-acleExam 3 Review Answers Kimmel, Financial Accounting, Be Help I System Announ

Question

-acleExam 3 Review Answers Kimmel, Financial Accounting, Be Help I System Announcements gnment Brief Exercise 10-16 (Part Level Submission) Wildhorse Co. issues $3.10 million, 10-year, 6% bonds at 99, with interest payable on December 31. The straight-line method is used to amortize bond discount. (a) [2] Your answer is partially correct. Try again. Prepare the Journal entry to record the sale of these bonds on January 1, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation an. Cash Debit Credit LINK TO T Attempts: 3 of 3 used All Rights Reserved. A Division of 2ahn Wiley&Sons; os Version 4.24.2

Explanation / Answer

date Account titles and Explanations Debit Credit 1-Jan Cash (3.10*1,000,000*99%) 3069000 discount on bonds payable 31000 bonds payable 3100000 31-Dec interest expense 189100 discount on bonds payable (31000/10) 3100 cash (3.10*1000000*6%) 186000

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