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On January 1, 2025, Noah Unlimited issues 12%, 15-year bonds payable with a face value of $230,000. The bonds are issued at 103 and pay interest on June 30 and December 31. (Assume bonds payable are amortized using the straight-line amortization method.) Read the requirements. ... Requirement 1. Journalize the issuance of the bonds on January 1, 2025. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Accounts and Explanation Date Jan. 1, 2025 Cash Bonds Payable Premium on Bonds Payable Debit Credit 236,900 230,000 6,900 Issued bonds at a premium. Requirement 2. Journalize the semiannual interest payment and amortization of bond premium on June 30, 2025. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Accounts and Explanation Date Jun. 30, 2025 Debit Credit Requirements - 1. Journalize the issuance of the bonds on January 1, 2025. 2. Journalize the semiannual interest payment and amortization of bond premium on June 30, 2025. 3. Journalize the semiannual interest payment and amortization of bond premium on December 31, 2025. 4. Journalize the retirement of the bond at maturity, assuming the last interest payment has already been recorded. (Give the date.) ☑

On January 1, 2025, Noah Unlimited issues 12%, 15-year bonds payable with a face value of $230,000. The bonds are issued at 103 and pay interest on June 30 and December 31. (Assume bonds payable are amortized using the straight-line amortization method.) Read the requirements. ... Requirement 1. Journalize the issuance of the bonds on January 1, 2025. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Accounts and Explanation Date Jan. 1, 2025 Cash Bonds Payable Premium on Bonds Payable Debit Credit 236,900 230,000 6,900 Issued bonds at a premium. Requirement 2. Journalize the semiannual interest payment and amortization of bond premium on June 30, 2025. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Accounts and Explanation Date Jun. 30, 2025 Debit Credit Requirements - 1. Journalize the issuance of the bonds on January 1, 2025. 2. Journalize the semiannual interest payment and amortization of bond premium on June 30, 2025. 3. Journalize the semiannual interest payment and amortization of bond premium on December 31, 2025. 4. Journalize the retirement of the bond at maturity, assuming the last interest payment has already been recorded. (Give the date.) ☑

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 5PA: Volunteer Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July...
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On January 1, 2025, Noah Unlimited issues 12%, 15-year bonds payable with a face value of $230,000. The bonds are issued at 103 and pay interest on June 30 and December 31. (Assume bonds payable are amortized using the straight-line amortization method.) Read the requirements. ... Requirement 1. Journalize the issuance of the bonds on January 1, 2025. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Accounts and Explanation Date Jan. 1, 2025 Cash Bonds Payable Premium on Bonds Payable Debit Credit 236,900 230,000 6,900 Issued bonds at a premium. Requirement 2. Journalize the semiannual interest payment and amortization of bond premium on June 30, 2025. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Accounts and Explanation Date Jun. 30, 2025 Debit Credit Requirements - 1. Journalize the issuance of the bonds on January 1, 2025. 2. Journalize the semiannual interest payment and amortization of bond premium on June 30, 2025. 3. Journalize the semiannual interest payment and amortization of bond premium on December 31, 2025. 4. Journalize the retirement of the bond at maturity, assuming the last interest payment has already been recorded. (Give the date.) ☑
Transcribed Image Text:On January 1, 2025, Noah Unlimited issues 12%, 15-year bonds payable with a face value of $230,000. The bonds are issued at 103 and pay interest on June 30 and December 31. (Assume bonds payable are amortized using the straight-line amortization method.) Read the requirements. ... Requirement 1. Journalize the issuance of the bonds on January 1, 2025. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Accounts and Explanation Date Jan. 1, 2025 Cash Bonds Payable Premium on Bonds Payable Debit Credit 236,900 230,000 6,900 Issued bonds at a premium. Requirement 2. Journalize the semiannual interest payment and amortization of bond premium on June 30, 2025. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Accounts and Explanation Date Jun. 30, 2025 Debit Credit Requirements - 1. Journalize the issuance of the bonds on January 1, 2025. 2. Journalize the semiannual interest payment and amortization of bond premium on June 30, 2025. 3. Journalize the semiannual interest payment and amortization of bond premium on December 31, 2025. 4. Journalize the retirement of the bond at maturity, assuming the last interest payment has already been recorded. (Give the date.) ☑
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