1)

Ultimate Butter Popcorn issues 7%, 7-year bonds with a face amount of $51,000. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid semiannually.

At what price will the bonds issue? (Do not round PV factors. Round your answer to the nearest dollar amount. Omit the "$" sign in your response.)

Issue price $

2) Pretzelmania, Inc., issues 7%, 10-year bonds with a face amount of $58,000 for $62,314 on January 1, 2012. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid semiannually on June 30 and December 31.

2a) Record the bond issue. (Omit the "$" sign in your response.)

Date General Journal Debit Credit Jan.1 , 2012 (Click to select) Bonds payable Interest payable Notes payable Interest revenue Bonds receivable Rent expense Interest expense Cash (Click to select) Cash Rent expense Interest revenue Bonds payable Interest payable Notes payable Bonds receivable Interest expense

check my workeBook Linkreferences

2b) Record the first interest payment on June 30, 2012. (Round your answers to the nearest dollar amount. Omit the "$" sign in your response.)

Date General Journal Debit Credit June 30, 2012 (Click to select) Interest expense Interest payable Interest revenue Cash Sales Bonds payable Bonds receivable Rent expense (Click to select) Bonds payable Interest revenue Rent expense Sales Interest expense Cash Interest payable Bonds receivable (Click to select) Interest revenue Bonds receivable Rent expense Interest expense Salary expense Notes payable Interest payable Cash