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This is as far as I can get on this problem and I am not entirely sure that what i have is correct. PLease help
This is as far as I can get on this problem and I am not entirely sure that what i have is correct. PLease help
Problem 10-9A Wempe Co. sold $3,217,000, 7%, 10-year bonds on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually. Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1) 104 and (2) 98. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No Account Titles and Date . Explanation LIST OF ACCOUNTS Cash 1.SHOW 1/1/14 Debit Credit 3345680 LINK TO TEXT Bonds Payable 3217000 Premium tables on Bo for issuance of the bonds sold at 104 for the first three interest Prepare amortization 128680 payments. 2.Annual 1/1/14 Interest Periods Issue date 1 Interest to Cash Be Paid Interest Expense Premium to Be Recorded 3152660 Amortizatio n $ $ $ Discount on B 64340 Bonds Payable Unamortize Bond d Carrying Value Premium $ $ 128680 3345680 3217000 2 3 Prepare amortization tables for issuance of the bonds sold at 98 for the first three interest payments. Annual Interest Periods Interest to Be Paid $ Issue date 1 2 3 Interest Expense to Be Recorded $ Premium Amortizatio n $ Unamortize d Premium $ Bond Carrying Value $ SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the journal entries to record interest expense for 2014 under both of the bond issuances assuming they sold at: (1) 104 and (2) 98. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No . Date Account Titles and Explanation Debit Credit LIST OF ACCOUNTS 1.SHOW 12/31/14 Show the long-term liabilities balance sheet presentation for issuance of the bonds sold at 104 at December 31, 2014. WEMPE Co. Balance Sheet (Partial) December 31, 2014 2. 12/31/14 $ $ : Show the long-term liabilities balance sheet presentation for issuance of the bonds sold at 98 at December 31, 2014. WEMPE Co. Balance Sheet (Partial) December 31, 2014 $ $ : SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXTStep by Step Solution
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