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Pharoah Company sold $3,150,000, 7 % 10- year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January
Pharoah Company sold $3,150,000, 7 % 10- year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1) 104 and (2) 98. (Credit account titles are automatically indented when aroount is entered. Do not indent manually) No. Date Account Titles and Explanation Debit Credit 1 1/1/22 2 1/1/22 Prepare amortization table for issuance of the bonds sold at 104 for the first three interest payments. Annual Interest Interest to Interest Expense Premium Unamortized Periods Be Paid Bond to Be Recorded Amortization Premium Carrying Valu Issue $ $ date $ 2 Prepare amortization table for issuance of the bonds sold at 98 for the first three interest payments. Annual Interest Interest to Interest Expense Discount Unamortized Bond Periods Be Paid to Be Recorded Amortization Discount Carrying Valu Issue $ $ $ $ $ date 1 2 Prepare the journal entries to record interest expense for 2022 under both of the bond issuances assuming they sold at: (1) 104 and (2) 98. (Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Date Account Titles and Explanation Debit Credit 1. 12/31/22 2. 12/31/22 Show the long-term liabilities balance sheet presentation for issuance of the bonds sold at 104 at December 31, 2022 PHAROAH COMPANY Balance Sheet (Partial) $ Show the long-term liabilities balance sheet presentation for issuance of the bonds sold at 98 at December 31, 2022 PHAROAH COMPANY Balance Sheet (Partial)
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