Question
Crane Electric sold $ 4,050,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January 1 and pay interest annually on January 1.
Crane Electric sold $ 4,050,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January 1 and pay interest annually on January 1. Crane Electric uses the straight-line method to amortize bond premium or discount. The bonds were sold at 105. (a) Prepare the journal entry to record the issuance of the bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2022 enter an account title for the journal entry on January 1, 2022 enter a debit amount enter a credit amount enter an account title for the journal entry on January 1, 2022 enter a debit amount enter a credit amount enter an account title for the journal entry on January 1, 2022 enter a debit amount enter a credit amount eTextbook and Media List of Accounts Attempts: 0 of 5 used (b) Prepare a bond premium amortization schedule for the first 4 interest periods. Annual Interest Periods Interest to Be Paid Interest Expense to Be Recorded Premium Amortization Unamortized Premium Bond Carrying Value Issue date $ enter a dollar amount $ enter a dollar amount 1 $ enter a dollar amount $ enter a dollar amount $ enter a dollar amount enter a dollar amount enter a dollar amount 2 enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount 3 enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount 4 enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount eTextbook and Media List of Accounts Attempts: 0 of 5 used (c) Prepare the journal entries for interest and the amortization of the premium in 2022 and 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount eTextbook and Media List of Accounts Attempts: 0 of 5 used (d) Show the balance sheet presentation of the bond liability at December 31, 2023. (Enter account name only and do not provide descriptive information.) Crane Electric Balance Sheet (Partial) choose the accounting period December 31, 2023 select an opening name for section one enter a balance sheet item $ enter a dollar amount select an opening name for section two enter a balance sheet item $ enter a dollar amount select between addition and deduction : enter a balance sheet item enter a dollar amount
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