Problem 22-2a, 22-2a | Business & Finance homework help

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Bonds issued at a Premium
Carlisle Corp issued the following bonds at a premium
Date of issue and sale: April 1, 20-1
Principal amount: $540,000
Sale price of bonds 104
Denomination of bonds $1,000
Life of Bonds: 20 years
Stated rate: 10%, payable semiannually on September 30 and March 31

Prepare journal entries for:

a) Issuance of the bonds at a premium.
b) Interest payment and premium amortization on the bonds on September 30
c) Year-end adjustment on the bonds.

Date Account Title Debit Credit
a) Cash 561,600
Bonds Payable 540,000
Premium Bonds Payable 21,600

b) Bond Interest Expense 26,460
Premium on Bonds Payable 540
Cash 27,000

c) Bond Interest Expense
Premium on Bonds Payable
Bond Interest Payable

Bonds Issued at a Discount
Seattle Sales Corp issued the following bonds at a discount
Date of issue and sale April 1, 20-1
Principal Amount $600,000
Sale price of bonds: 98
Denomination of bonds: $1,000
Life of bonds: 10 years
Stated rate: 7%, payable semiannually on September 30 & March 31
Prepare journal entries for:

a). Issuance of the bonds at a discount
b) Interest payment and discount amortization on the bonds on September 30
c) Year-end adjustment on the bonds.

Date Account Title Debit Credit
a) Cash $588,000
Discount on Bonds payable 12,000
Bonds Payable 600,000

b) Bond interest expense 21,600
Discount on bonds payable 600
Cash 21,000

c) Bond Interest expense
Discount on bonds payable
Bond interest payable $10,500

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