Present entries to record the selected transactions described below: Required: a. Issued $2,750,000 of 10-year, 8%...
Present entries to record the selected transactions described below:
Required:
| a. | Issued $2,750,000 of 10-year, 8% bonds at 97.* |
| b. | Amortized bond discount for a full year, using the straight-line method.* |
| c. | Called bonds at 98. Assume the bonds were carried at $2,692,250 at the time of the redemption.* |
| *Refer to the Chart of Accounts for exact wording of account titles. |
Homework Answers
Journal entry
| No | General Journal | Debit | Credit |
| a | Cash (2750000*.97) | 2667500 | |
| Discount on bonds payable | 82500 | ||
| Bonds payable | 2750000 | ||
| b | Interest expense | 228250 | |
| Discount on bonds payable (82500/10) | 8250 | ||
| Interest payable/Cash (2750000*8%) | 220000 | ||
| c | Bonds payable | 2750000 | |
| Loss on bond redemption | 2750 | ||
| Discount on bonds payable | 57750 | ||
| Cash (2750000*.98) | 2695000 | ||
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the
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