On January 1, InnoSolutions, Inc. issued $240,000 in bonds at face value. The bonds have a...

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On January 1, InnoSolutions, Inc. issued $240,000 in bonds at face value. The bonds have a stated interest rate of 5 percent. The bonds mature in ten years and pay interest once per year on December 31. Required: 1. Prepare the journal entry to record the bond issuance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the entry for issuance of bond. Note: Enter debits before credits. Date General Journal Debit Credit December 31 2. Prepare the journal entry to record the interest payment on December 31. Assume no interest was accrued earlier in the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the interest payment on December 31. Note: Enter debits before credits. Date General Journal Debit Credit December 31 3. Assume the bonds were retired immediately after the first interest payment at a quoted price of 103. Prepare the journal entry to record the early retirement of the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet > Record the early retirement of the bonds. Note: Enter debits before credits. Date General Journal Debit Credit December 31 On January 1, InnoSolutions, Inc. issued $240,000 in bonds at face value. The bonds have a stated interest rate of 5 percent. The bonds mature in ten years and pay interest once per year on December 31. Required: 1. Prepare the journal entry to record the bond issuance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the entry for issuance of bond. Note: Enter debits before credits. Date General Journal Debit Credit December 31 2. Prepare the journal entry to record the interest payment on December 31. Assume no interest was accrued earlier in the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the interest payment on December 31. Note: Enter debits before credits. Date General Journal Debit Credit December 31 3. Assume the bonds were retired immediately after the first interest payment at a quoted price of 103. Prepare the journal entry to record the early retirement of the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet > Record the early retirement of the bonds. Note: Enter debits before credits. Date General Journal Debit Credit December 31

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Journal Entry Date Account Name Debit Credit Req1 Dec 31 Cash ... View the full answer