On January 1, 2019, Ellison Co. issued 3-year, 10%, $200,000 face value bonds. The bondswere issued at 95.0827 , the interest payable semiannually on July 1 and January 1. The bondswere sold to yield 12%. On July 1, 2020 The company retire 60% of the bonds at 102.a) Complete the following table:CashPaidCarryingamount ofInterestDiscountDateExpenseAmortizationbondsJanuary 1, 2019July 1, 2019January 1, 2020July 1, 2020January 1, 2021July 1, 2021January 1, 2022b) Journalize the required entries on the following datesJanuary 1, 2019July 1, 2019December 31, 2019 – adjusting entryJanuary 1, 2020July 1, 2020 The payment of interestJuly 1, 2020 the retirement of 60% of the bonds at 102December 31, 2020 – adjusting entry

Date Cash Amount Paid Interest Expense Amortization Premium Balance Amount…

On January 1, 2019, Ellison Co. issued 3-year, 10%, $200,000 face value bonds. The bonds were issued at 95.0827 , the interest payable semiannually on July 1 and January 1. The bonds were sold to yield 12%. On July 1, 2020 The company retire 60% of the bonds at 102.

On January 1, 2019, Ellison Co. issued 3-year, 10%, $200,000 face value bonds. The bonds were issued at 95.0827 , the interest payable semiannually on July 1 and January 1. The bonds were sold to yield 12%. On July 1, 2020 The company retire 60% of the bonds at 102.

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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