Business, 20.08.2020 06:01 Svetakotok

George's Hamburgers issued 5â%, â10-year bonds payable at 85 on Decemberâ 31, 2016. At Decemberâ 31, 2018, George reported the bonds payable asâ follows: Long-term Liabilities:
Bonds Payable $300,000
Less: Discount on Bonds Payable 36,000 $264,000
George's pays semiannual interest each June 30 and December 31.â(Assume bonds payable are amortized using theâ straight-line amortizationâ method.)
Requirement 1. Answer the following questions about
George's bondsâ payable:
a. What is the maturity value of theâbonds?â
b. What is the carrying amount of the bonds at Decemberâ 31, 2018â?

c. What is the semiannual cash interest payment on theâ bonds?
â
d. How much interest expense should the company record eachâ year?
â
Requirement 2. Record the Juneâ 30, 2018â, semiannual interest payment and amortization of the discount.â(Record debitsâ first, then credits. Select the explanation on the last line of the journal entryâ table.)

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George's Hamburgers issued 5â%, â10-year bonds payable at 85 on Decemberâ 31, 2016. At Decemberâ 31,...

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