10 Points) On January 1, 2019, Cheryll Company issued (sold) $2,500,000 of ten (10) year, twelve percent (12%) (Stated Interest Rate) Bonds. The Bonds were sold for $2,650,000 and pays interest on July I and January I of each year beginning on July 1, 2019. REQUIRED In the space provided below, prepare in GOOD FORM the following Journal Entries: (Do not give explanations for the Jourmal Entries) The issuance (sell) of the Bonds Payable on January 1, 2019. (a) Genmal Joumnl Desir Crrdad Cash Disont 265o00 Bonols Payacole 2,5omo The first Semi-Annual Interest Payment on July 1, 2019 including any necessary amortization of Discount or Premium on Bonds Payable. (Assume that the Market Interest Rate at the time of issuance of the Bonds was eleven percent (11%)) (c)

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