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On January 1, 2027, Sunrise Corporation issued $4,000,000, 8%, 5-year bonds dated January 1, 2027, at 95. The bonds pay annual interest on January 1. The company uses the straight-line method of amortization and has a calendar year-end. Prepare all the journal entries that Sunrise Corporation would make related to this bond issue through January 1, 2028. (Credit account titles are automatically indented when the 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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit

On January 1, 2027, Sunrise Corporation issued $4,000,000, 8%, 5-year bonds dated January 1, 2027, at 95. The bonds pay annual interest on January 1. The company uses the straight-line method of amortization and has a calendar year-end. Prepare all the journal entries that Sunrise Corporation would make related to this bond issue through January 1, 2028. (Credit account titles are automatically indented when the 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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 5PA: Volunteer Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July...
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On January 1, 2027, Sunrise Corporation issued $4,000,000, 8%, 5-year bonds dated January 1, 2027, at 95. The bonds pay annual interest on January 1. The company uses the straight-line method of amortization and has a calendar year-end. Prepare all the journal entries that Sunrise Corporation would make related to this bond issue through January 1, 2028. (Credit account titles are automatically indented when the 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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
Transcribed Image Text:On January 1, 2027, Sunrise Corporation issued $4,000,000, 8%, 5-year bonds dated January 1, 2027, at 95. The bonds pay annual interest on January 1. The company uses the straight-line method of amortization and has a calendar year-end. Prepare all the journal entries that Sunrise Corporation would make related to this bond issue through January 1, 2028. (Credit account titles are automatically indented when the 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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
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