On January 1, Innovative Solutions, Incorporated, issued $220,000 in bonds at face value The bonds have a stated interest rate of 5 percent The bonds mature in 10 years and pay interest once per year on December 31 Required 1, 2 3 Prepare the required journal entries to record the bond issuance, interest payment on December 31, early retirement of the bonds Assume the bonds were retired immediately after the first interest payment at a quoted price of 103 (If no entry is required for a transaction event, select No Journal Entry Required in the first account field ) Journal entry worksheet 1 2 3 Record the issuance of bonds of $220,000 at face value Note Enter debits before credits General Journal Debit Credit Date January 01 Record entry Clear entry View general Journal

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Posted on Oct 22, 2024

On January 1, Innovative Solutions, Incorporated, issued $220,000 in bonds at face value. The bonds have a stated interest rate of 5 percent. The bonds

On January 1, Innovative Solutions, Incorporated, issued $220,000 in bonds at face value. The bonds have a stated interest rate of 5 percent. The bonds mature in 10 years and pay interest once per year on December 31.

Required:

1, 2 & 3. Prepare the required journal entries to record the bond issuance, interest payment on December 31, early retirement of the bonds. Assume the bonds were retired immediately after the first interest payment at a quoted price of 103. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

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Journal entry worksheet 1 2 3 Record the issuance of bonds of $220,000 at face value. Note: Enter debits before credits. General Journal Debit Credit Date January 01 Record entry Clear entry View general Journal