Yung Corporation sold $2,385,000, 9%, 5-year bonds on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on January 1. Yung Corporation uses the straight-line method to amortize bond premium or discount.
A. Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2014, assuming that the bonds sold at 104. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Jan1
Dec31
B. Prepare journal entries to record the issuance of the bonds and bond interest expense for 2014, assuming that the bonds sold at 96. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Jan1
Dec31
C. (1) Show the balance sheet presentation for the bond issue at December 31, 2014, using the 104 selling price.
C (2) Show the balance sheet presentation for the bond issue at December 31, 2014, using the 96 selling price.
Yung Corporation sold $2,385,000, 9%, 5-year bonds on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on January 1. Yung Corporation uses the straight-line method to amortize bond premium or discount.
A. Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2014, assuming that the bonds sold at 104. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Jan1
Dec31
B. Prepare journal entries to record the issuance of the bonds and bond interest expense for 2014, assuming that the bonds sold at 96. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Jan1
Dec31
C. (1) Show the balance sheet presentation for the bond issue at December 31, 2014, using the 104 selling price.
C (2) Show the balance sheet presentation for the bond issue at December 31, 2014, using the 96 selling price.
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| Manilow Company issued $497,000, 7%, 20-year bonds on January 1, 2014, at 102. Interest is payable semiannually on July 1 and January 1. Manilow uses straight-line amortization for bond premium or discount. Prepare the journal entries to record the following. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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