Nash Co. sells $534,000 of 8% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2023. The bonds yield 12%. Give entries through December 31, 2021. Prepare a bond amortization schedule using the effective - interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year-end. ( Round answers to 0 decimal places, e.g. 38,548.) Prepare all of the relevant journal entries from the time of sale until December 31, 2021. (Assume that no reversing entries were made) (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to O decimal places eg. 58,971. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date 3/1/20 Account Titles and Explanation Debit Credit
Nash Co. sells $534,000 of 8% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2023. The bonds yield 12%. Give entries through December 31, 2021. Prepare a bond amortization schedule using the effective - interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year-end. ( Round answers to 0 decimal places, e.g. 38,548.) Prepare all of the relevant journal entries from the time of sale until December 31, 2021. (Assume that no reversing entries were made) (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to O decimal places eg. 58,971. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date 3/1/20 Account Titles and Explanation Debit Credit
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
ChapterMB: Model-building Problems
Section: Chapter Questions
Problem 13M
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Question
![Nash Co. sells $534,000 of 8% bonds on March 1, 2020. The bonds pay interest on September 1 and
March 1. The due date of the bonds is September 1, 2023. The bonds yield 12%. Give entries through
December 31, 2021. Prepare a bond amortization schedule using the effective - interest method for
discount and premium amortization. Amortize premium or discount on interest dates and at year-end. (
Round answers to 0 decimal places, e.g. 38,548.)
Prepare all of the relevant journal entries from the time of sale until December 31, 2021. (Assume that no reversing entries were
made) (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to O decimal places eg. 58,971. If
no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented
when amount is entered. Do not indent manually.)
Date
3/1/20
Account Titles and Explanation
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe42bec01-8450-4c40-93ec-d920dd74a350%2F823bbc5b-4389-4ca5-a41c-7fbff17db6a5%2Fuiz3ix_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Nash Co. sells $534,000 of 8% bonds on March 1, 2020. The bonds pay interest on September 1 and
March 1. The due date of the bonds is September 1, 2023. The bonds yield 12%. Give entries through
December 31, 2021. Prepare a bond amortization schedule using the effective - interest method for
discount and premium amortization. Amortize premium or discount on interest dates and at year-end. (
Round answers to 0 decimal places, e.g. 38,548.)
Prepare all of the relevant journal entries from the time of sale until December 31, 2021. (Assume that no reversing entries were
made) (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to O decimal places eg. 58,971. If
no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented
when amount is entered. Do not indent manually.)
Date
3/1/20
Account Titles and Explanation
Debit
Credit
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