Wildhorse Electric sold $5,160,000, 14%, 10-year bonds on January 1, 2020. The bonds were dated January 1, 2020, and paid interest on January 1. The bonds were sold at 97 1. Prepare the journal entry to record the issuance of the bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 enter an account title for the journal entry on January 1, 2020 enter a debit amount enter a credit amount enter an account title for the journal entry on January 1, 2020 enter a debit amount enter a credit amount enter an account title for the journal entry on January 1, 2020 enter a debit amount enter a credit amount 2.At December 31, 2020, $7,600 of the Discount on Bonds Payable account has been amortized. Show the balance sheet presentation of the long-term liability at December 31, 2020. (Enter account name only and do not provide descriptive information.) Wildhorse Electric Balance Sheet (Partial) choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Month Ended December 31, 2020 select an opening section name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity enter a balance sheet item $enter a dollar amount select between addition and deduction Add Less : enter a balance sheet item enter a dollar amount $enter a subtotal of the two previous amounts 3.On January 1, 2022, when the carrying value of the bonds was $5,020,400, the company redeemed the bonds at 101. Record the redemption of the bonds assuming that interest for the period has already been paid. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2022 enter an account title for the journal entry on January 1, 2022 enter a debit amount enter a credit amount enter an account title for the journal entry on January 1, 2022 enter a debit amount enter a credit amount enter an account title for the journal entry on January 1, 2022 enter a debit amount enter a credit amount enter an account title for the journal entry on January 1, 2022 enter a debit amount enter a credit amount

Wildhorse Electric sold $5,160,000, 14%, 10-year bonds on January 1, 2020. The bonds were dated January 1, 2020, and paid interest on January 1. The bonds were sold at 97 1. Prepare the journal entry to record the issuance of the bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 enter an account title for the journal entry on January 1, 2020 enter a debit amount enter a credit amount enter an account title for the journal entry on January 1, 2020 enter a debit amount enter a credit amount enter an account title for the journal entry on January 1, 2020 enter a debit amount enter a credit amount 2.At December 31, 2020, $7,600 of the Discount on Bonds Payable account has been amortized. Show the balance sheet presentation of the long-term liability at December 31, 2020. (Enter account name only and do not provide descriptive information.) Wildhorse Electric Balance Sheet (Partial) choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Month Ended December 31, 2020 select an opening section name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity enter a balance sheet item $enter a dollar amount select between addition and deduction Add Less : enter a balance sheet item enter a dollar amount $enter a subtotal of the two previous amounts 3.On January 1, 2022, when the carrying value of the bonds was $5,020,400, the company redeemed the bonds at 101. Record the redemption of the bonds assuming that interest for the period has already been paid. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2022 enter an account title for the journal entry on January 1, 2022 enter a debit amount enter a credit amount enter an account title for the journal entry on January 1, 2022 enter a debit amount enter a credit amount enter an account title for the journal entry on January 1, 2022 enter a debit amount enter a credit amount enter an account title for the journal entry on January 1, 2022 enter a debit amount enter a credit amount

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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Wildhorse Electric sold $5,160,000, 14%, 10-year bonds on January 1, 2020. The bonds were dated January 1, 2020, and paid interest on January 1. The bonds were sold at 97

1. Prepare the journal entry to record the issuance of the bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 1, 2020	enter an account title for the journal entry on January 1, 2020	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on January 1, 2020	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on January 1, 2020	enter a debit amount	enter a credit amount

2.At December 31, 2020, $7,600 of the Discount on Bonds Payable account has been amortized. Show the balance sheet presentation of the long-term liability at December 31, 2020. (Enter account name only and do not provide descriptive information.)

Wildhorse Electric Balance Sheet (Partial) choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Month Ended December 31, 2020
select an opening section name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity
enter a balance sheet item	$enter a dollar amount
select between addition and deduction Add Less : enter a balance sheet item	enter a dollar amount	$enter a subtotal of the two previous amounts

3.On January 1, 2022, when the carrying value of the bonds was $5,020,400, the company redeemed the bonds at 101. Record the redemption of the bonds assuming that interest for the period has already been paid. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 1, 2022	enter an account title for the journal entry on January 1, 2022	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on January 1, 2022	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on January 1, 2022	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on January 1, 2022	enter a debit amount	enter a credit amount

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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