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Prepare the journal entries

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Question - Ziggy Company uses the straight-line method for amortization of all bond premium & discounts. During fiscal year 2019 Ziggy had the following bond payable transactions:

January 2, issued ten, $1,000 bonds at 102. These 5-year bonds are dated January 1, 2017. The contract interest rate is 5%. Interest is payable semi-annual on January 1 and July 1.

July 1, Ziggy issued $400,000 of 10%, 10-year bonds. The bonds are dated January 1, 2019 were issued at 95, and pay interest on July 1 and January 1.

October 1, Ziggy issued 10-year bonds $10,000 face value bonds for $10,500 cash. The bonds have a stated rate of 8%. Interest is payable on October 1 and April 1.

Use this information to prepare General Journal entries for the three bonds issued and any interest accruals and payments for the fiscal year 2019. (Round all calculations to nearest whole dollar.)

Prepare the journal entries for in the following Date: 1/2/19, 7/1/19, 7/1/19, 10/1/19, 12/31/19, 12/31/19, and 12/31/19.

Reference no: EM132483454

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