Question

Murphy's Brewery issued 10-year, 9% bonds, with a par value of $500,000 when the market rate was 9.5%. The issuer received $484,087 in cash proceeds. a. Prepare the issuer's journal entry to record the issuance of the bonds. (round entry to whole dollars) b. Prepare the issuer's journal entry to pay first semi-annual interest payment and amortization of discount or premium. (round entry to whole dollars) GENERAL JOURNAL Date Account Titles and Explanation P. R. Debit Credit a. b. 2. On January 1, 2013, Molson-Coors Brewing Co. issues $2,200,000 of 6%, 12-year bonds at a price of 105½ that pay interest semiannually. The straight-line method is used to amortize any bond premium or discount. a. Prepare the issuer's journal entry to record the issuance of the bonds. (round entry to whole dollars) b. Prepare the issuer's journal entry to pay first semi-annual interest payment and amortization of round entry to whole dollars)

          Murphy's Brewery issued 10-year, 9% bonds, with a par value of $500,000 when the market rate was 9.5%. The
issuer received $484,087 in cash proceeds.
a. Prepare the issuer's journal entry to record the issuance of the bonds. (round entry to whole dollars)
b. Prepare the issuer's journal entry to pay first semi-annual interest payment and amortization of discount
or premium. (round entry to whole dollars)
GENERAL
JOURNAL
Date
Account Titles and Explanation
P. R.
Debit
Credit
a.
b.
2. On January 1, 2013, Molson-Coors Brewing Co. issues $2,200,000 of 6%, 12-year bonds at a price of
105½ that pay interest semiannually. The straight-line method is used to amortize any bond premium or
discount.
a. Prepare the issuer's journal entry to record the issuance of the bonds. (round entry to whole dollars)
b. Prepare the issuer's journal entry to pay first semi-annual interest payment and amortization of
round entry to whole dollars)

Murphy's Brewery issued 10-year, 9% bonds, with a par value of $500,000 when the market rate was 9.5%. The
issuer received 484,087 in cash proceeds.
a. Prepare the issuer's journal entry to record the issuance of the bonds. (round entry to whole dollars)
b. Prepare the issuer's journal entry to pay first semi-annual interest payment and amortization of discount
or premium. (round entry to whole dollars)
GENERAL
JOURNAL
Date
Account Titles and Explanation
P. R.
Debit
Credit
a.
b.
2. On January 1, 2013, Molson-Coors Brewing Co. issues2,200,000 of 6%, 12-year bonds at a price of
105½ that pay interest semiannually. The straight-line method is used to amortize any bond premium or
discount.
a. Prepare the issuer's journal entry to record the issuance of the bonds. (round entry to whole dollars)
b. Prepare the issuer's journal entry to pay first semi-annual interest payment and amortization of
round entry to whole dollars)

Added by Clara P.

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