Bond premium, entries for bonds payable transactions Rodgers Corporation produces and sells football equipment. On July 1, 20Y1, Rodgers issued $70,400,000 of 10-year, 11% bonds at a market (effective) interest rate of 9%, receiving cash of $79,557,400. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: For all journal entries, if an amount box does not require an entry, leave it blank. Question Content Area 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1. DateAccount DebitCredit 20Y1 July 1 Cash Premium on Bonds Payable Bonds Payable

Bond premium, entries for bonds payable transactions Rodgers Corporation produces and sells football equipment. On July 1, 20Y1, Rodgers issued $70,400,000 of 10-year, 11% bonds at a market (effective) interest rate of 9%, receiving cash of $79,557,400. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: For all journal entries, if an amount box does not require an entry, leave it blank. Question Content Area 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1. DateAccount DebitCredit 20Y1 July 1 Cash Premium on Bonds Payable Bonds Payable

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 6PA: Aggies Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1,...

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