Question: Current Attempt in Progress On June 30, 2023, Pharoah Limited issued $2 million of 20-year, 11% bonds for $2.171.600, which provides a yield of

Current Attempt in Progress On June 30, 2023, Pharoah Limited issued $2 million of 20-year, 11% bonds for $2.171.600, which provides a yield of

Current Attempt in Progress On June 30, 2023, Pharoah Limited issued $2 million of 20-year, 11% bonds for $2.171.600, which provides a yield of 10%. The company uses the effective interest method to amortize any bond premium or discount. The bonds pay semi-annual interest on June 30 and December 31. (a) Prepare the journal entries to record the following transactions: (Round answers to O decimal places, eg. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the dmounts. List debit entries before credit entry. Record journal entries in the order presented in the problem.) Prepare the journal entries to record the following transactions: (Round answers to O decimal places, e.g. 5,2 are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No titles and enter O for the amounts. List debit entries before credit entry. Record journal entries in the order presente 1. The issuance of the bonds on June 30, 2023 2. The payment of interest and the amortization of the premium on December 31, 2023 3. 4. The payment of interest and the amortization of the premium on June 30, 2024 The payment of interest and the amortization of the premium on December 31, 2024

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