Question: chapter 13 question 1 Volunteer Inc. issued bonds with a $600,000 face value, 12% interest rate, and a 4 -year term on July 1,2018 and

chapter 13 question 1

Volunteer Inc. issued bonds with a $600,000 face value, 12% interest rate, and a 4 -year term on July 1,2018 and received $650,000. Interest is payable annually. The premium is amortized using the straight-line method. A. July 1, 2018: entry to record issuing the bonds B. June 30, 2019: entry to record payment of interest to bondholders C. June 30, 2019: entry to record amortization of premium D. June 30, 2020: entry to record payment of interest to bondholders E. June 30, 2020: entry to record amortization of premium Prepare journal entries for the above transactions. If an amount box does not require an entry, leave it blank. A. July 1, 2018 B. June 30, 2019 Interest Expense Cash C. June 30,2019 Premium on Bonds Pavable D. June 30, 2020 Interest Expense E. June 30,2020 Premlum on Bonds Payable Volunteer Inc. issued bonds with a $600,000 face value, 12% interest rate, and a 4 -year term on July 1,2018 and received $650,000. Interest is payable annually. The premium is amortized using the straight-line method. A. July 1, 2018: entry to record issuing the bonds B. June 30, 2019: entry to record payment of interest to bondholders C. June 30, 2019: entry to record amortization of premium D. June 30, 2020: entry to record payment of interest to bondholders E. June 30, 2020: entry to record amortization of premium Prepare journal entries for the above transactions. If an amount box does not require an entry, leave it blank. A. July 1, 2018 B. June 30, 2019 Interest Expense Cash C. June 30,2019 Premium on Bonds Pavable D. June 30, 2020 Interest Expense E. June 30,2020 Premlum on Bonds Payable

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