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I need help with these problems Problem 10-11A On January 1, 2022, Pina Company issued $2,200,000 face value, 7%, 10-year bonds at $2,361,912. This price
I need help with these problems
Problem 10-11A On January 1, 2022, Pina Company issued $2,200,000 face value, 7%, 10-year bonds at $2,361,912. This price resulted in a 6% effective interest rate on the bonds. Pina uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest on each January 1. Your answer is partially correct. Try again. Prepare the journal entries to record the following transactions. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. The issuance of the bonds on January 1, 2022. 2. Accrual of interest and amortization of the premium on December 31, 2022. 3. The payment of interest on January 1, 2023. 4. Accrual of interest and amortization of the premium on December 31, 2023. Account Titles and Explanation Debit Credit No. 1. Date Jan. 1, 2022 > Cash 2361912 | Premium on Bonds Payable 161912 Bonds Payable 2200000 2. Dec. 31, 2022 Interest Expense 137808.8 Premium on Bonds Payable 137808.8 Premium on Bonds Payable 137808.81 Interest Payable 3. Jan. 1, 2023 X JIIIIII 4. Dec. 31, 2023 SHOW LIST OF ACCOUNTS LINK TO TEXT * Your answer is incorrect. Try again. Show the proper long-term liabilities balance sheet presentation for the liability for bonds payable at December 31, 2023. (Round answers to o decimal places, e.g. 125.) PINA COMPANY Balance Sheet (Partial) Stockholders' Equity SHOW LIST OF ACCOUNTS LINK TO TEXT * Your answer is incorrect. Try again. Provide the answers to the following questions. 1. What amount of interest expense is reported for 2023? (Round answer to o decimal places, e.g. 125.) Interest expense to be reported 2. The bond interest expense reported in 2023 would be the amount that would be reported if the straight-line method of amortization were used. Click if you would like to Show Work for this question: Open Show WorkStep by Step Solution
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