f Homework Assignment - Chapter 14 Question 7 of 7 -/4 View Policies Current Attempt in Progress On June 1, 2019, Vaughn Company sold $ 3.180,000 in long-term bonds for $ 2,789,200. The bonds will mature in 10 years and have a stated interest rate of 8% and a yield rate of 10%. The bonds pay interest annually on May 31 of each year. The bonds are to be accounted for under the effective-interest method. Construct a bond amortization table for this problem to indicate the amount of interest expense and discount amortization at each May 31. (Please round interest expense and bond discount columns to zero decimal places.) Debit Interest Expense Credit Cash Credit Bond Discount Carrying Amount of Bonds Date 6/1/19 $ 5/31/20 $ 256,600 $ 281,372 $ 26,972 5/31/21 5/31/22 5/31/23 e Textbook and Media Assistance Used List of Accounts Assuming that interest and discount amortization are recorded each May 31, prepare the adjusting entry to be made on December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 e Textbook and Media List of Accounts Attempts: 0 of 3 used Submit Answer Save for Later Last saved 7 minutes ago. Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes. Homework Assignment - Chapter 14 Question 7 of 7 - 14 View Policies Current Attempt in Progress On June 1, 2019, Vaughn Company Sold S 3,190,000 in long-term bonds for $ 2,799,200. The bonds will mature in 10 years and have a stated interest rate of 896 and a yield rate of 10%. The bonds pay interest annually on May 31 of each year. The bands are to be accounted for under the effective interest method. Construct a bond amortization table for this problem to indicate the amount of interest Expense and discount amortization at sach May 31. (Please round interest expense and bond discount columns to zero decimal places.) Debit Interest Expense Credit Bond Discount Carryii Amount of Date Credit Cash 6/1/19 S 5/31/20 $ 256,500 S 281,372 S 26,972 5/31/21 5/31/22 5/31/23 e Textbook and Media Assistance Used Textbook List of Accounts Assuming that interest and discount amortization are recorded each May 31, prepare the adjusting entry to be made on December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account tities and enter for the amounts) Date Account Titles and Explanation Debit Credit Dec. 31 e Textbook and Media List of Accounts
