Concord Corporation sold $2,300,000, 5%, 10-year bonds on January 1, 2022. The bonds were dated January 1 and pay interest annually on January 1. Concord Corporation uses the straight-line method to amortize bond premium or discount. The bonds were sold at 102. (a) Your answer is correct. 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. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1, Cash 2,346,000 2022 Bonds Payable 2,300,000 Premium on Bonds Payable 46000
Concord Corporation sold $2,300,000, 5%, 10-year bonds on January 1, 2022. The bonds were dated January 1 and pay interest annually on January 1. Concord Corporation uses the straight-line method to amortize bond premium or discount. The bonds were sold at 102. (a) Your answer is correct. 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. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1, Cash 2,346,000 2022 Bonds Payable 2,300,000 Premium on Bonds Payable 46000
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 5PA: Volunteer Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July...
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Transcribed Image Text:Concord Corporation sold $2,300,000, 5%, 10-year bonds on January 1, 2022. The bonds were dated January 1 and pay interest
annually on January 1. Concord Corporation uses the straight-line method to amortize bond premium or discount. The bonds were
sold at 102.
(a)
Your answer is correct.
Prepare the journal entry to record the issuance of the bonds on January 1, 2022. (Credit account titles are automatically indented
when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the
amounts.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1,
Cash
2,346,000
2022
Bonds Payable
2,300,000
Premium on Bonds Payable
46000
Transcribed Image Text:Show the balance sheet presentation of the bond liability at December 31, 2023. (Enter account name only and do not provide
descriptive information.)
Concord Corporation
Balance Sheet
For the Year Ended December 31, 2023
2$
2$
$
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