CALCULATOR FULL SCREEN PRINTE Brief Exercise 14-4 The Marin Company issued S 310

Question

CALCULATOR FULL SCREEN PRINTE Brief Exercise 14-4 The Marin Company issued S 310,000 of 10% bonds on January 1, 2017. The bonds are due January 1, 2022·with interest payable each My and laruary 1. The bonds were ssuedat Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Marin Company records straight-line amortization semiannually. (3 no entry is required, select tities and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually, Round intermediate calculations to 6 and final answer to 0 decimal places, e.g. 38,548.) No. DateAccount Titles and Explanation Debit Credit (a) January 1, 2017 (b) July 1, 2017 (c) December 31, 2017 Click if you would like to Show Work for this question: Open Show Work | SX 2000-2017JohnwileyASens.nc. All Rights Reserved. A Division cf 1 Google Chrome

Explanation / Answer

Jan-01 Cash 322400      Bonds payable 310000      Premium on Bonds payable 12400 Jul-01 Interest expense 14260 Premium on Bonds payable 1240 =12400/10        Cash 15500 =310000*5% Dec-31 Interest expense 14260 Premium on Bonds payable 1240        Interest payable 15500

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