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On January 1, 2024, Splash City issues $370,000 of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December
On January 1, 2024, Splash City issues $370,000 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 $406,617. 2. Record the bond issue on January 1, 2024, and the first two semiannual interest payments on June 30, 2024, and December 31, 2024. Note: 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. > Answer is not complete. General Journal Debit Credit 406,617 No Date 1 January 01, 2024 Cash Premium on Bonds Payable Bonds Payable 2 June 30, 2024 Interest Expense Premium on Bonds Payable Cash 3 December 31, 202 Interest Expense Premium on Bonds Payable Cash
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