Ee 413. On July 1, 2024, Sunland Corp. issued $3.94 million of 10-year, 5% bonds at $4,262,123. This price resulted in a 4% market interestrate on the bonds. The bonds pay semi-annual interest on July 1 and January 1, and Sunland has a December 31 year end.Record the issue of the bonds on July 1, 2024. (List debit entry before credit entry. Credit account titles are automatically indented whenthe 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.)DateJuly 1, 2024Account TitlesCashBonds PayableDebit4262123Credit3940000 Record the accrual of interest and the interest payments for the first three years of the bonds. But all debit entries before credit entries. Round answers to decimal places 5.275. Credit accounttitles are automatically indented when the amount is entered De net indent manually me entry is required, select "No Entry" for the account titles and enter 0 for the amounts Record journal entries in theorder presented in the problemDateAccount TitlesDebitCredit

The bonds are the financial instruments for the business. The bonds are issued to raise money from…

On July 1, 2024, Sunland Corp, issued $3.94 million of 10-year, 5% bonds at $4,262,123. This price resulted in a 4% market interest rate on the bonds. The bonds pay semi-annual interest on July 1 and January 1, and Sunland has a December 31 year end. Record the issue of the bonds on July 1, 2024. (List debit entry before credit entry. 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 0 for the amounts) Date July 1, 2024 Account Titles Cash Debit 4262123 Credit

On July 1, 2024, Sunland Corp, issued $3.94 million of 10-year, 5% bonds at $4,262,123. This price resulted in a 4% market interest rate on the bonds. The bonds pay semi-annual interest on July 1 and January 1, and Sunland has a December 31 year end. Record the issue of the bonds on July 1, 2024. (List debit entry before credit entry. 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 0 for the amounts) Date July 1, 2024 Account Titles Cash Debit 4262123 Credit

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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