Gradebook ORION Downloadable eTextboolk PRINTER VERSION CALCULATOR ! BACK Problem 15-07A a-d (Part Level Submission) The following is taken from the Sunland Company balance sheet. Sunland Company Balance Sheet (partial) December 31, 2020 Current iabilities Interest payable (for 12 months from January 1 to December 31) $256,800 Long-term Liabilities Bonds payable, 8% due January 1, 2028 $3,210,000 209,000 $3,419,000 Add: Premium on bondh payable Interest is payable annually on January 1. The bonds are callable on any annual interest date. Sunland uses straight-line amortization for any bond premium or discount. From December 31, 2020 the bonds will be outstanding for an additional 10 years (120 months). Your answer is correct. Journalize the payment of bond interest on January 1, 2021. (Credit account tities are automatically indented when amount is entered. Do not indent manually,) DateAccount Titles and Explanation Jan. 1, 2021 Interest Payable 256800 256800 8 SOURCES ter 15 Aa-f ubmission) Your answer is correct. Submission)Prepare the entry to amortize bond premium and to accrue the interest due on December 31, 2021. (Credit account is entered. Do not indent manually.) -07A a-d Submission Date Account Titles and Explanation Debit Credit 5-09A a-c lSubmission) Dec. 31, 2021 Interest Expense 235900 Premium on Bonds Payable 20900 Interest Payable 256800 Click If you would like to Show Work for this question: Open Show Work By accessing this Question Assistance, you wll learn while you earn points based on the Point Potential Policy set by your inst Attempts: Your answer is partially correct. Try again. 8 3 5 WE n Assignment z0z0, tne bonas will be outstanaing ror am auaitionar io years (rzu montns). OURCES er 15 bmission) (Your answer is correct. Journalize the payment of bond interest on January 1, 2021. (Credit account titles are automatically indented whe enanDate Account Titles and Explanation 07A a-d Debit Credit Submissiona Jan. 1, 2021 Interest Payable 256800 ults by Study Click if you would like to Show Work for this question: Open Show Work By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your ins Attempts: Your answer is correct. Prepare the entry to amortize bond premium and to accrue the interest due on December 31, 2021. (Credit account titles are au is entered. Do not indent manually.) F8 5 URCES er 15 | (c) mission) Your answer is partially correct. Try again. Assume that on January 1, 2022, after paying interest, Sunland Company calls bonds having a face value of $1,284,000. The c bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually) 7A a-d Submission Account Titles and Explanation Date Debit Credit Jan. 1, 2022 1284000 Bonds Payable ults by Study 38520 Premium 6h Bonds Payable Gain on Bond Redemption 1322520 Qpen Show Work Click if you would like to Show Work for this question: By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor Attempts: 7 of 15 ysed SAVI 8 6 5
