Wong corporation sold 2534000 7 5-year bonds on january 1, Ask an Expert

Accounting

Wong Corporation sold $2,534,000, 7%, 5-year bonds on January 1, 2012. The bonds were dated January 1, 2012, and pay interest on January 1. Wong Corporation uses the straight-line method to amortize bond premium or discount.

(a) Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2012, assuming that the bonds sold at 104.

(b) Prepare journal entries to record the issuance of the bonds and bond interest expense for 2012, assuming that the bonds sold at 99

c) (2) Show the balance sheet presentation for the bond issue at December 31, 2012, using the 99 selling price.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9950070

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