Current Attempt in Progress

Swifty Ltd$.$ issued a $$1,184,000,10-$year bond dated January $1,2023.$ The bond was sold to yield $12\%$ effective interest. The bond paid

$10\%$ interest on January $1$ and July $1$ each year. The company's year$-$end was December $31,$ and Swifty followed IFRS. Using $1.$ factor

Tables $2.$ a financial calculator, or $3.$ Excel function PV$,$ calculate the amount received for the bond, and any discount or premium on the

bond.

Click here to view the factor table PRESENT VALUE OF $1.$

Click here to view the factor table PRESENT VALUE OF AN ORDINARY ANNUITY OF $1.($Round present value factor calculations to $5$

decimal places, e$.$g$.1\mathrm{.}25124$ and final answers to $0$ decimal places e$.$g$.58,971.)$

Proceeds from sale of bond

Prepare the journal entries for above transactions. $($Round answers to $0$ decimal places, e$.$g$.5,275.$ 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

amounts. List all debit entries before credit entries.$)$

Date

Account Titles and Explanation

Debit

Credit

January $1,2023$

$Ci$

Bonds Payable

July $1,2023$

Interest Expense

Bonds Payable

Cash

December $31,2023$

Interest Expense

Bonds Payable

Interest Payable

Interest Payable