Wonderful Corporation obtained the authorization to issue 20-year bonds with a face value of $10 million....

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Wonderful Corporation obtained the authorization to issue 20-year bonds with a face value of $10 million. The bonds issued at July 31, 2020, with a contract rate of interest of 12 percent. They pay interest on November 30 and May 31. The bonds issued on par value. Instructions: e Prepare the necessary journal entries in general journal form on:" A.) July 31, 2020, to record the issuance of the bonds. B.) November 30, 2020, to record the first semiannual interest payment on the bond issue. C.) December 31, 2020 to record interest expense accrued through year-end. D.) May 31, 2021, to record the second semiannual interest payment. Wonderful Corporation obtained the authorization to issue 20-year bonds with a face value of $10 million. The bonds issued at July 31, 2020, with a contract rate of interest of 12 percent. They pay interest on November 30 and May 31. The bonds issued on par value. Instructions: e Prepare the necessary journal entries in general journal form on:" A.) July 31, 2020, to record the issuance of the bonds. B.) November 30, 2020, to record the first semiannual interest payment on the bond issue. C.) December 31, 2020 to record interest expense accrued through year-end. D.) May 31, 2021, to record the second semiannual interest payment.

Answer rating: 100% (QA)

Journal Entry Date Account tite Explanation Debit credit Working 2020 A 31Jul Cash 100... View the full answer