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Category > Business & Finance Posted 19 Aug 2017 My Price 8.00

Yung Corporation sold I $2,000,000 I 7% I 5 I-year bonds on January 1, 2014.

Yung Corporation sold I $2,000,000 I 7% I 5 I-year bonds on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on January 1. Yung Corporation uses the straight-line method to amortize bond premium or discount. Instructions: (a) Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2014, assuming that the bonds sold at 102 Jan 1 Cash 2,000,000 Bonds Payable 1,860,000 Premium on Bonds Payable 140,000 Dec 31 Account title Amount Account title Amount Account title AmountI (b) Prepare journal entries as in part (a) assuming that the bonds sold at J an 1 Account title Amount Account title Amount Account title AmountI Dec 31 Account title Amount Account title Amount Account title Amount (c) Show the balance sheet presentation for the bond issue at December 31, 2014, using (1) the 102 selljn .price Current Liabilities Account title I Amount L ong-term Liabilities I Account title Amount Account title Amount Formulal (2) the 97 selling rice. Current Liabilities Account title I Amount L ong-term Liabilities I Account title Amount Account title Amount Formulal 
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This question was created from ACC 281- Excel 10(1) https://www.coursehero.com/file/11176084/ACC-281-Excel-101/?focusQaId=10023766

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Martinakom
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Status NEW Posted 19 Aug 2017 11:08 AM My Price 8.00

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