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i have most of the oroblem done just beed help on year 2 and year 3 and the final ? June 30 Paid the semiannual

i have most of the oroblem done just beed help on year 2 and year 3 and the final ? image text in transcribed
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image text in transcribed
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June 30 Paid the semiannual interest on the bonds. The bond discount amortization of $261,693 is combined with the semiannual interest payment. Sept 30 Paid the annual payment on the note, which consisted of interest of $12,000 and principal of $28,673. Dec 31 Accrued \$2,570 of interest on the instailment note The interest is payable on the date of the next installment note payment. 31. Paid the semiannual interest on the bonds. The bond discount amortization of $261,693 is combined with the semiannual interest payment ntries for bonds payable and installment note transactions instructions The following transactoons were completed ty Windevoss inc, whose fiscal year is the calendar year 2. Indicate the amount of the interest expense in (a) Year 1 and (b) Year 2. a. Year 1: b. Year 2 3. Determine the carrying amount of the bonds as of December 31, Year 2. Points: 0/1 A corporation usually redeems its bonds at a price different from that of the carrying amount of JOURHAM Shaded cella have focdback Score: 74/99 DNT Desciption DOSt FE. Deenr cron 7400000000 2 lons on tederavion Discount on Bonds Payable 7,940,96100 Cosh 5. 5ep30 interes Exprase Notes Paydle 9,420,96100 72,570,00000 103$000 Cash 30,395,00 7 tast 40,673,00 June 30. Recorded the redemption of the bonds, which were called at 98 . The balance in the bond discount account is $9,420,961 after payment of interest and amortization of discount have been recorded Record the redemption only Sept 30 Paid the second annual payment on the note, which consisted of interest of $10,280 and principal of $30,393 Required: 1. Joumaize the entries to record the foregoing transactions fofor to the chart of accounts for the exaor wonding of the account thes. CNOW foumals do not use ines for joumal explanations. Every line on a joumal page is used for debif or credt entries CNow joumals will autornatically indent o credt entry when a credt amount is entered. Round all amounts to the nearest dollar. 2 Indicate the amount of the interest expense in (a) Year 1 and (b) Year 2 3 Defermine the camving amount of the Donds as of December 3 , Year

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GAO Financial Audit Manual Volume 3 June 2018

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