The Ivanhoe Company issued $340,000 of 10% bonds on January 1, 2025. The bonds are due January 1, 2030, with interest payable each July 1 and January 1. The bonds were issued at 97. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Ivanhoe Company records straight-line amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date 11, 2025 1.2025 31, 2025 Account Titles and Explanation Cash Bonds Payable Premium on Bonds Payable Interest Expense Premium on Bonds Payable Cash Interest Expense Debit 329800 15480 1020 15480 Credit 340000 10200 16500

The Ivanhoe Company issued $340,000 of 10% bonds on January 1, 2025. The bonds are due January 1, 2030, with interest payable each July 1 and January 1. The bonds were issued at 97. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Ivanhoe Company records straight-line amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date 11, 2025 1.2025 31, 2025 Account Titles and Explanation Cash Bonds Payable Premium on Bonds Payable Interest Expense Premium on Bonds Payable Cash Interest Expense Debit 329800 15480 1020 15480 Credit 340000 10200 16500

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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