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Zoom in a bit if you aren't able to see the question. On March 1 of the current year, Sandollar Inc, issued $75,000 of bonds
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On March 1 of the current year, Sandollar Inc, issued $75,000 of bonds at 105, paying 8% cash interest semiannually on June 30 and December 31. The bonds are scheduled to mature in four years on December 31. on September 1 of the current year, $25,000 of the bonds were retired when the bonds were selling at 89. Assume the straight-line interest method is used to amortize bond discounts and premiums. Note: When answering the following questions, round your answers to the nearest whole dollar. a. Provide the entry for the bond issuance on March 1 Debit 79.750 0 Date Account Name Mar. 1 Cash Bonds Pavable Intereu Payale Premium on Bonds Payable To record the bandistance Credit 0 75.000 1.000 3.750 0 0 b. Provide the entry for the interest payment on June 30. Debit Credit V 1,000 D Date Account Name June 20 interest Expense Interest Payable Premium or Bonds Payable Cash To rerarth internet pamant V 326 D 0 x 0 c. Provide the entry to recognize interest expense for the portion of the bond issue retired on September 1. Debit Credit 1 Date Account Name Sept. 1 interest Expense Premium on Bonds Payable Cash To record the inter all 0 0 X d. Provide the entry to record the bond retirement on September 1, Debit Credit C OX Date Account Name Sept 1 Bonds Payable Premium on Bonds Payable Gain on Redemption of Donds Cash > > > > 0 0X DE 1 x To read the interessantentStep by Step Solution
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