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Please help solve! This is from HCS/380-Accounting in Health Care. Thanks!! P10-8A Prepare journal entries to record issuance of bonds, interest, straight-line amortization, and balance
Please help solve! This is from HCS/380-Accounting in Health Care.
Thanks!!
P10-8A Prepare journal entries to record issuance of bonds, interest, straight-line amortization, and balance shee and balance sheet presentation Yung Corporation sold $2,000,000, 7%, 5 year bonds on January 1, 2014. The bonds were dated January 1, 2014, on January 1. The company uses straight-line amortization on bond premiums or discounts. Instructions (a) Prepare all necessary journal entries to record the issuance of the bonds and bond interest expense for 2 assuming the bond sold at 102. (b) Prepare journal entries as in part (a) assuming the bonds sold at 97. (c ) Show the balance sheet presentation for the bond issue at December 31, 2014, using (1) the 102 selling p then (2) the 97 selling price NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" . (a) Jan 1 Account Value Account Account Dec 31 Account Account Value Value Value Value Account (b) Jan 1 Account Account Value Value Value Account Dec 31 Account Value Value Account Account (c ) Value Value Premium Current Liabilities Interest Payable Long-term Liabilities Bonds payable, due 2019 Add: Premium on bonds payable Value Value Value Value Discount Current Liabilities Interest Payable Long-term Liabilities Bonds payable, due 2019 Less: Discount on bonds payable Value Value Value Value zation, and balance sheet presentation e dated January 1, 2014, and pay interest nd interest expense for 2014, sing (1) the 102 selling price, and n cells with a "?"Step by Step Solution
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