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I need help with my homework. class is about to start and I don't know how to do this please can I get help and
I need help with my homework. class is about to start and I don't know how to do this please can I get help and the answers to the entries.
Obj. 2 PR 11-3A Entries for bonds payable, including bond redemption The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendan year Year 1 July 1 . Issued $74,000,000 of 20-year, 1 1% callable bonds dated July 1, Year 1, at a market (effective) rate of 13%, receiving cash of $63,532,267. Interest is payable semiannually on December 31 and June 30 Dec. 31. Paid the semiannual interest on the bonds. The bond discount amortization of $261,693 is combined with the semiannual interest payment. 31. Closed the interest expense account. Year 2 Paid the semiannual interest on the bonds. The bond discount amortization of $261,693 is combined with the semiannual interest payment. Paid the semiannual interest on the bonds. The bond discount amortization of $261,693 is combined with the semiannual interest payment. June 30. Dec. 31. 31. Closed the interest expense account. Year 3 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.) June 30. Instructions 1. Journalize the entries to record the transactions. (Round all amounts to the nearest dollar.) 2. Indicate the amount of the interest expense in (A) Year 1 and (B) Year 2 Determine the carrying amount of the bonds as of December 31, Year 2
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