The Gorman Group issued $900,000 of 11% bonds on June 30, 2013, for $977,220. The bonds were dated on June 30 and mature on June 30, 2033 (20 years). The market yield for bonds of similar risk and maturity is 10%. Interest is paid semiannually on December 31 and June 30.

Required:

1. Complete the below table to record the company's journal entry. (Enter interest rate to 1 decimal place.)

2.

2.

• Record the issuance of the bond on June 30, 2013.
• 3.
• Record the interest on December 31, 2013 (at the effective rate).
• 4.
• Record the interest on June 30, 2014 (at the effective rate).
• 5.

The Gorman Group issued $900,000 of 11% bonds on June 30, 2013, for $977,220. The bonds were dated on June 30 and mature on June 30, 2033 (20 years). The market yield for bonds of similar risk and maturity is 10%. Interest is paid semiannually on December 31 and June Complete the below table to record the company's journal entry. (Enter interest rate to 1 decimal place.) Record the issuance of the bond on June 30, 2013. Record the interest on December 31, 2013 (at the effective rate). Record the interest on June 30, 2014 (at the effective rate). The Gorman Group issued $900,000 of 11% bonds on June 30, 2013, for $977,220. The bonds were dated on June 30 and mature on June 30, 2033 (20 years). The market yield for bonds of similar risk and maturity is 10%. Interest is paid semiannually on December 31 and June Complete the below table to record the company's journal entry. (Enter interest rate to 1 decimal place.) Record the issuance of the bond on June 30, 2013. Record the interest on December 31, 2013 (at the effective rate). Record the interest on June 30, 2014 (at the effective rate)