Pulse Company issued $200,000 of 10-year, 6 percent bonds on January 1, 2010. The bonds were issued
Question:
Pulse Company issued $200,000 of 10-year, 6 percent bonds on January 1, 2010. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Pulse immediately invested the proceeds from the bond issue in land. The land was leased for an annual $32,000 of cash revenue, which was collected on December 31 of each year, beginning December 31, 2010.
Required
a. Organize the transaction data in accounts under the accounting equation.
b. Prepare the income statement, balance sheet, and statement of cash flows for 2010 and 2011.
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a Pulse Co Effect of Events on the General Ledger 2010 and 2011 Assets Liabilities Stkholders Equity ...View the full answer
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