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Please help :) Issuing Bonds at a Face Amount On January 1, the first day of the fiscal year, a company issues a $300,000, 10%,
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Issuing Bonds at a Face Amount On January 1, the first day of the fiscal year, a company issues a $300,000, 10%, 10-year bond that pays semiannual interest of $15,000 ($300,000 x 10% x V2 year), receiving cash of $300,000 (a) Journalize the entry to record the issuance of the bonds. Cash 300,000 Bonds Payable X 15,000 Feedback (b) Journalize the entry to record the first interest payment on June 30. Interest Expense Cash Feedback (c) Journalize the entry to record the payment of the principal on the maturity date. Bonds Payable Cash Discount Amortization On the first day of the fiscal year, a company issues a $3,000,000, 11%, five-year bond that pays semiannual interest of $165,000 ($3,000,000 x 11% x 2), receiving cash of $2,889,599 Journalize the first interest payment and the amortization of the related bond discount. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. Interest Expense 176,040 Discount on Bonds Payable 11,040 Cash 165,000
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