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Provide information for 2 bond issuance transactions: 1 where the bonds were sold at a premium; and 1 where the bonds were sold at a
Provide information for 2 bond issuance transactions: 1 where the bonds were sold at a premium; and 1 where the bonds were sold at a discount.
Reply: Make the journal entries for those 2 transactions
Here are comparative balance sheets for Lily Company. \begin{tabular}{|c|c|c|} \hline Total & $500,640 & $467,880 \\ \hline \multicolumn{3}{|c|}{ Liabilities and Stockholders' Equity } \\ \hline Accounts payable & $31.080 & $39,480 \\ \hline Bonds payable & 126,000 & 176,400 \\ \hline Common stock (\$1 par) & 181,440 & 146,160 \\ \hline Retained earnings & 162,120 & 105,840 \\ \hline Total & $500,640 & $467,880 \\ \hline \end{tabular} Additional information: 1. Net income for 2022 was $84,000. 1. Net income for 2022 was $84,000. 2. Cash dividends of $27.720 were declared and paid. 3. Bonds payable amounting to $50,400 were redeemed for cash $50,400. 4. Commonstock was issued for $35,280 cash. 5. Equipment that cost $42,000 and had a book value of $25,200 was sold for $30,240 during 2022 ; land was sold at cost. Prepare a statement of cash flows for 2022 using the indirect method. (Show omounts that decrease cosh flow with either a-sign es. 15,000 or in porenthesis eg. (15,000)) Depreciation Expense $ Increase in Accounts Receivable Decrease in Inventory Decrease in Accounts Payable Net Cash Provided by Operating Activities Cash Flows from Investing Activities Purchase of Equipment Sale of Land
Provide information for 2 bond issuance transactions: 1 where the bonds were sold at a premium; and 1 where the bonds were sold at a discount.
Reply: Make the journal entries for those 2 transactions
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