Sylvestor Company issues 10%, five-year bonds, on December 31, 2016, with a par value of $200,000 and
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Sylvestor Company issues 10%, five-year bonds, on December 31, 2016, with a par value of $200,000 and semiannual interest payments.
| Semiannual Period-End | Unamortized Discount | Carrying Value | ||||||
| (0) | 12/31/2016 | $ | 8,400 | $ | 191,600 | |||
| (1) | 6/30/2017 | 7,560 | 192,440 | |||||
| (2) | 12/31/2017 | 6,720 | 193,280 | |||||
Use the above bond amortization table and prepare journal entries to record (a) the issuance of bonds on December 31, 2016; (b) the first interest payment on June 30, 2017; and (c) the second interest payment on December 31, 2017.
1. Record the issuance of the bonds.
2. Record the interest payment and amortization on June 30 2017
3.Record the interest payment and amortization on December 31 2017
Expert Answer:
2 3 4 5 6 7 8 9 10 11 12 A Journal entries Date Dec 312016 June 302017 B Dec 13 3... View the full answer
Related Book For 
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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