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Can you fix the red part? Xonic Corporation issued $7.3 million of 20-year, 8 percent bonds on April 1, 2018, at 102. Interest is due
Can you fix the red part?
Xonic Corporation issued $7.3 million of 20-year, 8 percent bonds on April 1, 2018, at 102. Interest is due on March 31 and September 30 of each year, and all of the bonds in the issue mature on March 31, 2038. Xonic's fiscal year ends on December 31. a-c. Record the issuance of the bonds and entries after the issue. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars.) Answer is complete but not entirely correct. No Credit Date Apr 01, 2018 Debit 7,446,000 General Journal Cash Premium on bonds payable Bonds payable 146,000 7,300,000 Sep 30, 2018 Bond interest expense Premium on bonds payable Cash 292,000 X 3,650 295,650 X OOOOOOOOOOOO Mar 31, 2038 Bond interest payable Bond interest expense Premium on bonds payable Cash 295,650 X 292,000 X 3,650 X 591,300 X Mar 31, 2038 17,300,000 Bonds payable Cash 7,300,000Step by Step Solution
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