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Love Corporation sold $2,050,000, 6%, 10-year bonds on January 1, 2010. The bonds were dated January 1, 2010, and pay interest on January 1. Love Corporation uses the straight-line method to amortize bond premium or discount.

Prepare journal entries as in the question above assuming that the bonds sold at 98. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

Show the balance sheet presentation for the bond issue at December 31, 2010, using (1) the 102 selling price, and then (2) the 98 selling price. (Current liabilities and long term liabilities)

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M9976114

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