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Please I need help with this!! Problem 10-12A On January 1, 2019, Sunland Company issued $3,980,000 face value, 7%, 10-year bonds at $3,712,939. This price
Please I need help with this!!
Problem 10-12A On January 1, 2019, Sunland Company issued $3,980,000 face value, 7%, 10-year bonds at $3,712,939. This price resulted in an effective-interest rate of 8% on the bonds. Sunland uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest on January 1. Prepare the journal entry to record the issuance of the bonds on January 1, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2019 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare an amortization table through December 31, 2021 (three interest periods), for this bond issue. (Round answers to o decimal places, e.g. 15,250.) Sunland Company Bond Discount Amortization Effective-Interest Method-Annual Interest Payments Interest Expense Discount Amortization Unamortized D Annual Interest Periods Interest to Be Paid Interest to be paid to Be Recorded Discount Amortization Unamortized Discount Bond Carrying Value Issue date SHOW LIST OF ACCOUNTS Prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31, 2019. (Round answers to o decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31, 2019 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the journal entry to record the payment of interest on January 1, 2020. (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 Debit Credit Jan. 1, 2020 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31, 2020. (Round answers to 0 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 Debit Credit Dec. 31, 2020Step by Step Solution
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