Fong Corporation sold $2,000,000, 7%, 5-year bonds on January 1, 2022. The bonds were dated January 1,
Question:
Fong Corporation sold $2,000,000, 7%, 5-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. Fong Corporation uses the straight-line method to amortize bond premium or discount.
Instructions
a. Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 102.
b. Prepare journal entries as in part (a) assuming that the bonds sold at 97.
c. Show the balance sheet presentation for the bond issue at December 31, 2022, using (1) the 102 selling price, and then (2) the 97 selling price.
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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a Jan 1 Cash 2000000 X 102 2040000 Bonds Payable 2000000 Premium on Bonds Payable 40000 Dec31 Intere...View the full answer
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Related Book For 
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119493631
9th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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