Bond Premium, Entries for Bonds Payable Transactions Rodgers Corporation produces and sells football equipment. On July...
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Bond Premium, Entries for Bonds Payable Transactions Rodgers Corporation produces and sells football equipment. On July 1, 20Y1, Rodgers issued $61,100,000 of 10-year, 14% bonds at a market (effective) interest rate of 13%, receiving cash of $64,466,347. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: For all journal entries, if an amount box does not require an entry, leave it blank. 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1. 2. Journalize the entries to record the following: The first semiannual interest payment on December 31, 2011, and the amortization of the bond premium, using the straight-line method. Round to the nearest dollar 88 The interest payment on June 30, 2012, and the amortization of the bond premium, using the straight-line method. Round to the nearest dollar Bond Premium, Entries for Bonds Payable Transactions Rodgers Corporation produces and sells football equipment. On July 1, 20Y1, Rodgers issued $61,100,000 of 10-year, 14% bonds at a market (effective) interest rate of 13%, receiving cash of $64,466,347. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: For all journal entries, if an amount box does not require an entry, leave it blank. 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1. 2. Journalize the entries to record the following: The first semiannual interest payment on December 31, 2011, and the amortization of the bond premium, using the straight-line method. Round to the nearest dollar 88 The interest payment on June 30, 2012, and the amortization of the bond premium, using the straight-line method. Round to the nearest dollar
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Related Book For
Forensic And Investigative Accounting
ISBN: 9780808056300
10th Edition
Authors: G. Stevenson Smith D. Larry Crumbley, Edmund D. Fenton
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