Bramble Corp. sold $3,730,000, 7%, 5-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. Bramble Corp. uses the straight-line method to amortize bond premium or discount. (a) Your Answer Correct Answer (Used) Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 102. (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.)
Bramble Corp. sold $3,730,000, 7%, 5-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. Bramble Corp. uses the straight-line method to amortize bond premium or discount. (a) Your Answer Correct Answer (Used) Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 102. (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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
I need part B done please and thank you.
Transcribed Image Text:(b)
Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that
the bonds sold at 97. (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, 2022
>
Transcribed Image Text:Bramble Corp. sold $3,730,000, 7%, 5-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on
January 1. Bramble Corp. uses the straight-line method to amortize bond premium or discount.
(a)
Your Answer
Correct Answer (Used)
Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that
the bonds sold at 102. (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
1, 2022
Cash
3,804,600
Premium on Bonds Payable
74,600
Bonds Payable
3,730,000
- 31, 2022
Interest Expense
246,180
Premium on Bonds Payable
14,920
Interest Payable
261,100
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