On January 1, 2021, Surreal Manufacturing issued 590 bonds, each with a face value of $1,000, a stated interest rate of

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On January 1 2021 Surreal Manufacturing Issued 590 Bonds Each With A Face Value Of 1 000 A Stated Interest Rate Of 1 (36.53 KiB) Viewed 37 times

On January 1 2021 Surreal Manufacturing Issued 590 Bonds Each With A Face Value Of 1 000 A Stated Interest Rate Of 2 (24.1 KiB) Viewed 37 times

On January 1, 2021, Surreal Manufacturing issued 590 bonds, each with a face value of $1,000, a stated interest rate of 3 percent pald annually on December 31, and a maturity date of December 31, 2023. On the issue date, the market Interest rate was 4 percent, so the total proceeds from the bond issue were $573,629. Surreal uses the effective-Interest bond amortization method and adjusts for any rounding errors when recording Interest in the final year. Required: 1. Prepare a bond amortization schedule. 2.5. Prepare the journal entries to record the bond issue, the interest payments on December 31, 2021 and 2022, the interest and face value payment on December 31, 2023 and the bond retirement. Assume the bonds are retired on January 1, 2023, at a price of 103. Complete this question by entering your answers in the tabs below. Req 1 Req 2 to 5 Prepare a bond amortization schedule. (Round your answers to the nearest whole dollar. Make sure that the Carrying value equals face value of the bond in the last period. Interest expense in the last period will result in the amount in Discount Amortized equaling Discount on Bonds Payable.) Changes During the Period Ending Bond Liability Balances Period Interest Discount Cash Paid Bonds Payable Discount on Ended Expense Amortized Carrying Value Bonds Payable 01/01/21 12/31/21 12/31/22 12/31/23 < Req1 Req 2 to 5 >
Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 to 5 Prepare the journal entries to record the bond issue, the interest payments on December 31, 2021 and 2022, the interest and face value payment on December 31, 2023 and the bond retirement. Assume the bonds are retired on January 1, 2023, at a price of 103. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest whole dollar amount.) Show less View transaction list Journal entry worksheet < 1 2 3 4 5 > Record the issuance of 590 bonds at face value of $1,000 each for $573,629. Note: Enter debits before credits. General Journal Debit Credit Date January 01. 2021 Record entry Clear entry View general journal