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I attempted it.. but I am having trouble. Not sure if what I started is correct. Pretzelmania, Inc., issues 7%, 10-year bonds with a face
I attempted it.. but I am having trouble. Not sure if what I started is correct.
Pretzelmania, Inc., issues 7%, 10-year bonds with a face amount of $51,000 for $51,000 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 7%. Interest is paid annually on December 31. Required: 1. & 2. Record the bond issue and first interest payment on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 > Record the bond issue on January 1, 2021. Note: Enter debits before credits. Debit Credit 51,000 Date General Journal January 01, 2021 Cash Discount on Bonds Payable Bonds Payable 51,000 Pretzelmania, Inc., issues 7%, 10-year bonds with a face amount of $51,000 for $51,000 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 7%. Interest is paid annually on December 31. Required: 1. & 2. Record the bond issue and first interest payment on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheetStep by Step Solution
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