[The following information applies to the questions displayed below.]

On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $580,000 of 8% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year.

3. If the market interest rate is 7%, the bonds will issue at $621,216. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest dollar amount.)

The following journal entries will be passed in the books of accounts

Explanation:

Date                 General Journal  Debit  Credit

Janaury 1, 2021  Cash                  580000  

 Bonds payable                          580000

 (To record issuance of bonds)    

June 30, 2021  Interest expense  23200  

 Cash                                                  23200

 (To record first semiannual interest payment)    

December 31, 2021  Interest expense  23200  

 Cash                                                              23200

 (To record second semiannual interest payment)      

2  Date  General Journal  Debit  Credit

Janaury 1, 2021  Cash  542277  

 Discount on bonds payable  37723  

 Bonds payable                        580000

 (To record issuance of bonds)    

June 30, 2021  Interest expense  24402  

 Discount on bonds payable  1202

 Cash                                                            23200

 (To record first semiannual interest payment and amortization of discount)    

December 31, 2021  Interest expense  24457  

 Discount on bonds payable                              1257

 Cash                                                                 23200

 (To record second semiannual interest payment and amortization of discount)        

3  Date             General Journal  Debit  Credit

Janaury 1, 2020Cash               621216  

 Premium on bonds payable                     41216

 Bonds payable                                     580000

 (To record issuance of bonds)    

June 30, 2021  Interest expense  21743  

 Premium on bonds payable    1457  

 Cash ($580000 into 8% into 0.5)  23200

 (To record first semiannual interest payment and amortization of premium)    

December 31, 2021  Interest expense  21692  

 Premium on bonds payable             1508  

 Cash                                                23200

 (To record second semiannual interest payment and amortization of premium)  

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