Whispering Winds Corp. sold $5,900,000, 11%, 15-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest each December 31. The bonds were sold at 98. (a) Your answer is partially correct. Prepare the journal entry to record the issuance of the bonds on January 1, 2022. (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 O for the

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Show the balance sheet presentation of the bond liability at December 31,.
descriptive information.)
Concord Corporation
Balance Sheet
For the Year Ended December 31, 2023
24
24
$4
>
Transcribed Image Text:Show the balance sheet presentation of the bond liability at December 31,. descriptive information.) Concord Corporation Balance Sheet For the Year Ended December 31, 2023 24 24 $4 >
Whispering Winds Corp. sold $5,900,000, 11%, 15-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay
interest each December 31. The bonds were sold at 98.
(a)
Your answer is partially correct.
Prepare the journal entry to record the issuance of the bonds on January 1, 2022. (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 O for the
amounts.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1,
Cash
5,841,584
2022
Premium on Bonds Payable
58,416
Bonds Payable
5,900,000
Transcribed Image Text:Whispering Winds Corp. sold $5,900,000, 11%, 15-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest each December 31. The bonds were sold at 98. (a) Your answer is partially correct. Prepare the journal entry to record the issuance of the bonds on January 1, 2022. (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 O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1, Cash 5,841,584 2022 Premium on Bonds Payable 58,416 Bonds Payable 5,900,000
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