15.)On May 1, 8, Redcomet Company purchased $60,000 of Watson Company 5% bonds at 102. The bonds were dated December 31, 7, and pay interest on June 30 and December 31.

Required:

Journalize Redcomet Company's transaction to record the receipt of interest on June 30, 8.

18.)On December 31, 6, Morris Company issued $300,000 of 20-year, 3% bonds for $196,000. These bonds were issued to yield an effective interest rate equal to the current market rate of 6%. The bonds pay interest on June 30 and December 31.

Required:

Journalize the entry to record the interest payment and the amortization of bond discount or bond premium on June 30, 7.

Note: Morris Company uses the effective interest method of amortization of bond discount or bond premium. Round your responses to the nearest dollar.

20.)On May 1, 7, Sanchez Company issued $828,000 of 5% bonds at 87. The bonds were dated December 31, 6, and pay interest on June 30 and December 31.

Required:

Compute the cash received from the issuance of bonds.

22.)On December 31, 6, Jones Company issued $1,890,000 of 10-year, 11% bonds for $2,275,000. These bonds were issued to yield an effective interest rate equal to the current market rate of 8%. The bonds pay interest on June 30 and December 31.

Required:

Journalize the entry to record the interest payment and the amortization of bond discount or bond premium on June 30, 7.

Note: Jones Company uses the effective interest method of amortization of bond discount or bond premium. Round your responses to the nearest dollar.