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hello I have attached a word doc, can you please hep with me part F only needed I have solveld some parts in in it
hello I have attached a word doc, can you please hep with me part F only needed I have solveld some parts in in it just need the last 3 part please help me thank. Only part F I have attached a word doc, show your work please. deadline is 20 minutes.
Problem 10-3A (Part Level Submission) On May 1, 2017, Herron Corp. issued $540,000, 10%, 5-year bonds at face value. The bonds were dated May 1, 2017, and pay interest annually on May 1. Financial statements are prepared annually on December 31. (a) Your answer is correct. 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 May 1, 2017 Account Titles and Explanation Cash Debit 540,000 Bonds Payable 540,000 Show List of Accounts Show Answer Link to Text Link to Text Credit Attempts: 1 of 3 used (b) Your answer is partially correct. Try again. Prepare the adjusting entry to record the accrual of interest on December 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Dec. 31, 2017 Account Titles and Explanation Interest Expense Debit Credit 54,000 Interest Payable 54,000 Show List of Accounts Show Solution Show Answer Link to Text Link to Text Attempts: 3 of 3 used (c) Your answer is correct. Show the balance sheet presentation on December 31, 2017. (Enter account name only and do not provide descriptive information.) Herron Corp. Balance Sheet $ Interest Payable 36,000 $ Bonds Payable 540,000 Show List of Accounts Show Answer Link to Text Link to Text Attempts: 3 of 3 used (d) Your answer is partially correct. Try again. Prepare the journal entry to record payment of interest on May 1, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date May 1, 2016 Account Titles and Explanation Interest Payable Debit 36,000 Credit Interest Expense 36,000 Cash 54,000 Show List of Accounts Show Solution Show Answer Link to Text Link to Text Attempts: 3 of 3 used (e) Your answer is correct. Prepare the adjusting entry to record the accrual of interest on December 31, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Dec. 31, 2018 Account Titles and Explanation Interest Expense Interest Payable Show List of Accounts Show Solution Debit Credit 36,000 36,000 Show Answer Link to Text Link to Text Attempts: 1 of 3 used (f) Assume that on January 1, 2019, Herron pays the accrued bond interest and calls the bonds at 101. Record the payment of interest and redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Jan. 1, 2019 Account Titles and Explanation interest Payable Debit 36,000 cash 36,000 (To record payment of interest) Jan. 1, 2019 bonds payable cash (To record redemption of bonds) Credit 540,000Step by Step Solution
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