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Help please! Exercise 14-3 Presented below are two independent situations 1. On January 1, 2017, Sandhill Company issued $372,000 of 9%, 10-year bonds at par.
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Exercise 14-3 Presented below are two independent situations 1. On January 1, 2017, Sandhill Company issued $372,000 of 9%, 10-year bonds at par. Interest is payable quarterly on April 1, July 1, October 1, and January 1. 2. On June 1, 2017, Teal Company issued $324,000 of 10% 10-year bonds dated January 1 at par plus accrued interest Interest is payable sem annually on Jul and January For each of these two independent situations, prepare journal entries to record the following. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The issuance of the bonds. (b) The payment of interest on July 1. (c) The accrual of interest on December 31. Debit Credit Date Account Titles and Explanation 1.andhill Company: ttempts available. 2. Teal CompanyStep by Step Solution
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