Cullumber Company issued $530,000, 10-year, 4% bonds at 104. Prepare the journal

Question

Cullumber Company issued $530,000, 10-year, 4% bonds at 104. Prepare the journal entry to record the sale of these bonds on January 1, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Jan. 1 Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: APPLIED SKILLS VIDEO: SIMILAR EXERCISE Suppose the remaining Premium on Bonds Payable was $12,720 on December 31, 2020. Show the balance sheet presentation on this date. CULLUMBER COMPANY Balance Sheet (Partial)

Explanation / Answer

1-Jan Cash 551200 =530000*1.04        Bonds payable 530000        Premium on Bonds payable 21200 Balance Sheet (Partial) December 31,2020 Long-term liabilities: Bonds payable 530000 Add:Premium on Bonds payable 12720 542720

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