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(MCU) issued 6%, 20-year bonds payable with face value of $600,000. The bond 5% when MCU issues its bonds, will the bonds be priced at face value, at a prem st rate is 5% will be priced at They are in this marke attractive 9% when MCU issues its bonds, will the bonds be pric prem unattractive st rate is 9% will be priced at v. They are marke is 99. Journalize the bond transactions. (Assume bonds payable are amortized i ect explanations on the last line of the journal entry. Round your answers to the ne Read the requirements. Requirement 1. If the market interest rate is 5% when MCU issues its bone The 6% bonds issued when the market interest rate is 5% will be priced at to acquire them. nterest rate is 9% when MCU issues its bond face value > market interest rate is 9% will be priced at less than face value ire them. more than face value Requirement 3. The issue price of the bonds is 99. Journalize the bond tra method. Record debits first, then credits. Select explanations on the last line a. Journalize the issuance of the bonds on January 1, 2016. Choose from any list or enter any number in the input fields and then e On January 1, 2016. Mechanics Credit Union (MCU) issued 6%, 20-year bonds payable with face value of $600,000. The bonds pay interest on June 30 and Decen 31. Read the requirements Requirement 3. The issue price of the bonds is 99. Journalize the bond transactions. (Assume bonds payable are amortized using the straight-line amortization method. Record debits first, then credits. Select explanations on the last line of the journal entry. Round your answers to the nearest whole dollar) a. Journalize the issuance of the bonds on January 1, 2016 Date Accounts and Explanation Debit Credit 2016 Jan 1 b. Journalize the payment of interest and amortization on June 30, 2016 On January 1, 2016, Mechanics Credit Union (MCU) issued 6%, 20-year bonds payable with face valu 31. Read the requirements. b. Journalize the payment of interest and amortization on June 30, 2016. Date Accounts and Explanation Debit Credit 2016 Jun. 30 c. Journalize the payment of interest and amortization on December 31, 2016. Debit Credit Date Accounts and Explanation Choose from any list or enter any number in the input fields and then continue to the next ques On January 1, 2016, Mechanics Credit Union (MCU) issued 6%, 20-year bonds payable with face value of 31. Read the requirements. c. Journalize the payment of interest and amortization on December 31, 2016. Date Accounts and Explanation Debit Credit 2016 Dec. 31 d. Journalize the retirement of the bond at maturity on December 31, 2035. (Assume interest through Dec Credit Debit Date Accounts and Explanation Choose from any list or enter any number in the input fields and then continue to the next question. On January 1, 2016, Mechanics Credit Union (MCU) issued 6%, 20-year bonds payable with face value of $600,000. The bonds pay interest on June and Decemt 31 Read the requirements d. Journalize the retirement of the bond at maturity on December 31, 2035. (Assume interest through December 31, 2035 has already been paid and recorded.) Date Accounts and Explanation Debit Credit 2035 Dec 31 Choose from any list or enter any number in the input fields and then continue to the next question. hanics Credit Union (MCU) issued 6%, 20-year bonds payable with face value of $600,000. The bonds pay interest ket interest rate is 5% when MCU issues its bonds will the bonds be priced at face value at a premium or at a die n Requirements - - X 1. If the market interest rate is 5% when MCU issues its bonds, will the bonds be priced at face value, at a premium, or at a discount? Explain. 2. If the market interest rate is 9% when MCU issues its bonds, will the bonds be priced at face value, at a premium, or at a discount? Explain. 3. The issue price of the bonds is 99. Journalize the following bond transactions: a. Issuance of the bonds on January 1, 2016. b. Payment of interest and amortization on June 30, 2016 c. Payment of interest and amortization on December 31, 2016. d. Retirement of the bond at maturity on December 31, 2035. Print Done