Morneau Automation Ltd. issued 5%, 10-year bonds with a face value of $90,900,000 at par...
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Morneau Automation Ltd. issued 5%, 10-year bonds with a face value of $90,900,000 at par on May 1, 2020. The bonds pay interest on October 31 and April 30 each year. The first interest payment was made on October 31, 2020. Morneau's year end is December 31 Determine the cash received on issuance and the yield for the 10-year bonds issued by Morneau Automation. Cash Received $ Yield % Prepare the journal entry for the issuance of the bond. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Prepare the journal entries required at October 31 and December 31, 2020, and the entry for the interest payment on April 30, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Cr October 31, 2020 December 31, 2020 April 30, 2021 April 30, 2021
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