Current Attempt in Progress When market interest rates were 6%, three companies issued bonds on January 1, 2021. Each company has a December 31 year end and each company issued bonds with a face value of $100,000 that pay interest annually on December 31. Bramble Limited sold its bonds at 100 and offered a coupon interest rate of 6%, while Vaughn Corp. sold its bonds at 96 and offered a coupon interest rate of 5%, and Sheffield Inc. sold its bonds at 108 and offered a 7% coupon interest rate. Your answer is partially correct. Record the issue of the bonds by each company on January 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and explanation Bramble Debit Credit Limited Jan. 1 Interest Payable 6000 Cash 1 6000 Vaughn Corp. Vaughn Corp. Jan. 1 Interest Income 5000 Cash 5000 Sheffield Inc. Jan. 1 Interest Income 7000 Cash 7000 Your answer is partially correct Prepare the entry that each company would record for the payment of interest on December 31, 2021. (Round answers to o decimal places, es. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit Bramble Limited Dec. 31 Cash 100000 Bonds Payable 100000 Vaughn Corp. Dec. 31 Cash 96000 Discount on Bonds 4000 Bonds Payable 100000 177 3.5 Dec. 31 Cash 108000 Bonds Payable 100000 Premium on Bonds 8000 List of Accounts Assistance Used Your answer is partially correct. Determine the balance in each company's Bonds Payable account on December 31, 2021. Balance in Bonds Payable account Bramble Limited $ 100000 Vaughn Corp. 100000 Sheffield Inc. GA 100000 Show Attempt History On September 30, 2021. Bonita Corporation received a three-year, 12%, $1.250,000 bank loan. The terms provide for payment of the bank loan with quarterly instalment payments of $125,578, starting on December 31. Bonita has a November 30 year end and records adjusting entries annually. Laiment payments, on December 31, 2021, and March 31, 2022. (Round answers to the nearest whole dollar, e.g. 5,250. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit Dec. 31, 2021 Bank Loan Payable 88078 Interest Payable 25000 Interest Expense 12500 Cash 125578 Mar. 31, 2022 Bank Loan Payable 91845 Interest Expense 33733 Cash 125578
