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Please help me with these: Oriole Company issued $440,000, 5%, 20-year bonds on January 1, 2022, at 105. Interest is payable annually on January 1.
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Oriole Company issued $440,000, 5%, 20-year bonds on January 1, 2022, at 105. Interest is payable annually on January 1. Oriole uses straight-line amortization for bond premium or discount. (a) V Your answer is correct. 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 Account Titles and Explanation Debit Credit Jan. 1, Cash 2022 462,000 Bonds Payable 440,000 Premium on Bonds Payable 22,000Prepare the journal entry to record the accrual of interest and the premium amortization on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, Interest Expense 2022 Premium on Bonds Payable Interest PayableOriole Company issued $750,000, 7%, 10-year bonds on December 31, 2021, for $680,000. Interest is payable annually on December 31. Oriole Company uses the straight-line method to amortize bond premium or discount. (a) Your answer is correct. 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 Account Titles and Explanation Debit Credit Dec. 31, 2021 Cash $680,000 Discount on Bonds Payable $70,000 Bonds Payable $750,000Prepare the journal entry to record the payment of interest and the discount amortization on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, Interest Expense 2022 Discount on Bonds Payable CashStep by Step Solution
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