Wyatt Company issued ($400,000) of 20-year, 6 percent bonds on January 1, 2007. The bonds were issued
Question:
Wyatt Company issued \($400,000\) of 20-year, 6 percent bonds on January 1, 2007. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Wyatt immediately in¬ vested the proceeds from the bond issue in land. The land was leased for an annual \($60,000\) of cash revenue, which was collected on December 31 of each year, beginning December 31, 2007.
Required:
a. Organize the transaction data in accounts under the accounting equation.
b. Prepare the income statement, balance sheet, and statement of cash flows for 2007 and 2008.
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Related Book For 
Survey Of Accounting
ISBN: 9780077503956
1st Edition
Authors: Thomas Edmonds, Philip Olds, Frances McNair, Bor-Yi Tsay
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