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scZoUnD [109]
3 years ago
12

On January 1, 2021, Splash City issues $460,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and

December 31 each year. Required: Assuming the market interest rate on the issue date is 8%, the bonds will issue at $460,000. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Business
1 answer:
Effectus [21]3 years ago
3 0

Answer:

The journal entry is shown below:

Explanation:

Journal Entry.

Jan.1  Cash A/c Dr    $460,000

           To Bonds payable A/c    $460,000

(Bond issue is being recorded)  

Jun.30  Interest Expense A/c Dr    $18,400

           To Cash A/c    $18,400  ($460,000×4% = $18,400)

(Interest is being recorded)

Dec.31  Interest Expense A/c Dr    $18,400

           To Cash A/c    $18,400  ($460,000×4% = $18,400)

(Interest is being recorded)    

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Require the issuer to set aside assets to pay bonds at maturity.

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<h3>What is Sinking Fund Bond ?</h3>

A sinking fund is maintained by companies for bond issues, and is money set aside or saved to pay off a debt or bond.

  • Bonds issued with sinking funds are lower risk since they are backed by the collateral in the fund, and therefore carry lower yields.

  • example may be a company issuing $1 million of bonds that are to mature in 10 years. Given this, it creates a sinking fund and deposits $100,000 yearly to make sure that the bonds are all bought back by their maturity date

Learn more about Sinking Fund Bond here:

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