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Question 3 Q:14

Benny's Hamburgers issued 6%,10-year bonds payable at 70 on Benny's pays semiannual interest each June 30 and December 31, 2024. At December 31, 2026, Benny reported the December 31. (Assume bonds payable are amortized using bonds payable as follows: the straight-line amortization method.) (Click the icon to view the bonds payable.) Read the requirements. Requirement 1. Answer the following questions about Benny's bonds payable: a. What is the maturity value of the bonds? b. What is the carrying amount of the bonds at December 31,2026 ? c. What is the semiannual cash interest payment on the bonds? d. How much interest expense should the company record each year? Requirement 2. Record the June 30, 2026, semiannual interest payment and amortization of discount. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Data table Requirements 1. Answer the following questions about Benny's bonds payable: a. What is the maturity value of the bonds? b. What is the carrying amount of the bonds at December 31,2026? c. What is the semiannual cash interest payment on the bonds? d. How much interest expense should the company record each year? 2. Record the June 30,2026 , semiannual interest payment and amortization of discount

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