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please show steps! thank you Exercise 120 Prepare journal entries to record the following transactions related to long-term honds of Quirk Co. April 1, 2016,
please show steps! thank you
Exercise 120 Prepare journal entries to record the following transactions related to long-term honds of Quirk Co. April 1, 2016, Quirk issued $2,000,000, 9% bonds for $2,151,472 including accrued interest. Interest is payable annually on January 1, and the bonds mature on January 1, 2026, (Credit account titles 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 0 for the amounts.) Date Account Titles and Explanation Dehit Credit April 1 151472 Bonds Payable Interest Expense Premium on Bonds Payable 2000000 15000 106172 On July 1, 2018 Quirk retired $600,000 of the bonds at 102 plus accrued interest. Quirk uses straight-line amortization. (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 0 for the amounts. Round answers to 0 decimal places, e.g. S,275.) Account Titles and Explanationn Interest Expense Premium on Bonds Payable Cash To record interest and premium on bonds) Debit Credit Version 4.24.9.3Step by Step Solution
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