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On May 1, 2020

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On May 1, 2020. Sunland Corp. issued $670,000, 12%, 5-year bonds at face value. The bonds were dated May 1, 2020, and pay interest annually on May 1. Financial statements are prepared annually on December 31 lal
Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Date May 1 2020 Debit Credit Cash 670000 Bonds Payable 670000
Your answer is correct Prepare the adjusting entry to record the accrual of interest on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to decimal places, eg. 5,675.) Date Account Titles and Explanation Debit Credit Dec. 31. Interest Expense 2020 53600 Interest Payable 53600
Your answer is correct. Show the balance sheet presentation on December 31, 2020. (Enter account name only and do not provide descriptive information. Round answers to decimal places, e.g. 5,675.) Sunland Corp. Balance Sheet (Partial) December 31, 2020 Current Liabilities Interest Payable 53600 Long-term Liabilities Bonds Payable $ 670000 eTextbook and Media List of Accounts Attempts: 1 of 3 ured
(d) Prepare the journal entry to record payment of interest on May 1, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to decimal places, eg. 5,675.) Date Account Titles and Explanation Debit Credit May 1 2021 e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer