BONDS ISSUED AT A PREMIUM Wang Corporation issued the following bonds at a premium:
Date of issue and sale: â€¦â€¦â€¦.March 1, 20-1
Principal amount: â€¦â€¦â€¦â€¦â€¦..$250,000
Sale price of bonds: â€¦â€¦â€¦â€¦…103
Denomination of bonds: â€¦â€¦â€¦$500
Life of bonds: â€¦â€¦â€¦â€¦â€¦â€¦â€¦20 years
Stated rate: â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦8%, payable semiannually on August
â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦31 and February 28
1. Prepare journal entries for:
(a) Issuance of the bonds at a premium.
(b) Interest payment and premium amortization on the bonds on August 31, 20-1.
(c) Year-end adjustment on the bonds for 20-1.
(d) Reversing entry for the beginning of 20-2.
(e) Interest payments and premium amortization on the bonds for 20-2
(February 28 and August 31).
2. Calculate the carrying value of the bonds on August 31, 20-2. Get FInance Help Today
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