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29 On April 1, 2021, Western Communications, Inc., issued 12% bonds, dated March 1, 2021, with face amount of $45 million. The bonds sold for $44.3 million and mature on February 28, 2024. Interest is paid semiannually on August 31 and February 28. Stillworth Corporation acquired $45,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31, and both firms use the straight-line method. Skipped Required: 1. Prepare the journal entries to record (a) issuance of the bonds by Western and (b) Stillworth's investment on April 1, 2021. 2. Prepare the journal entries by both firms to record all subsequent events related to the bonds through maturity. Complete this question by entering your answers in the tabs below. Skipped Req 1 Req 2 Western Reg 2 Stillworth Prepare the journal entries to record (a) issuance of the bonds by Western and (b) Stillworth's investment on April 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) Journal entry worksheet Skipped Record the issuance of the bonds by Western Communications. Note: Enter debits before credits. Date General Journal Debit Credit April 01, 2021 29 Journal entry worksheet Skipped Record the bond investment by Stillworth Corporation. Note: Enter debits before credits. Date General Journal Debit Credit April 01, 2021 29 Complete this question by entering your answers in the tabs below. Req 1 Req 2 Western Req 2 Stillworth Skipped Prepare the journal entries for Western Communications, Inc., to record all subsequent events related to the bonds through maturity. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) Journal entry worksheet Record interest expense for Western Communications. Note: Enter debits before credits. Date General Journal Debit Credit August 31, 2021 Journal entry worksheet Skipped Record interest expense for Western Communications. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 Journal entry worksheet Skipped Record interest expense for Western Communications. Note: Enter debits before credits. General Journal Debit Credit Date February 28, 2022 Journal entry worksheet Skipped Record interest expense for Western Communications. Note: Enter debits before credits. General Journal Debit Credit Date August 31, 2022 Journal entry worksheet Skipped Record interest expense for Western Communications. Note: Enter debits before credits Date General Journal Debit Credit December 31, 2022 Journal entry worksheet Skipped Record interest expense for Western Communications. Note: Enter debits before credits. Date General Journal Debit Credit February 28, 2023 Journal entry worksheet 1 2 3 4 5 6 7 8 9 Skipped 10 > Record interest expense for Western Communications. Note: Enter debits before credits. General Journal Debit Credit Date August 31, 2023 Journal entry worksheet Skipped Record interest expense for Western Communications. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2023 Journal entry worksheet Skipped Record interest expense for Western Communications. Note: Enter debits before credits. Date General Journal Debit Credit February 28, 2024 Journal entry worksheet Skipped Record the retirement of the bond by Western Communications. Note: Enter debits before credits. General Journal Debit Credit Date February 28, 2024 Complete this question by entering your answers in the tabs below. 29 Req 1 Req 2 Western Reg 2 Stillworth Prepare the journal entries for Stillworth Corporation to record all subsequent events related to the bonds through maturity. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) Skipped 29 Journal entry worksheet Skipped Record interest revenue for Stillworth Corporation. Note: Enter debits before credits. Date General Journal Debit Credit August 31, 2021 29 Journal entry worksheet Skipped Record interest revenue for Stillworth Corporation. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 Journal entry worksheet Skipped Record interest revenue for Stillworth Corporation. Note: Enter debits before credits General Journal Debit Credit Date February 28, 2022 29 Journal entry worksheet Skipped Record interest revenue for Stillworth Corporation. Note: Enter debits before credits Date General Journal Debit Credit August 31, 2022 29 Journal entry worksheet Skipped Record interest revenue for Stillworth Corporation. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2022 29 Journal entry worksheet Skipped Record interest revenue for Stillworth Corporation. Note: Enter debits before credits. Date General Journal Debit Credit February 28, 2023 29 Journal entry worksheet Skipped Record interest revenue for Stillworth Corporation. Note: Enter debits before credits. Date General Journal Debit Credit August 31, 2023 29 Journal entry worksheet Skipped Record interest revenue for Stillworth Corporation. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2023 Journal entry worksheet Skipped Record interest revenue for Stillworth Corporation. Note: Enter debits before credits. General Journal Debit Credit Date February 28, 2024 29 Journal entry worksheet Skipped Record the receipt of the bond retirement proceeds by Stillworth Corporation. Note: Enter debits before credits. Date General Journal Debit Credit February 28, 2024
