Credit account titles are automatically indented when amount

Assignment Help Financial Accounting

Reference no: EM13786659

Prophet Company issued $720,000, 9%, 30-year bonds on January 1, 2014, at 106. Interest is payable annually on January 1. Prophet uses straight-line amortization for bond premium or discount.

Prepare the journal entries to record the following events. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(a) The issuance of the bonds.

(b) The accrual of interest and the premium amortization on December 31, 2014.

(d) The redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded.

Reference no: EM13786659

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