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! Required information [The following information applies to the questions displayed below.] Duval Company issues four-year bonds with a $114,000 par value on January 1, 2021, at a price of $109,870. The annual contract rate is 5%, and interest is paid semiannually on June 30 and December 31. 2. Prepare journal entries to record the first two interest payments. > Answer is not complete. No Date General Journal Debit Credit 1 June 30, 2021 Bond interest expense 2,297 x Cash 2,518 Discount on bonds payable 221x 2 December 31, 202 Bond interest expense Cash Discount on bonds payable 2,293 × 2,518 226X

! Required information [The following information applies to the questions displayed below.] Duval Company issues four-year bonds with a $114,000 par value on January 1, 2021, at a price of $109,870. The annual contract rate is 5%, and interest is paid semiannually on June 30 and December 31. 2. Prepare journal entries to record the first two interest payments. > Answer is not complete. No Date General Journal Debit Credit 1 June 30, 2021 Bond interest expense 2,297 x Cash 2,518 Discount on bonds payable 221x 2 December 31, 202 Bond interest expense Cash Discount on bonds payable 2,293 × 2,518 226X

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 1RE
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! Required information [The following information applies to the questions displayed below.] Duval Company issues four-year bonds with a $114,000 par value on January 1, 2021, at a price of $109,870. The annual contract rate is 5%, and interest is paid semiannually on June 30 and December 31. 2. Prepare journal entries to record the first two interest payments. > Answer is not complete. No Date General Journal Debit Credit 1 June 30, 2021 Bond interest expense 2,297 x Cash 2,518 Discount on bonds payable 221x 2 December 31, 202 Bond interest expense Cash Discount on bonds payable 2,293 × 2,518 226X
Transcribed Image Text:! Required information [The following information applies to the questions displayed below.] Duval Company issues four-year bonds with a $114,000 par value on January 1, 2021, at a price of $109,870. The annual contract rate is 5%, and interest is paid semiannually on June 30 and December 31. 2. Prepare journal entries to record the first two interest payments. > Answer is not complete. No Date General Journal Debit Credit 1 June 30, 2021 Bond interest expense 2,297 x Cash 2,518 Discount on bonds payable 221x 2 December 31, 202 Bond interest expense Cash Discount on bonds payable 2,293 × 2,518 226X
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