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The Gorman Group issued $970,000 of 13% bonds on June 30, 2018, for $1,042,973. The bonds were dated on June 30 and mature on June
The Gorman Group issued $970,000 of 13% bonds on June 30, 2018, for $1,042,973. The bonds were dated on June 30 and mature on June 30, 2038 (20 years). The market yield for bonds of similar risk and maturity is 12%. Interest is paid semiannually on December 31 and June 30. Required: Complete the below table to record the company's journal entry. 1. to 3. Prepare the journal entry to record their issuance by The Gorman Group on June 30, 2018, interest on December 31, 2018 and interest on June 30, 2019 (at the effective rate). Complete this question by entering your answers in the tabs below. Calculation Req 1 to 3 Complete the below table to record the company's journal entry. (Round intermediate calculations and final answers to the nearest whole dollar. Enter interest rate to i decimal place. i.e. 0.123 should be entered as 12.3).) Total December 31, 2018 Amount Interest Rate Interest expense X Cash Amortization of premium on bonds Total June 30, 2019 Amount Interest Rate Interest expense Cash Amortization of premium on bonds The Gorman Group issued $970,000 of 13% bonds on June 30, 2018, for $1,042,973. The bonds were dated on June 30 and mature on June 30, 2038 (20 years). The market yield for bonds of similar risk and maturity is 12%. Interest is paid semiannually on December 31 and June 30. Required: Complete the below table to record the company's journal entry. 1. to 3. Prepare the journal entry to record their issuance by The Gorman Group on June 30, 2018, interest on December 31, 2018 and interest on June 30, 2019 (at the effective rate). Complete this question by entering your answers in the tabs below. Calculation Req 1 to 31 Prepare the journal entry to record their issuance by The Gorman Group on June 30, 2018, interest on December 31, 2018 and interest on June 30, 2019 (at the effective rate). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 2 3 Record the issuance of the bond on June 30, 2018. Note: Enter debits before credits. Date General Journal Debit Credit June 30, 2018 The Gorman Group issued $970,000 of 13% bonds on June 30, 2018, for $1,042,973. The bonds were dated on June 30 and mature on June 30, 2038 (20 years). The market yield for bonds of similar risk and maturity is 12%. Interest is paid semiannually on December 31 and June 30. Required: Complete the below table to record the company's journal entry. 1. to 3. Prepare the journal entry to record their issuance by The Gorman Group on June 30, 2018, interest on December 31, 2018 and interest on June 30, 2019 (at the effective rate). Complete this question by entering your answers in the tabs below. Calculation Req 1 to 3 Prepare the journal entry to record their issuance by The Gorman Group on June 30, 2018, interest on December 31, 2018 and interest on June 30, 2019 (at the effective rate). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet Record the interest on December 31, 2018 (at the effective rate). Note: Enter debits before credits. General Journal Debit Credit Date December 31 2018 The Gorman Group issued $970,000 of 13% bonds on June 30, 2018, for $1,042,973. The bonds were dated on June 30 and mature on June 30, 2038 (20 years). The market yield for bonds of similar risk and maturity is 12%. Interest is paid semiannually on December 31 and June 30. Required: Complete the below table to record the company's journal entry. 1. to 3. Prepare the journal entry to record their issuance by The Gorman Group on June 30, 2018, interest on December 31, 2018 and interest on June 30, 2019 (at the effective rate). Complete this question by entering your answers in the tabs below. Calculation Req 1 to 3 Prepare the journal entry to record their issuance by The Gorman Group on June 30, 2018, interest on December 31, 2018 and interest on June 30, 2019 (at the effective rate). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet Record the interest on June 30, 2019 (at the effective rate). Note: Enter debits before credits. Date General Journal Debit Credit June 30, 2019
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