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Johnny's Hamburgers issued 8 %, 10 - year bonds payable at 85 on December 31, 2018. At December 31, 2020, Johnny reported the bonds payable
Johnny's Hamburgers issued 8 %, 10 - year bonds payable at 85 on December 31, 2018. At December 31, 2020, Johnny reported the bonds payable as follows: E(Click the icon to view the bonds payable.) Johnny's pays semiannual interest each June 30 and December 31. (Assume bonds payable are amortized using the straight-ine amortization method.) Read the requirements Requirement 1. Answer the following questions about Johnny's bonds payable: What is the maturity value of the bonds? $ a. Requirements i Data Table Answer the folowing questions about Johnny's bonds payable: Long-term Liabilities: a. What is the maturity value of the bonds? Bonds Payable 300,000 b. What is the carrying amount of the bonds at December 31, 2020? c. What is the semiannual cash interest payment on the bonds? How much interest expense should the company record each year? (36,000) t Less: Discount Bonds Payable 264,000 2. Record the June 30, 2020, semiannual interest payment and amortization of discount. Print Done Print Done
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