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  3. on january 1, 2021, splash city issues $330,000 of

On January 1, 2021, Splash City issues $330,000 of 7% bonds, due in 10 years,...

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Accounting

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On January 1, 2021, Splash City issues $330,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Required: Assuming the market interest rate on the issue date is 7%, the bonds will issue at $330.000, Record the bond issue on January 1, 2021 and the first two semiannual Interest payments on June 30, 2021, and December 31, 2021. (if no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct. NO General Journal Debit Credit 1 Date January 01, 2021 Canh Bonds Payable 330,000 >> 330,000 2 June 30, 2021 11.550 Interest Expense Cash 11,550 . 3 23.100 X December 31, 202 Interest Expense Cash 23,100 %

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