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Answer 1. Proceeds from sale of bond discount on bond 849,809 103,191 Table Value Based on na Amount Cash Flow Interest - $953 0,000 X5% 20 (10 Year X2) 6.00% (12%/2) Present Value 47,650 $ 515,935 ( 47650 x 10.82760) Annuity 20 years PV 6% = 10.82760 953,000 333874.02 |(953000 x .035034) PV 20th year 6% = 0.035034 849,809 Principal Price of Bonds
journal entries Date Debit credit jan 1 2020 Account Title and Explanation Cash Discount on Issue of Bonds Bonds Payable record the issue of bonds) 849,809 103,191 953,000 july 1 2020 50,989 Interest Expense ( 849809 x 6%) Discount on issue of Bonds ( 50989-47650) Cash ( 953000 x 5%) (Record the interest paid) 3,339 47,650 51,189 31-Dec-20 Interest Expenseſ 849809 +3339) x6% Discount on issue of Bonds (51189 -47650) Interest payable( 953000 x 5%) 3,539 47,650 47,650 47,650 Jan 1 2021 Interest payable( 953000 x 5%) cash (Record the interest paid) Please comment if you have any doubt Please give thumps up if you satisfied with the answer
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