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complete quickly please. 4. On November 1, 2019, Fields/Russell Corporation issued $800,000 worth of ten-year, 9 percent bonds. The semiannual interest dates are November 1
complete quickly please.
4. On November 1, 2019, Fields/Russell Corporation issued $800,000 worth of ten-year, 9 percent bonds. The semiannual interest dates are November 1 and May 1. Because the market interest rate of similar investments was 8.5 percent, the bonds were issued at a price of 103. Ignoring year-end accruals, prepare entries in journal form without explanations to record the bond issue on November 1, 2019, and the payments of interest and amortization of premium on May 1 and November 1, 2019. Use the effective interest method of amortization. Round answers to the nearest dollar. A. Show the journal entry required to record the issue of the bonds. [3] B. Show the journal entry required to record the interest payment on May 1, 2020. [6] C. Calculate the amount to be recorded for interest expense on November 1, 2020. [4]Step by Step Solution
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