1. Premium Pizza retires its 6% bonds for $68,000 before their scheduled maturity. At the time, the bonds have a face amount of $65,400 and a carrying value of $70,528.

Record the early retirement of the bonds. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

2. On January 1, Year 1, a company issues $490,000 of 5% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year.

Required:
Assuming the market interest rate on the issue date is 5%, the bonds will issue at $490,000. Record the bond issue on January 1, Year 1, and the first two semiannual interest payments on June 30, Year 1, and December 31, Year 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does 2 Premium Pizza retires its 6% bonds for $68,000 before their scheduled maturity. At the time, the bonds have a face a $65,400 and a carrying value of $70,528. Record the early retirement of the bonds. (If no entry is required for a particular transaction/event, select "No Journ Required in the first account field.) pints 8 02:25:47 Answer is not complete. No Transaction Credit 1 General Journal Bonds Payable Premium on Bonds Payable Cash Discount on Bonds Payable Dobit 65,400 5,128 68,000 On January 1, Year 1, a company issues $490,000 of 5% bonds, due in 15 years, with interest payable semiannua December 31 each year. Required: Assuming the market interest rate on the issue date is 5%, the bonds will issue at $490,000. Record the bond ise 1. and the first two semiannual interest payments on June 30, Year 1, and December 31, Year 1. (If no entry is requ transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct. No General Journal Dobit Credit Date January 01 1 490,000 Cash Bonds Payable 490,000 2 2 June 30 24,500 Interest Expense Cash SIS 24,500 3 December 31 24,500 Interest Expense Cash >> 24,500