Try another version of this question On June 30, Kelce Koolers issues 9%, 23-year bonds payable with a face value of $85,000. The bonds are issued at 98 and pay interest on June 30 and December 31. Journalize the issuance of the bond on June 30th and the first interest payment of December 31st. (Assume bonds payable are amortized using the straight-line amortization method.)
Date Description Debit Credit June 30 June 30 June 30 December 31 December 31 December 31 Date Description Debit Credit June 30 Cash 83,300.00 June 30 Discount on Bonds Payable 1,700.00 June 30 Bonds Payable 85,000.00 December 31 Interest Expense 3,861.96 December 31 Discount on Bonds Payable 36.96 December 31 Cash 3,825.00