Exercise 9-5 Record bonds issued at face amount [LO4]
| On January 1, 2012, Splash City issues $400,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. |
| Required: |
| Assuming the market interest rate on the issue date is 8%, the bonds will issue at $400,000. Record the bond issue on January 1, 2012, and the first two semiannual interest payments on June 30, 2012, and December 31, 2012. (Omit the “$” sign in your response.) |
| Date | General Journal | Debit | Credit |
| Jan. 1, 2012 | |||
| Jun. 30, 2012 | |||
| Dec. 31, 2012 | |||
Exercise 9-8 Record bonds issued at face amount [LO4]
| On January 1, 2012, White Water issues $500,000 of 6% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. |
| Required: |
| Assuming the market interest rate on the issue date is 6%, the bonds will issue at $500,000. Record the bond issue on January 1, 2012, and the first two semiannual interest payments on June 30, 2012, and December 31, 2012. (Omit the “$” sign in your response.) |
| Date | General Journal | Debit | Credit |
| Jan. 1, 2012 | |||
| Jun. 30, 2012 | |||
| Dec. 31, 2012 | |||
Exercise 9-11 Record bonds issued at face amount with interest payable annually [LO4]
| On January 1, 2012, White Water issues $500,000 of 6% bonds, due in 20 years, with interest payable annually on December 31 each year. |
| Required: |
| Assuming the market interest rate on the issue date is 6%, the bonds will issue at $500,000. Record the bond issue on January 1, 2012, and the first two interest payments on December 31, 2012, and December 31, 2013. (Omit the “$” sign in your response.) |
| Date | General Journal | Debit | Credit |
| Jan. 1, 2012 | |||
| Dec. 31, 2012 | |||
| Dec. 31, 2013 | |||
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