# Entries for Issuing Bonds and Amortizing Discount by Straight-Line Method On the first day of its...

###### Question:

Entries for Issuing Bonds and Amortizing Discount by Straight-Line Method On the first day of its fiscal year, Chin Company issued $27,200,000 of five-year, 4% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 6%, resulting in Chin receiving cash of$24,879,677 a. Journalize the entries to record the following: 1. Issuance of the bonds. 2. First semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) 3. Second semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) If an amount box does not require an entry, leave it blank. Cash 24,879,677 Discognt on Bonds Payable 2,320,323 Bonds Payable 27,200,000 1. 2. Interest Expense 776,032 Discount on Bonds Payable 544.000 x Cash 232,032 X 3. Interest Expense 776,032 Discount on Bonds Payable 544,000 x Cash 232,032 X Feedback Check My Work Bonds Pavable is always rernded at fara value Any difference in learnire le reflected in a premium or discount ac nunt. The stralaht-line method of

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