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just need bottom juornal entry On January 1, 2021. Surreal Manufacturing issued 690 bonds, each with a face value of $1,000, a stated interest rate
just need bottom juornal entry
On January 1, 2021. Surreal Manufacturing issued 690 bonds, each with a face value of $1,000, a stated interest rate of 3 percent paid annually on December 31, and a maturity date of December 31, 2023. On the issue date, the market interest rate was 4 percent, so the total proceeds from the bond issue were 5670,855 Surreal uses the effective interest bond amortization method and adjusts for any rounding errors when recording interest in the final year Required: 1. Prepare a bond amortization schedule 2.5. Prepare the journal entries to record the bond issue, the interest payments on December 31, 2021 and 2022, the interest and face value payment on December 31, 2023 and the bond retirement Assume the bonds are retired on January 1, 2023, at a price of 101 Answer is not complete. Complete this question by entering your answers in the tabs below. Raqi Reg 2 to 5 Prepare the journal entries to record the bond issue, the interest payments on December 31, 2021 and 2022, the interest and face value payment on December 31, 2023 and the bond retirement. Assume the bonds are retired on January 1, 2023, at a price of 101. (If no entry is required for a transaction/event, select "No Joumal Entry Required in the first account field Round your answers to the nearest whole dollar amount.) Show less No General Journal Credit 1 January 01, 2021 Cash Debi 570,855 19.145 Decount on Bonds Payable Bonds Payable 00 690.000 26834 December 31, 202 ne pense Discount on Bonds Payable Cash ooo 5.134 20.700 3 27.000 December 31, 2027 Interest Expert Discount on tonds Payable Cash OOO 6,300 20.700 4 090.000 December 31202 Bonds Payable Discount on bonds Payable Cash 0.631 096.000 Step by Step Solution
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