really need help with journalizing bonds Green Mountain Power Company...
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really need help with journalizing bonds
Green Mountain Power Company obtained authorization to issue 20 -year bonds with a face velue of $10 million. The bends are dated May 1, 2021, and have a contract rote of interest of 10 percent. They pay interest on November 1 and May 1. The bonds were issued on August 1, 2021, at 100 plus three months' accrued interest. Required: Prepare the necessary journal entries in general journal form on the following. a. August 1, 2021, to record the issuance of the bonds. b. November 1,2021 , to record the first semiannual interest payment on the bond issue. c. December 31, 2021, to record interest expense accrued through year-end. (Round to the nearest dollar) d. May 1, 2022, to record the second semiannuat interest payment. (Round to the nearest dollar) e. What was the prevailing market rate of interest on the date that the bonds were issued? (if no entry is required for a transaction/event, select "No journal entry required" in the first account fleld. Round your answers to the nearest dollar amount. Enter your answer in dollars not millions.) Complete this question by entering your answers in the tabs below
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