On $2/1/2024,$ Wilson issued $12\%$ bonds dated $2/1/2024,$ with a face amount of $$130,000.$ The bonds mature in $20$ years. The effective interest rate for these bonds were $10\%.$ Interest is paid semiannually on $7/31$ and $1/31.$ Wilson's fiscal year is the calendar year. Required: $1.$ Record journal entries for Wilson on issuance date $(2/1/2024),7/31/2024,$ and $12/31/2024.2.$ How would Wilson report the bonds related accounts $($show account names and numbers$)$ in its balance sheet and income statement for the year $2024$ at $12/31/2024?$

Answer rating: 100% (QA)

Journal Entries a Issuance Date 212024 The bonds are issued at face value Debit Cash 130000 Credit B... View the full answer