Xonic Corporation issued $7.2 million of 20-year, 8 percent bonds on April 1, 2018, at...
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Xonic Corporation issued $7.2 million of 20-year, 8 percent bonds on April 1, 2018, at 102. Interest is due on March 31 and September 30 of each year, and all of the bonds in the issue mature on March 31, 2038. Xonics fiscal year ends on December 31.
a-c. Record the issuance of the bonds and entries after the issue. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars.)
******** I am having trouble with the ones that have the RED X next to them. Can someone please help me. Thanks. *************
Answer is complete but not entirely correct. Date General Journal Debit Credit Apr 01, 2018 Caslh 7,344,000 Prem ium on bonds payable 144,000 Bonds payable 7,200,000 Sep 30, 2018 Bond interest expense Premium on bonds payable 284,400 3,600? Cash 288,000 144,000 142,000 2,000 Mar 31, 2038 Bond interest payable Bond interest expense Premium on bonds payable Cash 288,000 Mar 31, 2038 onds payable 7200,000 4 Cash 7,200,000
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