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On January 1, 2024, Splash City issues $340,000 of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December
On January 1, 2024, Splash City issues $340,000 of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 8%, the bonds will issue at $373,648. 2. Record the bond issue on January 1, 2024, and the first two semiannual interest payments on June 30, 2024, and December 31, 2024. (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.) No Date Answer is not complete. General Journal 1 January 01, 2024 Cash Discount on Bonds Payable Bonds Payable Debit Credit 310,831 29,169 x 340,000 2 June 30, 2024 Interest Expense 15,542 x Discount on Bonds Payable Cash 242x 15,300 3 December 31, 202 Interest Expense 15,554 x Discount on Bonds Payable Cash 254 x 15,300
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