Reference no: EM133077839
Question - On October 1, 2021, Sheffield Corp. issued $900,000, 9%, 10-year bonds at face value. The bonds were dated October 1, 2021, and pay interest annually on October 1. Financial statements are prepared annually on December 31.
Part 1: 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.)
Part 2: Prepare the adjusting entry to record the accrual of interest on December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Part 3: Show the balance sheet presentation of bonds payable and bond interest payable on December 31, 2021.
Part 4: Prepare the journal entry to record the payment of interest on October 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Part 5: Prepare the adjusting entry to record the accrual of interest on December 31, 2022.
Part 6: Assume that on January 1, 2023, Sheffield pays the accrued bond interest and calls the bonds. The call price is 102. Record the payment of interest and redemption of the bonds.
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