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On January 1, 2020, Wildhorse Company issued $268,500, 9%, 5-year bonds at face value. Interest is payable annually on January 1. (a) Prepare the
On January 1, 2020, Wildhorse Company issued $268,500, 9%, 5-year bonds at face value. Interest is payable annually on January 1. (a) 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: Jan. 1, 2020 Account Titles and Explanation Debit Credit Cullumber Co. receives $343,800 when it issues a $343,800, 10%, mortgage note payable to finance the construction of a building at December 31, 2020. The terms provide for annual installment payments of $57,300 on December 31. Prepare the journal entries to record the mortgage loan and the first two payments. (Round answers to 0 decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date ] Account Titles and Explanation Debit Credit Sheridan Corporation issued $520,000, 9%, 20-year bonds on January 1, 2020, for $475,729. This price resulted in an effective- interest rate of 10% on the bonds. Interest is payable annually on January 1. Sheridan uses the effective-interest method to amortize bond premium or discount. (a) Prepare the journal entry to record the issuance of the bonds. (Round answers to O decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1 Debit Credit Pharoah Company issued $330,000, 10%, 10-year bonds on January 1, 2020, for $351,179. This price resulted in an effective-interest rate of 9% on the bonds. Interest is payable annually on January 1. Pharoah uses the effective-interest method to amortize bond premium or discount. (a) Prepare the journal entry to record the issuance of the bonds. (Round answers to O decimal places, eg. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1 Debit Credit
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