17 Pretzelmania, Incorporated, issues 5%, 20-year bonds with a face amount of $65,000 for $73,891 on January 1, 2024. The market Interest rate for bonds of similar risk and maturity is 4%. Interest is paid semiannually on June 30 and December 31. Required: 1. & 2. Record the bond issue on January 1, 2024 and first interest payment on June 30, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round your intermediate calculations. Round final answers to the nearest whole dollar.) No 1 2 Date January 01, 2024 Cash June 30, 2024 Bonds Payable Interest Expense Cash Answer is not complete. General Journal 30 * Debit 65,000 1,300 x Credit 65,000 1,300x
17 Pretzelmania, Incorporated, issues 5%, 20-year bonds with a face amount of $65,000 for $73,891 on January 1, 2024. The market Interest rate for bonds of similar risk and maturity is 4%. Interest is paid semiannually on June 30 and December 31. Required: 1. & 2. Record the bond issue on January 1, 2024 and first interest payment on June 30, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round your intermediate calculations. Round final answers to the nearest whole dollar.) No 1 2 Date January 01, 2024 Cash June 30, 2024 Bonds Payable Interest Expense Cash Answer is not complete. General Journal 30 * Debit 65,000 1,300 x Credit 65,000 1,300x
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:17
Pretzelmania, Incorporated, issues 5%, 20-year bonds with a face amount of $65,000 for $73,891 on January 1, 2024. The market
Interest rate for bonds of similar risk and maturity is 4%. Interest is paid semiannually on June 30 and December 31.
Required:
1. & 2. Record the bond issue on January 1, 2024 and first interest payment on June 30, 2024. (If no entry is required for a particular
transaction/event, select "No Journal Entry Required" in the first account field. Do not round your intermediate calculations.
Round final answers to the nearest whole dollar.)
No
1
2
Date
January 01, 2024
June 30, 2024
Cash
Bonds Payable
Interest Expense
Cash
Answer is not complete.
General Journal
30
♥
*
Debit
65,000
1,300 x
Credit
65,000
1,300
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