Selected transactions on the books of Sheridan Corporation follow: May 1, 2023 Bonds payable with a par value of $720,000, dated January 1, 2023, are sold at 109 plus accrued interest. They are coupon bonds, bear interest at 11% (payable annually at January 1), and mature on January 1, 2033. (Use int exp as accrued) Dec. 31 Adjusting entries are made to record the accrued interest on the bonds and the amortization of the proper amount of premium (use the straight-line method) Jan. 1, 2024 Interest on the bonds is paid. April 1 Par value bonds of $360,000 are repurchased at 105 plus accrued interest and are retired. (Bond premium is to be amortized only at the year-end, Dec. 31 Adjusting entries are made to record the accrued interest on the bonds, and the proper amount of premium amortize (a) Assume that Sheridan follows ASPE. Prepare the journal entries for the transactions above. (Round answers to 0 decimal places
M 10
Selected transactions on the books of Sheridan Corporation follow:
May 1, 2023 Bonds payable with a par value of $720,000, dated January 1, 2023, are sold at 109 plus accrued interest.
They are coupon bonds, bear interest at 11% (payable annually at January 1), and mature on January 1, 2033. (Use int exp as accrued)
Dec. 31
Jan. 1, 2024
Interest on the bonds is paid.
April 1
Par
Dec. 31
Adjusting entries are made to record the accrued interest on the bonds, and the proper amount of premium amortize
(a) Assume that Sheridan follows ASPE. Prepare the
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