Show work, 2 accounting questions
x0mchi1. On January 1, 2013, Carter Corporation issued $5,000,000, 10-year, 8% bonds at 103. Interest is payable semiannually on January 1 and July 1. What is the journal entry to record this transaction on January 1, 2013?
2. long term debt in the for of bonds payable. On January 1, 2007, the ABC Corporation issued 10% bonds with a face value of $100,000. The bonds are sold for $98,000. The bonds pay interest semiannually on June 30 and December 31 and the maturity date is December 31, 2011. Queen records straight-line amortization of the bond discount. What is the bond interest expense for the year ended December 31, 2007 one year after issued?
what would be the entry to record the interest payment and interest excpense for the first semiannual payment for June 30, 2007?
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