Sandhill Co. sold $3,300,000, 7%, 10-year bonds on January 1, 2017. The bonds were dated January...
Sandhill Co. sold $3,300,000, 7%, 10-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually.
Prepare the journal entries to record interest expense for 2017 under both of the bond issuances assuming they sold at: (1) 104 and (2) 97
Homework Answers
| (1) At 104 | |||
| Debit | Credit | ||
| Interest expense | 217800 | ||
| Premium on Bonds payable | 13200 | =(3300000*0.04)/10 | |
| Interest payable | 231000 | =3300000*7% | |
| (2) At 97 | |||
| Debit | Credit | ||
| Interest expense | 240900 | ||
| Discount on Bonds payable | 9900 | =(3300000*0.03)/10 | |
| Interest payable | 231000 | =3300000*7% |
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