question archive Current Artempt in Frogress 1
Current Artempt in Frogress 1
Subject:AccountingPrice: Bought3
Current Artempt in Frogress 1.96/3 E Oriole Company sold $3,250,000,9% 10-year bonds on January 1, 2022. The bonds were dated Juary 1, 2022, and pay interest on January 1. The company uses straight-line amortization on bond premium and discounts. Financial statements are prepared annually (a) Your answer is correct Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1) 101 and (2) 95. (Credit account tities are automatically indented when amount is entered. Do not indent manually) No. Date Account Titles and Explanation Debit Credit 1. 1/1/22 Cash 3282500 Project 3 part 2 1.96/3 Question 3 of 5 (a) Your answer is correct Prepare the journal entries to record the lance of the bonds assuming they soldat: (1) 101 and (295. (Credit account titles are automatically indented when amount is entered. Do not indent manually Debit Credit No. Date Account Titles and Explanation 2500 1. 1/1/22 3250 Premium on Boods Paya 325000% Bonds Payable so Question 3 of 5 1.96/3 = 1/1/22 Cash 322500 Premium on Bonds Payable 32500 Bons Payable 3250000 1/1/22 Cast 3087500 On count on Bonds Payable 162.500 Bond Payable 53.250.000 e Textbook and Media List of Accounts 1.963 Your awesome Prepare amortisation table for ance of the bonds sold at 101 for the first three interest payments Annual Interest Periods Interest to Be Paid Interest Expense to Be Recorded Premium Amortization Unamo Prem date 292500 289350 2 292500 20250 3251 13 292500 29250 3250 o 300 AM 12/12/2021 Your answer is correct Prepare amortization table for issuance of the bonds sold at 101 for the first three interest payments Interest Expense to Be Recorded Premium Amortization Unamortized Premium Bond Carrying Value 32500 S 3282500 3250 29250 3279250 289250 26000 3276000 289250 3250 22750 3272750 289250 3250 ENGOD Annual Interest Periods Interest to Be Pald Interest Expense to Be Recorded Discount Amortization Unamo Disce Issue date $ 1 292500 308750 16250 2 292500 308750 16250 3 292500 308750 16250 e Textbook and Media Interest Expense to Be Recorded Discount Amortization Unamortized Discount Bond Carrying Value S 162.500 $ 3027500 308750 16250 146,250 3103750 308750 16250 130,000 3120000 308750 16250 113,750 3135250 e Textbook and Media Q ENGOD Project 3 part 2 Question 3 of 5 1.96/3E - Your answer is partially correct Prepare the journal entries to record interest expense for 2022 under both of the bond issuances assuming they sold at (1) 101 and (2195. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit 12/31/22 Interest Expense 3282500 Premium on Bonds Payable 3200 Interest Payable 288000 12/31/22 Interest Expense 2945000 Tett par Question 3 of 5 < 1.96/3 Date Debit Credit Account Titles and Explanation Interest Expense 12/31/22 3282500 Premium on blonds Payable 3200 288000 Interest Payable 12/31/22 Interest Expense 2945000 Discount on Bonds Payable 155000 Interest Payable
