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October 1, 2021, Flounder Corp. issued $780,000, 9%, 10-year bonds at face value. The bonds were dated October 1, 202 interest annually on October
October 1, 2021, Flounder Corp. issued $780,000, 9%, 10-year bonds at face value. The bonds were dated October 1, 202 interest annually on October 1. Financial statements are prepared annually on December 31. (c)-(d) (a) (c) Prepare a tabular summary to record the issuance of the bonds and the adjustments to record the accrual of interest December 31, 2021. Prepare a tabular summary to record the payment of interest on October 1, 2022. (d) Prepare a tabular summary to record redemption of the bonds on October 1, 2031, their maturity date. (Assume interest has already been recorded and paid.) Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity ite that was reduced.) (a) Oct. 1, 2021 $ Dec. 31, 2021 (c) Oct. 1, 2022 Assets Cash Bonds. Pay. $ Liabilities Interest Pay
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