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Cullumber Company issued $1,840,000 of bonds on January 1, 2022. (a) Prepare the journal entry to record the issuance of the bonds if they are issued at (1) 100, (2) 98, and (3) 105. (Credit account titles are automatically indented when amount is entered. Do not indent manually)

Cullumber Company issued $1,840,000 of bonds on January 1, 2022. (a) Prepare the journal entry to record the issuance of the bonds if they are issued at (1) 100, (2) 98, and (3) 105. (Credit account titles are automatically indented when amount is entered. Do not indent manually)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please answer question completely. This is one question with multiple parts please answer each part correctly and completely
Cullumber Company issued $1,840,000 of bonds on January 1, 2022. (a) Prepare the journal entry to record the issuance of the bonds if they are issued at (1) 100, (2) 98, and (3) 105. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) (2) (3) (b) Prepare the journal entry to record the redemption of the bonds at maturity, assuming the bonds were issued at 100. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (c) Prepare the journal entry to record the redemption of the bonds before maturity at 98. Assume the balance in Premium on Bonds Payable is $9,500. (Credit account titles are automatically Indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit
Transcribed Image Text:Cullumber Company issued $1,840,000 of bonds on January 1, 2022. (a) Prepare the journal entry to record the issuance of the bonds if they are issued at (1) 100, (2) 98, and (3) 105. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) (2) (3) (b) Prepare the journal entry to record the redemption of the bonds at maturity, assuming the bonds were issued at 100. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (c) Prepare the journal entry to record the redemption of the bonds before maturity at 98. Assume the balance in Premium on Bonds Payable is $9,500. (Credit account titles are automatically Indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit
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