Ss.116. Prepare journal entries to record the following transactions relating to long-term bonds of Wildhorse, Inc.(a)Your answer has been saved. See score details after the due date.On June 1, 2024, Wildhorse, Inc. issued $9,760,000, 6% bonds for $9,566,020, which includes accrued interest. Interest is payablesemiannually on February 1 and August 1 with the bonds maturing on February 1, 2034. The bonds are callable at 102. (Creditaccount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" forthe account titles and enter O for the amounts. List all debit entries before credit entries.)Account Titles and ExplanationCashDiscount on Bonds PayableBonds PayableInterest ExpenseeTextbook and MediaList of AccountsDebit9566020389180Credit9760000195200 1Your answer has been saved. See score details after the due date.On August 1, 2024, Wildhorse paid interest on the bonds and recorded amortization. Wildhorse uses straight-line amortization.(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "NoEntry for the account titles and enter O for the amounts. List all debit entries before credit entries.)DebitAccount Titles and ExplanationInterest ExpenseCashDiscount on Bonds PayableAccount Titles and ExplanationInterest ExpenseCashOn February 1, 2026, Wildhorse paid interest and recorded amortization on all of the bonds, and purchased $6,100,000 of thebonds at the call price. Assume that a reversing entry was made on January 1, 2026. (Credit account titles are automatically indentedwhen the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for theamounts. List all debit entries before credit entries.)Discount on Bonds Payable(To record interest and amortization on the bonds)Bonds PayableDiscount on Bonds PayableGain on Redemption of BondsCash299510(To record purchase of bonds)292800CreditDebit6710Credit

Bond is a financial instrument which can be used in raising the funds for large organization. It is…

On June 1, 2024, Wildhorse, Inc. issued $9,760,000, 6 % bonds for $9,566,020, which includes accrued interest. Interest is payable semiannually on February 1 and August 1 with the bonds maturing on February 1, 2034. The bonds are callable at 102. (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. List all debit entries before credit entries.)

On June 1, 2024, Wildhorse, Inc. issued $9,760,000, 6 % bonds for $9,566,020, which includes accrued interest. Interest is payable semiannually on February 1 and August 1 with the bonds maturing on February 1, 2034. The bonds are callable at 102. (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. List all debit entries before credit entries.)

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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