On April 1, 2019, Ellison Co. issued 4-year, 7%, $100,000 face value bonds. The bondswere issued at 107.0919 , the interest payable annually on April 1. The bonds were sold toyield 5%.a) Complete the following table:CarryingCashInterestPremiumDateamount ofPaidExpenseAmortizationbondsApril 1 2019April 1 2020April 1 2021April 1 2022April 1 2023b) Journalize the required entries on the following datesApril 1, 2019December 31, 2019 – adjusting entryApril 1, 20202

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On April 1, 2019, Ellison Co. issued 4-year, 7%, $100,000 face value bonds. The bonds were issued at 107.0919 , the interest payable annually on April 1. The bonds were sold to yield 5%. a) Complete the following table: Carrying Cash Paid Interest Premium Date amount of Expense Amortization bonds April 1 2019 April 1 2020 April 1 2021 April 1 2022 April 1 2023 b) Journalize the required entries on the following dates April 1, 2019 December 31, 2019 – adjusting entry April 1, 2020 2

On April 1, 2019, Ellison Co. issued 4-year, 7%, $100,000 face value bonds. The bonds were issued at 107.0919 , the interest payable annually on April 1. The bonds were sold to yield 5%. a) Complete the following table: Carrying Cash Paid Interest Premium Date amount of Expense Amortization bonds April 1 2019 April 1 2020 April 1 2021 April 1 2022 April 1 2023 b) Journalize the required entries on the following dates April 1, 2019 December 31, 2019 – adjusting entry April 1, 2020 2

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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