On April 30, 2019, Cheng, Inc., issued $250,000 of 6%, 15-year bonds for $206,770, yielding an effective
Question:
On April 30, 2019, Cheng, Inc., issued $250,000 of 6%, 15-year bonds for $206,770, yielding an effective interest rate of 8%. Semiannual interest is payable on October 31 and April 30 each year. The firm uses the effective interest method to amortize the discount.
REQUIRED
a. Prepare an amortization schedule showing the necessary information for the first two interest periods. Round amounts to the nearest dollar.
b. Prepare the journal entries (1) for the bond issuance on April 30, 2019, (2) to record the bond interest payment and discount amortization at October 31, 2019, (3) the adjusting entry to record bond interest expense and discount amortization at December 31, 2019, the close of the firm's accounting year, and (4) to record the bond interest payment and discount amortization at April 30, 2020.
c. Post the journal entries from part b to their respective T-accounts.
d. Record each of the transactions from part b in the financial statement effects template.
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
