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If you cannot answer ALL questions accurately, please leave them both for another expert. Exercise 14-4 Your answer is pertially correct. Try again Flint Company
If you cannot answer ALL questions accurately, please leave them both for another expert.
Exercise 14-4 Your answer is pertially correct. Try again Flint Company issued 684,000 o 10%, 20 year bonds on January 1 2017, at 103. Interest is payable semiannually on July 1 and January 1 Flint Company uses the straight ne method of a mort zat on or bond premium ordiscount. Prepare thournal entries to record the following. If no (a) The issuance of the bonds. (b) The payment of interest and the related amortization on Jaly 1, 2017 (c) The accusl of interest and the related amortization on December 31, 2017 entry is required, select No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically mdented when amount is entered. Do not mdent mamamy. Date Account Titles and Explanation Debit Credit 704,520 Bonds Payable 684 Premium on Bonds Payable Expense on Bonds Paysble 2,52 Cash 31 121/17 Interest Expense on Bonds Paysble Interest Payable 34 Wildho se Company issued SSS ODD o lon 20 year bonds on January 1, 2017, at 102. Interest payable semi5nnusly on July 1 nd January 1 Wildho se Company uses the e ect e- terest method of a ort zsto for bond premium ordiscount. Assume an effective yield o 9.7705% Prepare the joumal entries to record the tolowing. (Round intermediote caiculations to 6 decimal places, e.q. 1.251247 and final answer to 0 decimal places, e.g. 38,548. I no entry is required, select "No Entry lor the xcount titles and enter 0 for the aounts. Credit account titles are automatically indented when amount is entered, Do not Indent manually (a) The issuance ot the bonds. (b) The payment at interet and related amort zation on July 1, 2017 (c) The accrual ot interest and the related amortizaton on December 31, 2017 Date Account Tes and Explanation Debit 2/3117Step by Step Solution
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