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(Solved): General Journal The following transactions were completed by Winklevoss Inc., whose fiscal year is ...



General Journal

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The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year: July 1 Issued of 20 -year, callable bonds dated July 1, 20Y1, at a market (effective) rate of , receiving cash of . Interest is payable semiannually on December 31 and June 30 . Dec. 31 Paid the semiannual interest on the bonds. The bond discount amortization of is combined with the semiannual interest payment. June 30 Paid the semiannual interest on the bonds. The bond discount amortization of is combined with the semiannual interest payment. Dec. 31 Paid the semiannual interest on the bonds. The bond discount amortization of is combined with the semiannual interest payment. June 30 Recorded the redemption of the bonds, which were called at 98 . The balance in the bond discount account is after payment of interest and amortization of discount have been recorded. (Record the redemption only.) 1. Journalize the entries to record the transactions. 2. Indicate the amount of the interest expense in (a) and (b) . 3. Determine the carrying amount of the bonds as of December 31, 20 Y2.


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