On January 1, 2022, Bridgeport Company issued $1,300,000 face value, 7%, 10-year bonds at $1,395,675. This price resulted in a 6% effective-interest rate on the bonds. Bridgeport uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest on each January 1. Prepare the journal entries to record the following transactions. (Round answers to O decimal places, eg. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. The issuance of the bonds on January 1, 2022. 2. Accrual of interest and amortization of the premium on December 31, 2022. 3. The payment of interest on January 1, 2023. 4. Accrual of interest and amortization of the premium on December 31, 2023. No. Date Account Titles and Explanation Debit Credit Jan. 1, 1. Cash 1,395,675 2022 Bonds Payable 1,300, Premium on Bonds Payable 95 Dec. 31, 2. Interest Expense 83740.5 2022 Premium on Bonds Payable 7259.5 Interest Payable 91 Jan. 1, 3. Interest Payable 91000 2023 Cash 91 Dec. 31, 4. Interest Expense 2023 Premium on Bonds Payable n onE Interest Payable 91

On January 1, 2022, Bridgeport Company issued $1,300,000 face value, 7%, 10-year bonds at $1,395,675. This price resulted in a 6% effective-interest rate on the bonds. Bridgeport uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest on each January 1. Prepare the journal entries to record the following transactions. (Round answers to O decimal places, eg. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. The issuance of the bonds on January 1, 2022. 2. Accrual of interest and amortization of the premium on December 31, 2022. 3. The payment of interest on January 1, 2023. 4. Accrual of interest and amortization of the premium on December 31, 2023. No. Date Account Titles and Explanation Debit Credit Jan. 1, 1. Cash 1,395,675 2022 Bonds Payable 1,300, Premium on Bonds Payable 95 Dec. 31, 2. Interest Expense 83740.5 2022 Premium on Bonds Payable 7259.5 Interest Payable 91 Jan. 1, 3. Interest Payable 91000 2023 Cash 91 Dec. 31, 4. Interest Expense 2023 Premium on Bonds Payable n onE Interest Payable 91

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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