[The following information applies to the questions displayed below.] On January 1, Year 1. a...
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[The following information applies to the questions displayed below.] On January 1, Year 1. a company issues $480,000 of 6% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 5%, the bonds will issue at $540,246. 2. Record the bond issue on January 1, Year 1, and the first two semiannual interest payments on June 30, Year 1, and December Year 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first occount field. your final answers to the nearest whole dollar.) View transaction list View journal entry worksheet No Date January 01 1 Credit General Journal Cash Premium on Bonds Payable Bonds Payable Debit 480,000 00.246 640, 240 2 June 30 Interest Expense Premium on Bonds Payable Cash 12 894 1,506 14.400 View transaction list Journal entry worksheet DOK
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