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Exercise 10-16A (Algo) Straight-line amortization for bonds issued at a discount LO 10-4 On January 1, Year 1, Price Company issued $321,000 of five-year, 7 percent bonds at 99. Interest is payable annually on December 31. The discount is amortized using the straight-line method. Required Prepare the journal entries to record the bond transactions for Year 1 and Year 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet i i No 1 NI 2 Im 3 Date Jan 01 Dec 31 Dec 31 General Journal Cash Discount on bonds payable Bonds payable Interest expense Discount on bonds payable Cash Interest expe Discount on bonds payable Cash Debit 321,000 3,210 Credit

Exercise 10-16A (Algo) Straight-line amortization for bonds issued at a discount LO 10-4 On January 1, Year 1, Price Company issued $321,000 of five-year, 7 percent bonds at 99. Interest is payable annually on December 31. The discount is amortized using the straight-line method. Required Prepare the journal entries to record the bond transactions for Year 1 and Year 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet i i No 1 NI 2 Im 3 Date Jan 01 Dec 31 Dec 31 General Journal Cash Discount on bonds payable Bonds payable Interest expense Discount on bonds payable Cash Interest expe Discount on bonds payable Cash Debit 321,000 3,210 Credit

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter11: Liabilities: Bonds Payable
Section: Chapter Questions
Problem 11.1BPR: Bond discount, entries for bonds payable transactions On July 1, Year 1, Livingston Corporation, a...
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Exercise 10-16A (Algo) Straight-line amortization for bonds issued at a discount LO 10-4 On January 1, Year 1, Price Company issued $321,000 of five-year, 7 percent bonds at 99. Interest is payable annually on December 31. The discount is amortized using the straight-line method. Required Prepare the journal entries to record the bond transactions for Year 1 and Year 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet i i No 1 NI 2 Im 3 Date Jan 01 Dec 31 Dec 31 General Journal Cash Discount on bonds payable Bonds payable Interest expense Discount on bonds payable Cash Interest expe Discount on bonds payable Cash Debit 321,000 3,210 Credit
Transcribed Image Text:Exercise 10-16A (Algo) Straight-line amortization for bonds issued at a discount LO 10-4 On January 1, Year 1, Price Company issued $321,000 of five-year, 7 percent bonds at 99. Interest is payable annually on December 31. The discount is amortized using the straight-line method. Required Prepare the journal entries to record the bond transactions for Year 1 and Year 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet i i No 1 NI 2 Im 3 Date Jan 01 Dec 31 Dec 31 General Journal Cash Discount on bonds payable Bonds payable Interest expense Discount on bonds payable Cash Interest expe Discount on bonds payable Cash Debit 321,000 3,210 Credit
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