Question

pls answer #2 on excel

P14.5 (LO 1.2) Excel (Comprehensive Bond Problem) In each of the following independent cases, the company closes its books on December 31. 1. Sanford Co. sells $500,000 of 10% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2023. The bonds yield 12%. Give entries through December 31, 2021. 2. Titania Co. sells $400,000 of 12% bonds on June 1, 2020. The bonds pay interest on December 1 and June 1. The due date of the bonds is June 1, 2024. The bonds yield 10%. On October 1, 2021, Titania buys back $120,000 worth of bonds for $126,000 (includes accrued interest). Give entries through December 1, 2022. Instructions For the two cases prepare all of the relevant journal entries from the time of sale until the date indicated. Use the effective interest method for discount and premium amortization (construct amortization tables where applicable). Amortize premium or discount on interest dates and at year-end. (Assume that no reversing entries were made.)

i need only the second one done

Answer 1

Joumal Entries Credit Dale Account Debit. |_ March 12020_ CashAk $ 5,00,000 -T 107_bonds_Al_cr. (Liability Item) - (Being Company Sells_2011._Bonds.---- for $ 5,00,000 $ 5,00,000 sepl, 2020 $ 25000 Interest Al or $95000 _ __ (P&L Ilem)_ bar_ To_Interest: Payable_ali_cr. W (Liability Item) ( Being Interest Payable half_yearly e $ 5.00pco X10%* DBE 34_2990 _Interest Payable Alci - To cash Al (Being Inlerest_paid for Dr___$ 25000 cr 10°/-_bonds) $ 25000 Dec. 3)_ 2020 $16,667 _ Interest_AL . Dr. L $ 16,667 - - To Interest Payable Alc_ar_ (Being—Accrual Goby pussed in Der respect. of Interest) - ra Scanned with CamScanner it

May. I 2026 $.8333 Interest_Akc- by. --$_8333 - To Interest Payable Alecr... (Being Accrual Entry Passed in respect of Interest $_8,333 $8,333 Interest_Payable Ale or To cash All cr.. Being Cash paid in respect of Interest) sếp, Qo4J $ 2.5000 S 2 SOOO Interest al or To Interest Payable Accr (Being Interest Payable Gaby - Passed) Interest - (Being $25000 Payable : _Al To cash Ak Cash paid) o r cr $2sbou DEC: 3/_2021 - $_16,667. Interest - Al by...__ $_16,667 Io_Interest Payable_al_cro t Being Accrual_entry Paseed for - 4 mlhs) as Scanned with CamScanner

Enhies © Joumal Dale June !, 2020 - Credit -Debit $4,00,000 -Account Cash ALLDY To 12:4:_bonds..Alc_cr. ( Being Bonds were sold. Br $4,00,000) $4,09,000 Dec. 2020 Interest. Alk_ Dr_ $ 24000 To cash_all_cr. Interest_paid towards 19:1-bonds) $ Sudoo (Being Dec 31, 2020 $400 Interest_Penyable_all_ Dr_ $4000_ - Tb Interest Paypble Alcr. (Bring Interest Accrual entry - for year end). June I goal Interest Ak Dr $20,000 _To_ Interest_ payable Akcr. Accrual Enbry_Passed) 22000 (Being _ Interest TO Payable_ak_DY Cash Ak c r $ 24000 $ 24000 oct. 1 2021 121 bonds Al or $1,20,000 Interest_Dayable ALL $6000 To cash ac cr. (Being Company buy.back__bonds) __$126000 __ Interest. Akk_Dr___$6000 70 Interest Payable ) Being og interest soud J Interest paid ) $ 6000 CS Scanned with C CamScanner

_Dec 2021 $ 15,En $1,209 Interest__AL DI_ To cash. All A (Being Interest paid tacards -- 19:1 bonds) Dec. 31_2021 - $250 Akce Interest_ Ako r - To Interest Pausile (Being Interest Account Entry - Passent for year and June 2013 $ Interest Ak To Interest (Being Accrual o r Payable Accr. Entry Pared) Slutca Jure 1 2022 Acer $ 16,900 Inlosest Payable To cash $ 16200 Dec. l. 2022 _Interest Ak o r To cash te sr... $1b, 800 $16,200 Dec.31. 2022 Payable $2800 ___ $ 2800 . Interest Ale or - To Interest Ace ok Being Interest Accruau Entry - Passed for year End] Scanned with CamScanner