Sunland Company sold \(\$ 3, 170, 000, 9 \ %, 10 \) - year bonds on January 1, 2025. The bonds were dated January 1, 2022 5 and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually. (a) Prepare amortization table for issuance of the bonds sold at 103 for the first three interest payments. Prepare amortization table for issuance of the bonds sold at 97 for the first three interest payments.

Sheridan Inc. issues $5,000,000, 5-year, 10% bonds at 101, with interest payable annually on January 1. The straight-line method is used to amortize bond premium. a) Prepare the journal entry to record the sale of these bonds on January 1, 2022 b)

3.  On July 1, 2018, Volunteer Inc. issued bonds with a $500,000 face value at 108.0 and the 5-year bonds have a 10% interest rate in a market with a rate of 8%. Interest is payable semi-annually and the effective-interest method is used for amortization. Prepare journal entries for the following transactions. Premium on Bonds Payable Interest Income Discount on Bonds Payable Interest Expense Cash Bonds Payable PLEASE NOTE: For each of the following journal entries there is one account's treatment (DR or CR), that depends on whether it is a bond issued at a premium or a discount. You are to identify if it is a DR or a CR. You must enter the account names exactly as written above and all dollar amounts will be rounded to whole dollars with "$" and commas as needed (i.e. $12,345). July 1, 2018: to record issuing the bonds   DR     DR/CR ?                         CR       Dec. 31, 2018: to record the amortization & payment of interest to bondholders:   DR…

RR

Seaview Company issued $200,000 of 15-year, 9% callable bonds payable on July 31, 2025, at 97. On July 31, 2028, Seaview Company called the bonds at 101. Assume annual interest payments. Requirements 1. Without making journal entries, compute the carrying amount of the bonds payable at July 31, 2028. 2. Assume all amortization has been recorded properly. Journalize the retirement of the bonds on July 31, 2028. No explanation is required. Requirement 1. Without making journal entries, compute the carrying amount of the bonds payable at July 31, 2028. (Assume bonds payable are amortized using the straight-line amortization method.) First, complete the sentences below. The carrying amount of the bonds payable at issuance (July 31, 2025) is issuance amounts to $ 6,000 $ 194,000. The discount on the bonds at The carrying amount of the bonds payable at July 31, 2028 is $ 195,200 Requirement 2. Assume all amortization has been recorded properly. Journalize the retirement of the bonds on July…

Cullumber Company sold $2,000,000, 4%, 10-year bonds on January 1, 2022. The bonds were dated January 1 and pay interest annually on January 1. Cullumber Company uses the straight-line method to amortize bond premium or discount. The bonds were sold at 101.   (c)     Prepare the journal entries for interest and the amortization of the premium in 2022 and 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2022 enter an account title for the journal entry on december 31, 2022 enter a debit amount enter a credit amount   enter an account title for the journal entry on december 31, 2022 enter a debit amount enter a credit amount   enter an account title for the journal entry on december 31, 2022 enter a debit amount enter a credit amount…

Denger

Ellis Company issues 8.0%, five-year bonds dated January 1, 2021, with a $530,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $540,871. The annual market rate is 7.5% on the issue date. Required: 1. Compute the total bond interest expense over the bonds' life. 2. Prepare an effective interest amortization table for the bonds' life. 3. Prepare the journal entries to record the first two interest payments.  Please need answer for all with working please answer do not waste time or question by holding attempt if you can otherwise skip

Pharoah Electric sold $5,400,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and paid interest annually on January 1. The bonds were sold at 98. (a) Prepare the journal entry to record the issuance of the bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1, 2022 eTextbook and Media List of Accounts Debit Credit

On January 1, 2020, Joe Construction issued $350,000, 3-year bonds for $320,000. The stated rateof interest was 7% and interest is paid annually on December 31.1. Calculate the amount of discount that will be amortized each period. Discount/period:2. Calculate the amount of interest expense for each period.Interest/period:3. Complete the amortization table below for Joe Constructions bonds.  Joe ConstructionAmortization for BondsPeriod Cash Payment (credit)Interest Expense(debit)Discount onBondsPayable(Credit)Discount onBondsPayableBalance Book ValueAt issue $ - $ - $ - $ 320,00012/31/202012/31/202112/31/2022