Question: Can you help solve in the blanks please! Record the journal entry for the issuance of the bonds. January 1, 2018 Accounts Debit Credit cash

Can you help solve in the blanks please! for the issuance of the bonds. January 1, 2018 Accounts Debit Credit

Record the journal entry for the issuance of the bonds. January 1, 2018 Accounts Debit Credit cash discount bonds payable On January 1, 2018, Watch Works Incorporated (WWI) issued $81,000 par value, 6%, five-year bonds that mature on December 31, 2022. WWI will pay interest semiannually on June 30 and December 31. On the date WWI issued the bonds, the market rate of interest was 2%. The company's fiscal year ends on December 31. What is the issue price of this bond? Which of the following financial statement item is impacted in this transaction? Bonds Payable The problem is solving for: Present Value The calculation involves: Single Sum & Ordinary Annuity Table Method STEP 1 - Present Value of Interest Payment: py of Ordinary Annuity PMT X Factor X = STEP 2 - Present Value of Par Value: PV FV X Factor X Issue Price of Bond Present Value of Interest Payment (Step 1) Present Value of Par Value (Step 2) Record the journal entry for the issuance of the bonds

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