[The following information applies to the questions displayed below.] On January 1, 2024, Universe of Fun...

Transcribed Image Text:

[The following information applies to the questions displayed below.] On January 1, 2024, Universe of Fun issues $880,000, 7% bonds that mature in 15 years. The market interest rate for bonds of similar risk and maturity is 8%, and the bonds issue for $803,915. Interest is paid semiannually on June 30 and December 31. 2. & 3. Record the issuance of the bonds on January 1, the interest payments on June 30, and December 31, 2024. (If no journal entry is required for a particular transaction, select "No Journal Entry Required" in the first account field. Round your answers to the nearest dollar amount.) Answer is not complete. No 1 Date General Journal Debit Credit January 01, 2024 Cash 803,915 Discount on Bonds Payable 76,085 Bonds Payable 880,000 2 June 30, 2024 Interest Expense 32,157 Discount on Bonds Payable 1,357 Cash 30,800 3 December 31, 202 No Journal Entry Required [The following information applies to the questions displayed below.] On January 1, 2024, Universe of Fun issues $880,000, 7% bonds that mature in 15 years. The market interest rate for bonds of similar risk and maturity is 8%, and the bonds issue for $803,915. Interest is paid semiannually on June 30 and December 31. 2. & 3. Record the issuance of the bonds on January 1, the interest payments on June 30, and December 31, 2024. (If no journal entry is required for a particular transaction, select "No Journal Entry Required" in the first account field. Round your answers to the nearest dollar amount.) Answer is not complete. No 1 Date General Journal Debit Credit January 01, 2024 Cash 803,915 Discount on Bonds Payable 76,085 Bonds Payable 880,000 2 June 30, 2024 Interest Expense 32,157 Discount on Bonds Payable 1,357 Cash 30,800 3 December 31, 202 No Journal Entry Required