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Recording Bond Issuance Instructions Chart of Accounts General Journal Present Value Tables Instructions On January 1, 2016, Knorr Corporation issued $1,400,000 of 6%, 5-year bonds dated January 1, 2016. The bonds pay interest annually on December 31. The bonds were issued to yield 7%. Bond issue costs associated with the bonds totaled $22, 107.40. Required: Prepare the journal entries to record the following: January 1, 2016 December 31, 2016 December 31, 2016 December 31, 2017 December 31, 2017 Sold the bonds at an effective rate of 7% First interest payment using the effective interest method Amortization of bond issue costs using the straight-line method Second interest payment using the effective interest method Amortization of bond issue costs using the straight-line method Prepare the journal entries to record the following: Additional Instructions January 1, 2016 December 31, 2016 December 31, 2016 December 31, 2017 December 31, 2017 Sold the bonds at an effective rate of 7% First interest payment using the effective interest method Amortization of bond issue costs using the straight-line method Second interest payment using the effective interest method Amortization of bond issue costs using the straight-line method How does grading work? PAGE 2016 PAGE 2017 GENERAL JOURNAL Score: 161/193 ACCOUNT TITLE POST. REF. CREDIT DATE Jan. 1 Cash Discount on Bonds Payable DEBIT 1,399,999.78 58,974.00 Bonds Payable 1,400,000.00 Jan. 1 Deferred Bond Issue Costs 22,107.40 Cash 22,107.40 Dec. 31 Interest Expense 93,981.79 84,000.00 Discount on Bonds Payable Cash 9,981.79 Dec. 31 Interest Expense 5,512.11 Deferred Bond Issue Costs 5,512.11 Points: 30.03 / 36 How does grading work? PAGE 2016 PAGE 2017 GENERAL JOURNAL Score: 171/193 POST. REF. DEBIT CREDIT DATE Dec. 31 ACCOUNT TITLE Interest Expense Discount on Bonds Payable 94,680.52 84,000.00 Cash 10,680.52 Dec. 31 5,512.11 Interest Expense Deferred Bond Issue Costs 5,512.11 Points: 31.9 / 36 Feedback heck My Work Previous Next