Question: Question 2 (10 points) Problem B (10 points) Ripken Company issues $200,000 of 11%, 10-year bonds on January 1, 2003 at 103. Interest is payable

Question 2 (10 points) Problem B (10 points) Ripken Company issues

Question 2 (10 points) Problem B (10 points) Ripken Company issues $200,000 of 11%, 10-year bonds on January 1, 2003 at 103. Interest is payable semiannually on July 1 and January 1. Ripken Company uses effective interest method for any amortization. The effective interest is 9%. II. Prepare journal entries for: a. Issuance of the bonds on January 1, 2003 Type Debit (hit return key) Type Credit, by spacing four to five spaces for each transaction in the problem. Leave a blank line between your transactions. b. Payment of interest on July 1, 2003 c. Accrual of interest on December 31, 2003 d. Payment of interest on January 1, 2004

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