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Please help with journal entries using the List Of Accounts provided in the picture Sandhill issued $ 460,000 of 5%, 5-year bonds on January 1,
Please help with journal entries using the List Of Accounts provided in the picture
Sandhill issued $ 460,000 of 5%, 5-year bonds on January 1, 2021. Interest is payable semi-annually. Calculate the price of the bond: (a) 4%. (b) 5%, and (c) 6%. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round final answer to decimal places, e.g. 5,275.) Click here to view the factor table. Present Value of 1 Click here to view the factor table. Present Value of an Annuity of 1 (a) Market interest rate 4% $ (b) Market interest rate 5% $ (c) Market interest rate 6% Prepare the journal entry to record the issuance of the bond assuming the market rate of interest is: (a) 4%, (b) 5%, and (c) 6%. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit (a) (To record issuance of bonds.) (b) (To record issuance of bonds.) (c) (To record issuance of bonds.) List of Accounts List of Accounts Accounts Payable Accumulated Depreciation Bonds Payable Building Cash Car Rental Expense Common Shares Current Portion of Mortgage Payable Current Portion of Mortgage Note Payable Current Portion of Notes Payable Current Portion of Lease Liability Depreciation Expense Equipment Equipment Rental Expense Film Rental Expense Lease Liability Gain on Bond Redemption Income Tax Payable Interest Expense Interest Payable Leased Asset - Equipment Leased Asset - Vehicles Loss on Bond Redemption Mortgage Note Payable No Entry Notes Payable Rent Expense Retained Earnings Right-of-Use Asset Unearned RevenueStep by Step Solution
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