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Answer Part C please Problem 10-8A (Part Level Submission) rounder Corporation sold $3 490,000 796 5-year bonds on January 1 2017. The bonds were dated
Answer Part C please
Problem 10-8A (Part Level Submission) rounder Corporation sold $3 490,000 796 5-year bonds on January 1 2017. The bonds were dated January 1 2017, and pay interest on January 1 Founder Corporation uses the straight-line method to amortize bond premium or discount (a) Your answer is correct. Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2017, assuming that the bonds sold at 104. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit an. 1 Cash 3629600 Premium on Bonds Payable 139600 Bonds Payable 3490000 Dec. 31 Interest Expense 216380 Premium on Bonds Payable 27920 Interest Payable 244300 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER Your answer is correct. Prepare journal entries to record the issuance of the bonds and bond interest expense for 2017, assuming that the bonds sold at 98. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 3420200 Discount on Bonds Payable 69800 Bonds Payable 3490000 Dec. 31 Interest Expense 258260 Discount on Bonds Payable 13960 Interest Payable 244300 (c) Your answer is partially correct. Try again. (1) Show the balance sheet presentation for the bond issue at December 31, 2017, using the 104 selling price FLOUNDER CORPORATION Balance Sheet (Partial) December 31, 2017 Current Liabilities aaauua (2) Show the balance sheet presentation for the bond issue at December 31, 2017, using the 98 selling price. FLOUNDER CORPORATION Balance Sheet (Partial) December 31, 2017 (2) Show the balance sheet presentation for the bond issue at December 31, 2017, using the 98 selling price FLOUNDER CORPORATION Balance Sheet (Partial) December 31, 2017Step by Step Solution
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