Kingbind, Inc. issues $4.1 million, 10-year. 9% bonds at 102, with interest payable on January 1. The straight-line method is used to amortize bond premium Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Tities and Explanation Can Debit 369000 Credit 4100000
Kingbind, Inc. issues $4.1 million, 10-year. 9% bonds at 102, with interest payable on January 1. The straight-line method is used to amortize bond premium Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Tities and Explanation Can Debit 369000 Credit 4100000
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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![Kingbird, Inc. issues $4.1 million, 10-year. 9% bonds at 102, with interest payable on January 1. The straight-line method is used to
amortize bond premium
(a)
Your answer is partially correct
Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented
when amount is entered. Do not indent manually)
Date Account Tities and Explanation
Jan 1
Cash
Premium on Bonds Payable
Bons Payable
Debit
369000
82000
Credit
4100000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb1c9343a-63f8-4b62-b84f-b96412d8241c%2F771fb784-6b38-49b5-bef9-9543e45491e7%2Fesmzcmk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Kingbird, Inc. issues $4.1 million, 10-year. 9% bonds at 102, with interest payable on January 1. The straight-line method is used to
amortize bond premium
(a)
Your answer is partially correct
Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented
when amount is entered. Do not indent manually)
Date Account Tities and Explanation
Jan 1
Cash
Premium on Bonds Payable
Bons Payable
Debit
369000
82000
Credit
4100000
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