On January 1, 2025, Kayaking Unlimited issues 9%, 20-year bonds payable with a face value of $200,000.
Question:
On January 1, 2025, Kayaking Unlimited issues 9%, 20-year bonds payable with a face value of $200,000. The bonds are issued at 103 and pay interest on June 30 and December 31.
Requirements
1. Journalize the issuance of the bonds on January 1, 2025.
2. Journalize the semiannual interest payment and amortization of bond premium on June 30, 2025.
3. Journalize the semiannual interest payment and amortization of bond premium on December 31, 2025.
4. Journalize the retirement of the bonds at maturity, assuming the last interest payment has already been recorded.
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ANSWER 1 Journal entry to record the issuance of bonds on January 1 2025 Date January 1 2025 Cash 20...View the full answer
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ISBN: 9780137858651
8th Edition
Authors: Tracie Miller Nobles, Brenda Mattison
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