Question
On January 1, 2024, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $570,000 of 8% bonds, due in 20 years, with
On January 1, 2024, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $570,000 of 8% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year.
3. If the market interest rate is 7%, the bonds will issue at $630,862. 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 answers to the nearest dollar amount.)
Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record the first semiannual interest payment. Note: Enter debits before credits. Journal entry worksheet Record the second semiannual interest payment. Note: Enter debits before creditsStep by Step Solution
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