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Required information [The following information applies to the questions displayed below.) Legacy issues $600,000 of 70%, four-year bonds dated January 1 2019, that pay interest
Required information [The following information applies to the questions displayed below.) Legacy issues $600,000 of 70%, four-year bonds dated January 1 2019, that pay interest semiannually on June 30 and December 31. They are issued at $541807 when the market rate is 10% Required: 1. Prepare the January 1 journal entry to record the bonds" issuance View transaction list Journal entry worksheet 1 Record the issue of bonds with a par value of $600,000 on January 1, 2019 at an issue price of $541,807. 1 Record the issue of bonds with a par value of $600,000 on January 1, 2019 at an issue price of $541,807. Note: Enter debits before credits. Debit Credit Date General Journal January 01 Record entry Clear entry View general journal Required information [The following information applies to the questions displayed below) Legacy issues $600,000 of 70%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $541,807 when the market rate is 10%. 2. Determine the total bond interest expense to be recognized over the bonds' life. Total bond interest expense over life of bonds: Amount repaid payments of Par value at maturity Total repaid Less amount borrowed Total bond interest expense Required information [The following information applies to the questions displayed below.] Legacy issues $600,000 of 7.0%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $541,807 when the market rate is 10%. 3. Prepare a straight-line amortization table for the bonds' first two years. Semiannual Period- End Unamortized Discount Carrying Value 01/01/2019 06/30/2019 12/31/2019 06/30/2020 12/31/2020 Required information [The following information applies to the questions displayed below.] Legacy issues $600,000 of 7.0%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $541,807 when the market rate is 10%. 4. Prepare the journal entries to record the first two interest payments. View transaction list Journal entry worksheet 2 Record the interest payment and amortization on June 30
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