Business, 13.05.2021 18:20, famouzgal

On December 31, 2018 Brown Company issued $600,000 of 15-year, 11% bonds payable for $558,706, yielding an effective interest rate of 12%. Interest is payable semiannually on June 30 and December 31. Prepare journal entries to reflect (a) the issuance of the bonds, (b) the semiannual interest payment and discount amortization (straight-line interest method) on June 30, 2019. Round amounts to the nearest dollar. Date Description Post Ref Debit Credit On December 31, 2018, White Company issued $400,000 of five-year, 12% bonds payable for $430,887, yielding an effective interest rate of 10%. Interest is payable semiannually on June 30 and December 31. Prepare journal entries to reflect (a) the issuance of the bonds, and (b) the semiannual interest payment and premium amortization (straight-line interest method) on June 30, 2019. Round amounts to the nearest dollar.

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On December 31, 2018 Brown Company issued $600,000 of 15-year, 11% bonds payable for $558,706, yield...