Exercise 8-10 Assume that the following are independent situations recently repo

Question

Exercise 8-10 Assume that the following are independent situations recently reported in the Wal Street Journa 1, General Electric (GE) 7% bonds, maturing January 28, 2018, were issued at 111.70 2. Boeing 7% bonds, maturing September 24, 2032, were issued at 98.85. Your answer is correct. Were GE and Bocing bonds issued at a prem um or a discount? The General Electric bonds were issued at a and the Boeing bonds were issued at a SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is incorrect. Try again. Prepare tabular summaries to record the issue of each of these two bonds, assuming each company issued $770,000 of bonds in total. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the partícular Asset, Liabllity or Equity item that was reduced.) GENERAL ELECTRIC Stockholders Retained Earnings Expense Cash Bonds P y. + Prem. on Bonds Pay. Common Stock Revenue Dividend BOEING Assets Stockholders Retained Earnings Expense Cash Bonds Pay. + Disc. on Bonds Pay. Common Stock + Revenue Dividend Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

General Electric

Boeing

Assets = Liabilities + Stockholders' Equity Retained Earnings Cash = Bonds Pay. + Prem. on Bonds Pay. + Common stock + Revenue - Expense - Dividend $860090 $770000 $90090

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