On January 1, 2021, Twister Enterprises, a manufacturer of avariety of transportable spin rides,...

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Accounting

On January 1, 2021, Twister Enterprises, a manufacturer of avariety of transportable spin rides, issues $460,000 of 6% bonds,due in 20 years, with interest payable semiannually on June 30 andDecember 31 each year.
1. If the market interest rate is 6%, the bonds will issue at$460,000. Record the bond issue on January 1, 2021, and the firsttwo semiannual interest payments on June 30, 2021, and December 31,2021. (If no entry is required for aparticular transaction/event, select "No Journal Entry Required" inthe first account field.)
2. If the market interest rate is 7%, the bonds will issue at$410,883. Record the bond issue on January 1, 2021, and the firsttwo semiannual interest payments on June 30, 2021, and December 31,2021. (If no entry is required for a particulartransaction/event, select "No Journal Entry Required" in the firstaccount field. Round your answers to the nearest dollaramount.)
3. If the market interest rate is 5%, the bonds will issue at$517,736. Record the bond issue on January 1, 2021, and the firsttwo semiannual interest payments on June 30, 2021, and December 31,2021. (If no entry is required for a particulartransaction/event, select "No Journal Entry Required" in the firstaccount field. Round your answers to the nearest dollaramount.)

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Journal Entries Case1 Issuance of Bond Date Account Tittle Debit Credit 1122021 Cash 46000000 Bond Payable 46000000 TO Record issuance of Bond 300621 Interest Expense 1380000 Cash 1380000 TO Record Interet Expense See Answer

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In: AccountingOn January 1, 2021, Twister Enterprises, a manufacturer of avariety of transportable spin rides, issues...On January 1, 2021, Twister Enterprises, a manufacturer of avariety of transportable spin rides, issues $460,000 of 6% bonds,due in 20 years, with interest payable semiannually on June 30 andDecember 31 each year.1. If the market interest rate is 6%, the bonds will issue at$460,000. Record the bond issue on January 1, 2021, and the firsttwo semiannual interest payments on June 30, 2021, and December 31,2021. (If no entry is required for aparticular transaction/event, select "No Journal Entry Required" inthe first account field.)2. If the market interest rate is 7%, the bonds will issue at$410,883. Record the bond issue on January 1, 2021, and the firsttwo semiannual interest payments on June 30, 2021, and December 31,2021. (If no entry is required for a particulartransaction/event, select "No Journal Entry Required" in the firstaccount field. Round your answers to the nearest dollaramount.)3. If the market interest rate is 5%, the bonds will issue at$517,736. Record the bond issue on January 1, 2021, and the firsttwo semiannual interest payments on June 30, 2021, and December 31,2021. (If no entry is required for a particulartransaction/event, select "No Journal Entry Required" in the firstaccount field. Round your answers to the nearest dollaramount.)