Woodwick Company issues 9%, five-year bonds, on December 31, 2016, with a par value of $96,000...

 

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Woodwick Company issues 9%, five-year bonds, on December 31, 2016, with a par value of $96,000 and semiannual interest payments. Semiannual Period-End Unamortized Premium Carrying Value $104,031 103, 228 102,425 (0) 12/31/2016 $8,031 (1) 6/30/2017 7,228 (2) 12/31/2017 6, 425 Use the above straight-line bond amortization table and prepare journal entries for the following. (a) The issuance of bonds on December 31, 2016. (b) The first interest payment on June 30, 2017. (c) The second interest payment on December 31, 2017. Woodwick Company issues 9%, five-year bonds, on December 31, 2016, with a par value of $96,000 and semiannual interest payments. Semiannual Period-End Unamortized Premium Carrying Value $104,031 103, 228 102,425 (0) 12/31/2016 $8,031 (1) 6/30/2017 7,228 (2) 12/31/2017 6, 425 Use the above straight-line bond amortization table and prepare journal entries for the following. (a) The issuance of bonds on December 31, 2016. (b) The first interest payment on June 30, 2017. (c) The second interest payment on December 31, 2017.

Answer rating: 100% (QA)

Journal Entries Date General Journal Debit Credit a Dec 31 2016 Cash 96000 8031 104031 Bonds Paya... View the full answer