View Policies Current Attempt in Progress Sunland Company issued $504,000, 8%, 30-year bonds on January 1, 2025, at 102. Interest is payable annually on January 1. Sunland uses straight-line amortization for bond premium or discount. Prepare the journal entries to record the following events. (List all debit entries before credit entries. Credit account titles are automatically indented when 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.) (a) (b) (c) (d) The issuance of the bonds. The accrual of interest and the premium amortization on December 31, 2025. The payment of interest on January 1, 2026. The redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded.
View Policies Current Attempt in Progress Sunland Company issued $504,000, 8%, 30-year bonds on January 1, 2025, at 102. Interest is payable annually on January 1. Sunland uses straight-line amortization for bond premium or discount. Prepare the journal entries to record the following events. (List all debit entries before credit entries. Credit account titles are automatically indented when 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.) (a) (b) (c) (d) The issuance of the bonds. The accrual of interest and the premium amortization on December 31, 2025. The payment of interest on January 1, 2026. The redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:View Policies
Current Attempt in Progress
Sunland Company issued $504,000, 8%, 30-year bonds on January 1, 2025, at 102. Interest is payable annually on January 1. Sunland
uses straight-line amortization for bond premium or discount.
Prepare the journal entries to record the following events. (List all debit entries before credit entries. Credit account titles are
automatically indented when 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.)
(a)
(b)
(c)
(d)
The issuance of the bonds.
The accrual of interest and the premium amortization on December 31, 2025.
The payment of interest on January 1, 2026.
The redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded.
Transcribed Image Text:2
d)
Date
Account Titles and Explanation
I
4
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