On January 1, 2017, Cameron Corporation issued five-year, 8% bonds payable with a face value of...

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On January 1, 2017, Cameron Corporation issued five-year, 8% bonds payable with a face value of $3,000,000. The bonds were issued at 88 and pay interest on January 1 and July 1. Cameron amortizes bond discounts using the straight-line method. On December 31, 2019, Cameron retired the bonds early by purchasing them at a market price of 94. The company's fiscal year ends on December 31. Read the requirements. Requirement 1. Journalize the issuance of the bonds on January 1, 2017. (Record debits first, then credits. Exclude explanations from any journal entries.) Date 2017 Jan 1 Journal Entry Accounts Cash Discount on Bonds Payable Bonds Payable Debit Credit 2,640,000 360,000 3,000,000 Requirement 2. Record the semiannual interest payment and amortization of bond discount on July 1, 2017. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts 2017 Jul 1 Interest Expense Discount on Bonds Payable Cash Debit Credit 156,000 36,000 120,000 Requirement 3. Record the interest accrual and discount amortization on December 31, 2017. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry On January 1, 2017, Cameron Corporation issued five-year, 8% bonds payable with a face value of $3,000,000. The bonds were issued at 88 and pay interest on January 1 and July 1. Cameron amortizes bond discounts using the straight-line method. On December 31, 2019, Cameron retired the bonds early by purchasing them at a market price of 94. The company's fiscal year ends on December 31. Read the requirements. Requirement 1. Journalize the issuance of the bonds on January 1, 2017. (Record debits first, then credits. Exclude explanations from any journal entries.) Date 2017 Jan 1 Journal Entry Accounts Cash Discount on Bonds Payable Bonds Payable Debit Credit 2,640,000 360,000 3,000,000 Requirement 2. Record the semiannual interest payment and amortization of bond discount on July 1, 2017. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts 2017 Jul 1 Interest Expense Discount on Bonds Payable Cash Debit Credit 156,000 36,000 120,000 Requirement 3. Record the interest accrual and discount amortization on December 31, 2017. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry