Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need help with part b Exercise 10-21 (Part Level Submission) Swifty Corporation issued $836,000, 15%, 10-year bonds on December 31, 2018, for $817,190. Interest
I need help with part b
Exercise 10-21 (Part Level Submission) Swifty Corporation issued $836,000, 15%, 10-year bonds on December 31, 2018, for $817,190. Interest is payable annually on December 31. Swifty Corporation uses the straight-line method to amortize bond premium or discount. (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 Account Titles and Explanation Debit Credit Dec. 31, 2018 TCash 817,190 Discount on Bonds Payable 18,810T Bonds Payable T 836,000 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT Attempts: 1 of 3 used (b) Prepare the journal entry to record the payment of interest and the discount amortization on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31, 2019 Click if you would like to Show Work for this question: Open Show WorkStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started