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please do all of the questions. please i am crying Bond premium, entries for bonds payable transactions, interest method of amortizing bond premium Rodgers Gridiron
please do all of the questions. please i am crying
Bond premium, entries for bonds payable transactions, interest method of amortizing bond premium Rodgers Gridiron Co. produces and sells football equipment. On July 1, 20Y1, Rodgers issued $65,000,000 of 10-year, 12% bonds at a market (effective) interest rate of 10%, receiving cash of $73,100,469. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: For all journal entries, if an amount box does not require an entry, leave it blank. 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds. remium on Bonds Pa able Feedback Check My Work 2. Journalize the entries to record the following: a. The first semiannual interest payment on December 31, 20Y1, and the amortization of the bond premium, using the interest method. Round to the nearest dollar. 20Y1 Dec. 31 Premium on Bonds Pa able Feedback Check My Work 65,689 X b. The interest payment on June 30, 20Y2, and the amortization of the bond premium, using the interest method. Round to the nearest dollar. Premium on Bonds Pa able Feedback Check My Work 65,689 X 3. Determine the total interest expense for 20Y1. Round to the nearest dollar.
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