Question: ACC113 Question 15 8 points Save Answer paid semiannually on 30 June and 31 December (8 Grades) On 1/1/2020, Blue Company issued 5-year, 9% bonds

ACC113

ACC113 Question 15 8 points Save Answer paid semiannually on 30 June

Question 15 8 points Save Answer paid semiannually on 30 June and 31 December (8 Grades) On 1/1/2020, Blue Company issued 5-year, 9% bonds with a par value of $1,000,000. The company received $900,000 in cash. Interest every year. Required: (1) Prepare the journal entry to record the bonds issuance on 1/1/2020. (2) Prepare the journal entry to record the interest payment and the amortization of bond discount or premium on 30/6/2020 (3) Prepare the journal entry to record the repayment of bonds on 31/12/2024. CLEARLY INDICATE THE DEBITS & CREDITS Example: on 1 January 2020, XYZ Company pays $10,000 cash to purchase land Answer 14/2020 Dr. Land 10 000 Cr. Cash 10,000

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