On June 30, Parker Company issues 11 , five year bonds payable with a face value of $120,000 The bonds are issued at face value and pay interest on June 30 and December 31 Requirements 1 Journalize the issuance of the bonds on June 30 2 Journalize the semiannual interest payment on December 31 ...

Requirement 1 Date Accounts and Explanation Debit Cr ...

On June 30, Parker Company issues 11%, five-year bonds payable with a face value of $120,000. The

Question:

On June 30, Parker Company issues 11%, five-year bonds payable with a of $120,000. The bonds are issued at and pay interest on June 30 and December 31.
Requirements
1. Journalize the issuance of the bonds on June 30.
2. Journalize the semiannual interest payment on December 31.
Face Value
Face value is a financial term used to describe the nominal or dollar value of a security, as stated by its issuer. For stocks, the face value is the original cost of the stock, as listed on the certificate. For bonds, it is the amount paid to the...