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Required information E10-9(Static)(Chapter Supplement) Recording and Reporting a Bond Issued at a Discount (without...

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Accounting

Required information
E10-9(Static)(Chapter Supplement) Recording and Reporting a Bond Issued at a Discount (without
Discount Account) L010-4
[The following information applies to the questions displayed below.]
Park Corporation is planning to issue bonds with a face value of $600,000 and a coupon rate of 7.5 percent. The bonds
mature in four years and pay interest semiannually every June 30 and December 31. All of the bonds were sold on
January 1 of this year. Park uses the effective-interest amortization method and does not use a discount account. Assume
an annual market rate of interest of 8.5 percent. (FV of $1, PV of $1, FVA of $1, and PVA of $1)(Use the appropriate
factor(s) from the tables provided.)
E10-9 Part 1
Required:
Prepare the journal entry to record the issuance of the bonds. (If no entry is required for a transaction/event, select "No journal
entry required" in the first account field. Round your final answers to whole dollars.)
Journal entry worksheet
Record the issuance of bonds.
Note: Enter debits before credits.
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