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Brief Exercise 15-04 a-b Oriole Company issues $3,000,000, 10-year, 10% bonds at 99, with interest payable each January 1. PrExercise 15-05 a-c Cullumber Company issued $1,550,000 of bonds on January 1, 2020. Prepare the journal entry to record the iBrief Exercise 15-06 The balance sheet for Crane Consulting reports the following information on July 1, 2020. Long-term liab

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15-04) Journal entry

Date account and explanation Debit Credit
Jan 1 Cash (3000000*.99) 2970000
Discount on bonds payable 30000
Bonds payable 3000000

b) Journal entry

Date account and explanation Debit Credit
Jan 1 Cash (3000000*1.04) 3120000
Bonds payable 3000000
Premium on bonds payable 120000

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