## Answers

**Solution:**

Journal Entries - JWS Corporation | |||

Date | Particulars | Debit | Credit |

1-Jan-20 | Cash Dr | $559,231.00 | |

Discount on bond payable Dr | $40,769.00 | ||

To Bond Payable | $600,000.00 | ||

(To record issue of bond) | |||

1-Jul-20 | Interest Expense Dr ($559,231*8%*6/12) | $22,369.00 | |

To Discount on bond payable | $1,369.00 | ||

To Cash ($600,000*7%*6/12) | $21,000.00 | ||

(Being first semiannual interest payment made and discount amortized) | |||

31-Dec-20 | Interest Expense Dr [($559,231 + $1,369)*4%] | $22,424.00 | |

To Discount on bond payable | $1,424.00 | ||

To Interest payable | $21,000.00 | ||

(Being first semiannual interest accrued and discount amortized) |

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