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Exercise 9-5 Record bonds issued at face amount [LO4]
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On January 1, 2012, Splash City issues $400,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year.
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Required:
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Assuming the market interest rate on the issue date is 8%, the bonds will issue at $400,000. Record the bond issue on January 1, 2012, and the first two semiannual interest payments on June 30, 2012, and December 31, 2012. (Omit the “$” sign in your response.)
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Date
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General Journal
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Debit
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Credit
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Jan. 1, 2012
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Jun. 30, 2012
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Dec. 31, 2012
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Exercise 9-8 Record bonds issued at face amount [LO4]
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On January 1, 2012, White Water issues $500,000 of 6% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year.
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Required:
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Assuming the market interest rate on the issue date is 6%, the bonds will issue at $500,000. Record the bond issue on January 1, 2012, and the first two semiannual interest payments on June 30, 2012, and December 31, 2012. (Omit the “$” sign in your response.)
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Date
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General Journal
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Debit
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Credit
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Jan. 1, 2012
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Jun. 30, 2012
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Dec. 31, 2012
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Exercise 9-11 Record bonds issued at face amount with interest payable annually [LO4]
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On January 1, 2012, White Water issues $500,000 of 6% bonds, due in 20 years, with interest payable annually on December 31 each year.
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Required:
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Assuming the market interest rate on the issue date is 6%, the bonds will issue at $500,000. Record the bond issue on January 1, 2012, and the first two interest payments on December 31, 2012, and December 31, 2013. (Omit the “$” sign in your response.)
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Date
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General Journal
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Debit
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Credit
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Jan. 1, 2012
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Dec. 31, 2012
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Dec. 31, 2013
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