7:51 PM Wed Jan 29 C15 | Weygandt, Accounting Principles, 13e Helal System Announcements CALCULATOR PRINTER VERSION BACK NEXT Problem 15-01A a-f (Video) On May 1, 2020, Sandh Corp. issued 5870,000, 115, 5-year bonds at face value. The bonds were dated May 1, 2020, and pay interest annually on May 1. Financial statements are prepared annually on December 31 Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Thies and Explanation Debit May 1, 2020 Cash 870000 Bonds Payable 870000 Prepare the adjusting entry to record the accrual of interest on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to e. g. 5,675.) a Date Account Titles and Explanation Debit Credit Dec 31, 2020 Interest Expense 95700 Interest Payable 95700 Show the balance sheet' presentation on December 31, 2020. (Enter account name only and do not provide descriptive information. Round answers to decimal places, e.g. 5,675.) Sandhill Corp. Balance Sheet (Partial December 31, 2020 Long-term Liabilities Bonds Payable 870000 CIS Show the balance sheet presentation on December 31, 2020. (Enter account name only and do not provide descriptive information. Round answers to decimal places, e.g. 5,675.) Sandhill Corp Balance Sheet Partia December 31, 2020 Long-term Liabilities Bonds Payable 870000 Prepare the journal entry to record payment of interest on May 1, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to o decimal places, e.g. 5,675. Date Account Titles and Explanation Debit Credit May 1, 2021 Interest Expense ZZ Bonds Payable Cash Prepare the adjusting entry to record the accrual of interest on December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal pl e.g. 5,675.) Date Account Titles and Explanation Debit Credit Dec 31, 2021 Interest Expense Interest Payable Assume that on January 1, 2022, Sandhill pays the accrual bond interest and calls the bonds. The call price is 102 Record the payment of interest and redemption of the bonds. (Credit account titles are automatically indente when amount is entered. Do not indent manually. Round answers to o decimal places, e.g. 5,675.) Date Account Titles and Explanation Debit Credit Jan 1, 2022 (To record payment of interest) Jan. 1, 2022 3 PM Wed Jan 2 C1581 Assume that on January 1, 2022, Sandhill pays the accrual bond interest and calls the bonds. The call price is 102. Record the payment of interest and redemption of the bonds. (Credit account tities are automatically indented when amount is entered. Do not indent manually. Round answers to o decimal places, e.g. 5,675.) Date Account Titles and Explanation Debit Credit Jan. 1, 2022 (To record payment of interest) Jan. 1, 2022 (To record redemption of the bonds) Click if you would like to Show Work for this question: Open Show Work Question Attempts: 0 of 3 used
