Sweetwood Company issues $5 million, 10-year, 9% bonds at 96, with interest payable annually on January 1.
Question:
Sweetwood Company issues $5 million, 10-year, 9% bonds at 96, with interest payable annually on January 1. The straight-line method is used to amortize bond discount.
Instructions
a. Prepare the journal entry to record the sale of these bonds on January l, 2022.
b. Prepare the adjusting journal entry to record interest expense and bond discount amortization on December 31, 2022.
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Related Book For 
Accounting Principles
ISBN: 9781119707110
14th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
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