Guehler Corporation sold $3,000,000, 8%, LO-year bond- on January 1. 2006. The bonds were dated January 1,

Question:

Guehler Corporation sold $3,000,000, 8%, LO-year bond- on January 1. 2006. The bonds were dated January 1, 2006, and pay interest on July I and January 1 Guehler Corporation uses the straight-line method to amortize bond premium or discount. Assume no interest i- accrued on June 30.
Instructions

(a) Prepare all the accessary journal entries to record the issuance of the bonds and bond interest expense foi 2006, assuming that the bonds sold at 103.
(h) Prepare journal entries as in pari

(a) assuming that the bonds sold at 96.

(c) show the balance sheet presentation tor each bond issue at December 31. 2006.

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