On January 1, 2021, White Water issues $510,000 of 7% bonds, due in 10 years, with interest payable annually on December 31 each year. Assuming the market interest rate on the issue date is 8%, the bonds will issue at $475,777.
Required Information [The following information applies to the questions displayed below.] On January 1, 2021. White Water Issues $510,000 of 7% bonds, due in 10 years, with interest payable annually on December 31 each year. Assuming the market Interest rate on the issue date is 8% the bonds will issue at $475777. Required: 1. Complete the first three rows of an amortization schedule. (Round your final answers to the nearest whole dollar.) Date Cash Paid Interest Expense Increase in Carrying Value Carrying Value 01/01/2021 12/31/2021 12/31/2022 Required Information [The following information applies to the questions displayed below.] On January 1, 2021, White Water issues $510,000 of 7% bonds, due In 10 years, with interest payable annually on December 31 each year. Assuming the market Interest rate on the issue date is 8%. the bonds will issue at $475,777. 2 Record the bond issue on January 1, 2021, and the first two Interest payments on December 31, 2021, and December 31, 2022 (if no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar.) View transaction at Journal entry worksheet 2 Record the bond issue. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Record entry Clear entry View general Journal Required information [The following information applies to the questions displayed below.] On January 1, 2021. White Water Issues $510,000 of 7% bonds, due In 10 years, with Interest payable annually on December 31 each year. Assuming the market Interest rate on the issue date is 8%, the bonds will issue at $475,777. 2 Record the bond issue on January 1, 2021, and the first two interest payments on December 31, 2021, and December 31, 2022 (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar.) View transaction Mat Journal entry worksheet Record the first annual interest payment Note: Enter debits before credits General Journal Debit Credit Date December 31, 2021 Record entry Clear entry View general Journal Required Information [The following information applies to the questions displayed below.) On January 1, 2021. White Water issues $510,000 of 7% bonds, due In 10 years, with Interest payable annually on December 31 each year. Assuming the market Interest rate on the issue date is 8%the bonds will issue at $475,777. 2 Record the bond issue on January 1, 2021, and the first two Interest payments on December 31, 2021, and December 31, 2022 (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar.) View transaction at Journal entry worksheet 2 3 Record the second annual interest payment. Note: Enter debits before credits General Journal Debit Credit Date December 31 2022 Record entry Clear entry View general Journal
