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On May 1, 2027, Sunland Corp. issued $670,000, 12%, 5-year bonds at face value. The bonds were dated May 1, 2027, and pay interest annually on May 1. Financial statements are prepared annually on December 31. (a) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation May 1, 2027 eTextbook and Media List of Accounts Save for Later Debit Credit (b) Prepare the adjusting entry to record the accrual of interest on December 31, 2027. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31, 2027 Debit Credit Show the balance sheet presentation on December 31, 2027. (Enter account name only and do not provide descriptive information.) Sunland Corp. Balance Sheet (Partial) eTextbook and Medla List of Accounts Save for Later $ $ (d) Prepare the journal entry to record payment of interest on May 1, 2028. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit en Date Account Titles and Explanation May 1, 2028 Debit Credit

On May 1, 2027, Sunland Corp. issued $670,000, 12%, 5-year bonds at face value. The bonds were dated May 1, 2027, and pay interest annually on May 1. Financial statements are prepared annually on December 31. (a) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation May 1, 2027 eTextbook and Media List of Accounts Save for Later Debit Credit (b) Prepare the adjusting entry to record the accrual of interest on December 31, 2027. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31, 2027 Debit Credit Show the balance sheet presentation on December 31, 2027. (Enter account name only and do not provide descriptive information.) Sunland Corp. Balance Sheet (Partial) eTextbook and Medla List of Accounts Save for Later $ $ (d) Prepare the journal entry to record payment of interest on May 1, 2028. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit en Date Account Titles and Explanation May 1, 2028 Debit Credit

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 7EA: On Jan. 1, Year 1, Foxcroft Inc. issued 100 bonds with a face value of $1,000 for $104,000. The...
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On May 1, 2027, Sunland Corp. issued $670,000, 12%, 5-year bonds at face value. The bonds were dated May 1, 2027, and pay interest annually on May 1. Financial statements are prepared annually on December 31. (a) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation May 1, 2027 eTextbook and Media List of Accounts Save for Later Debit Credit (b) Prepare the adjusting entry to record the accrual of interest on December 31, 2027. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31, 2027 Debit Credit
Transcribed Image Text:On May 1, 2027, Sunland Corp. issued $670,000, 12%, 5-year bonds at face value. The bonds were dated May 1, 2027, and pay interest annually on May 1. Financial statements are prepared annually on December 31. (a) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation May 1, 2027 eTextbook and Media List of Accounts Save for Later Debit Credit (b) Prepare the adjusting entry to record the accrual of interest on December 31, 2027. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31, 2027 Debit Credit
Show the balance sheet presentation on December 31, 2027. (Enter account name only and do not provide descriptive information.) Sunland Corp. Balance Sheet (Partial) eTextbook and Medla List of Accounts Save for Later $ $ (d) Prepare the journal entry to record payment of interest on May 1, 2028. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit en Date Account Titles and Explanation May 1, 2028 Debit Credit
Transcribed Image Text:Show the balance sheet presentation on December 31, 2027. (Enter account name only and do not provide descriptive information.) Sunland Corp. Balance Sheet (Partial) eTextbook and Medla List of Accounts Save for Later $ $ (d) Prepare the journal entry to record payment of interest on May 1, 2028. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit en Date Account Titles and Explanation May 1, 2028 Debit Credit
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