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On January 1, 2018, Twister Enterprises, a manufacturer of a variety of transportable spin rides,...

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Accounting

On January 1, 2018, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $530,000 of 7% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year.

2. If the market interest rate is 8%, the bonds will issue at $477,549. Record the bond issue on January 1, 2018, and the first two semiannual interest payments on June 30, 2018, and December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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