Sunland Company issued $580,000 of 10%, 15-year bonds on January 1, 2017, at face value. Interest is payable annually on January 1.

Exercise 10-13 Sunland Company issued $580,000 of 10%, 15-year bonds on January 1, 2017, at face value. Interest is payable annually on January 1. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Date Account Titles and Explanation Debit Credit Jan. 1, 2017 SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: APPLIED SKILLS Prepare the journal entry to record the accrual of interest on December 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017 SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT VIDEO: APPLIED SKILLS Prepare the journal entry to record the payment of interest on January 1, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2018 SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: APPLIED SKILLS Prepare the journal entry to record the redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Jan. 1, 2032 Click if you would like to Show Work for this question: Open Show Work