Question
Super Splash issues $990,000, 8% bonds on January 1, 2024, that mature in 15 years. The market interest rate for bonds of similar risk and
Super Splash issues $990,000, 8% bonds on January 1, 2024, that mature in 15 years. The market interest rate for bonds of similar risk and maturity is 7%, and the bonds issue for $1,081,041. Interest is paid semiannually on June 30 and December 31.
Required: 1. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.)
2. & 3. Record the issuance of the bonds on January 1, the interest payments on June 30, and December 31, 2024. (If no journal entry is required for a particular transaction, select "No Journal Entry Required" in the first account field. Round your answers to the nearest dollar amount.)
\begin{tabular}{|c|r|c|l|l|} \hline \multicolumn{1}{|c|}{ Date } & Cash Paid & Interest Expense & Change in Carrying Value & Carrying Value \\ \hline 1/1/2024 & & & & \\ \hline 6/30/2024 & 39,600 & 37,836 & \\ \hline 12/31/2024 & 39,600 & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline Date & General Journal & Debit & Credit \\ \hline January 01, 2024 & & & \end{tabular}
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