Reference no: EM133158918
Question 1 - Present entries to record the selected transactions described below:
(a) Issued $3,250,000 of 10-year, 8% bonds at 97.
(b) Amortized bond discount for a full year, using the straight-line method.
(c) Called bonds at 98. The bonds were carried at $3,175,500 at the time of the redemption.
Question 2 - On January 1, 2011, Citrus Retail Co. issued a $500,000, 5 year, 8% installment note payable with payments of $100,000 principal plus interest due on January 1 of each year for the next 5 years.
1. Prepare the adjusting journal entry at December 31, 2011 to accrue interest for the year.
2. Show the account(s) and amount(s) and where it will appear on a multi-step income statement prepared on December 31, 2011.
3. Show the account(s) and amount(s) and where they will appear on a classified balance sheet prepared on December 31, 2011.
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