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On January 1, 2024, Nurses Credit Union (NCU) issued 8%, 20-year bonds payable with face value of $1,100,000. These bonds pay interest on June 30 and December 31. The issue price of the bonds is 101. Journalize the following bond transactions: i (Click the icon to view the bond transactions.) (Assume bonds payable are amortized using the straight-line amortization method. Record debits first, then credits. Select explanations on the last line of the journal entry. Round your answers to the nearest whole dollar.) a. Journalize the issuance of the bonds on January 1, 2024. Date 2024 Jan. 1 Accounts and Explanation Bonds Payable Debit Credit Cash b. Journali 24. Discount on Bonds Payable Date Debit Credit 2024 Interest Expense Jun. 30 Premium on Bonds Payable c. Journalize the payment of interest and amortization on December 31, 2024. Date 2024 Dec. 31 Accounts and Explanation Debit Credit More info a. Issuance of the bonds on January 1, 2024. b. Payment of interest and amortization on June 30, 2024. c. Payment of interest and amortization on December 31, 2024. d. Retirement of the bond at maturity on December 31, 2043, assuming the last interest payment has already been recorded. Print Done d. Journalize the retirement of the bond at maturity on December 31, 2043, assuming the last interest payment has already been recorded. Accounts and Explanation Date Debit Credit 2043 Dec. 31

On January 1, 2024, Nurses Credit Union (NCU) issued 8%, 20-year bonds payable with face value of $1,100,000. These bonds pay interest on June 30 and December 31. The issue price of the bonds is 101. Journalize the following bond transactions: i (Click the icon to view the bond transactions.) (Assume bonds payable are amortized using the straight-line amortization method. Record debits first, then credits. Select explanations on the last line of the journal entry. Round your answers to the nearest whole dollar.) a. Journalize the issuance of the bonds on January 1, 2024. Date 2024 Jan. 1 Accounts and Explanation Bonds Payable Debit Credit Cash b. Journali 24. Discount on Bonds Payable Date Debit Credit 2024 Interest Expense Jun. 30 Premium on Bonds Payable c. Journalize the payment of interest and amortization on December 31, 2024. Date 2024 Dec. 31 Accounts and Explanation Debit Credit More info a. Issuance of the bonds on January 1, 2024. b. Payment of interest and amortization on June 30, 2024. c. Payment of interest and amortization on December 31, 2024. d. Retirement of the bond at maturity on December 31, 2043, assuming the last interest payment has already been recorded. Print Done d. Journalize the retirement of the bond at maturity on December 31, 2043, assuming the last interest payment has already been recorded. Accounts and Explanation Date Debit Credit 2043 Dec. 31

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 5PA: Volunteer Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July...
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On January 1, 2024, Nurses Credit Union (NCU) issued 8%, 20-year bonds payable with face value of $1,100,000. These bonds pay interest on June 30 and December 31. The issue price of the bonds is 101. Journalize the following bond transactions: i (Click the icon to view the bond transactions.) (Assume bonds payable are amortized using the straight-line amortization method. Record debits first, then credits. Select explanations on the last line of the journal entry. Round your answers to the nearest whole dollar.) a. Journalize the issuance of the bonds on January 1, 2024. Date 2024 Jan. 1 Accounts and Explanation Bonds Payable Debit Credit Cash b. Journali 24. Discount on Bonds Payable Date Debit Credit 2024 Interest Expense Jun. 30 Premium on Bonds Payable c. Journalize the payment of interest and amortization on December 31, 2024. Date 2024 Dec. 31 Accounts and Explanation Debit Credit More info a. Issuance of the bonds on January 1, 2024. b. Payment of interest and amortization on June 30, 2024. c. Payment of interest and amortization on December 31, 2024. d. Retirement of the bond at maturity on December 31, 2043, assuming the last interest payment has already been recorded. Print Done d. Journalize the retirement of the bond at maturity on December 31, 2043, assuming the last interest payment has already been recorded. Accounts and Explanation Date Debit Credit 2043 Dec. 31
Transcribed Image Text:On January 1, 2024, Nurses Credit Union (NCU) issued 8%, 20-year bonds payable with face value of $1,100,000. These bonds pay interest on June 30 and December 31. The issue price of the bonds is 101. Journalize the following bond transactions: i (Click the icon to view the bond transactions.) (Assume bonds payable are amortized using the straight-line amortization method. Record debits first, then credits. Select explanations on the last line of the journal entry. Round your answers to the nearest whole dollar.) a. Journalize the issuance of the bonds on January 1, 2024. Date 2024 Jan. 1 Accounts and Explanation Bonds Payable Debit Credit Cash b. Journali 24. Discount on Bonds Payable Date Debit Credit 2024 Interest Expense Jun. 30 Premium on Bonds Payable c. Journalize the payment of interest and amortization on December 31, 2024. Date 2024 Dec. 31 Accounts and Explanation Debit Credit More info a. Issuance of the bonds on January 1, 2024. b. Payment of interest and amortization on June 30, 2024. c. Payment of interest and amortization on December 31, 2024. d. Retirement of the bond at maturity on December 31, 2043, assuming the last interest payment has already been recorded. Print Done d. Journalize the retirement of the bond at maturity on December 31, 2043, assuming the last interest payment has already been recorded. Accounts and Explanation Date Debit Credit 2043 Dec. 31
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