On January 1, 2027, Sunrise Corporation issued $4,000,000, 8%, 5-year bonds dated January 1, 2027, at 95. The bonds pay annual interest on January 1. The company uses the straight-line method of amortization and has a calendar year-end. Prepare all the journal entries that Sunrise Corporation would make related to this bond issue through January 1, 2028. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
On January 1, 2027, Sunrise Corporation issued $4,000,000, 8%, 5-year bonds dated January 1, 2027, at 95. The bonds pay annual interest on January 1. The company uses the straight-line method of amortization and has a calendar year-end. Prepare all the journal entries that Sunrise Corporation would make related to this bond issue through January 1, 2028. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 1, 2027, Sunrise Corporation issued $4,000,000, 8%, 5-year bonds dated January 1, 2027, at 95. The bonds pay annual
interest on January 1. The company uses the straight-line method of amortization and has a calendar year-end.
Prepare all the journal entries that Sunrise Corporation would make related to this bond issue through January 1, 2028. (Credit account
titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account
titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)
Date
Account Titles and Explanation
Debit
Credit
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