Question: need help on the one i got wrong. Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $57,000 for $52,072 on January 1,

need help on the one i got wrong.

Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $57,000 for $52,072 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 8%. Interest is paid semiannually on June 30 and December 31. Required: 1. & 2. Record the bond issue and first interest payment on June 30, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your intermediate computations and final answers to the nearest whole dollar amount.) No 1 2 Date January 01, 2021 June 30, 2021 Answer is not complete. General Journal Cash Discount on Bonds Payable Bonds Payable Interest Expense Cash Debit 52,072 4,928 1,995 Credit 57,000 1,995

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Pretzelmania, Inc., issues 7%, 10-year bonds with a face amount of $70,000 for $70,000 on January 1, 2015. The market interest rate for bonds of similar risk and maturity is 7%. Interest is paid...

I complete all the questions but some of them marked wrong, idk why. coukd you help me solve for that plz? Return to question Required information (The following information applies to the questions...

Pretzelmania, Inc., issues 6%, 10-year bonds with a face amount of $63,000 for $63,000 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid...

Pretzelmania, Inc., Issues 7%, 15-year bonds with a face amount of $64,000 for $58,467 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 8%. Interest is paid...

Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $70,000 for $76,799 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid...

Check my work 8 Ultimate Butter Popcorn issues 6%, 15-year bonds with a face amount of $48,000. The market interest rate for bonds of similar risk and maturity is 5%. Interest is paid semiannually....

Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $51,000 for $55,998 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid...

12. 13. Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $57,000 for $52,121 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 8%. Interest is...

Help Save Pretzelmania, Inc., Issues 7%, 15-year bonds with a face amount of $51.000 for $55.998 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 6%. Interest is...

Help Save Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $64,000 for $58.467 on January 1, 2021 The market interest rate for bonds of similar risk and maturity is 8%. Interest is...

Find the future value of an investment of $8,000 compounded quarterly for seven years at 2%?

The Rice brothers (Figure) wish to determine the potential savings from using the shortest route from Rice to Dixieville rather than just randomly selecting any route. Use dynamic programming to find...

Which of the following characteristics of the Anglo Model would a minority - share investor find appealing? Group of answer choices the potential for a hostile takeover should the executives...

Question 3: The information in the following table relates to the accounts receivable and allowance for doubtful debts of Prime Moving Ltd. The companys accounting period ends on 30 June each year....