Exercise 14-6 (Algo) Bonds; issuance; effective interest (LO14-2] The Gorman Group issued $970,000 of 13% bonds on June

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Exercise 14 6 Algo Bonds Issuance Effective Interest Lo14 2 The Gorman Group Issued 970 000 Of 13 Bonds On June 1 (34.49 KiB) Viewed 15 times

Exercise 14-6 (Algo) Bonds; issuance; effective interest (LO14-2] The Gorman Group issued $970,000 of 13% bonds on June 30, 2021. for $1.042.973. The bonds were dated on June 30 and mature on June 30, 2041 20 years). The market yield for bonds of similar risk and maturity is 12%. Interest is paid semiannually on December 31 and June 30. Required: 1. to 3. Prepare the journal entries to record their Issuance by The Gorman Group on June 30, 2021, interest on December 31, 2021 and interest on June 30, 2022 (at the effective rate) View transaction list Journal entry worksheet < 3 1 2 Record the issuance of the bond on June 30, 2021 Note Enter debits before credits General Journal Debit Credit Date June 30, 2021