Sunland Corporation issued 3,800, 9%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1.
Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Janaury 1, 2020
Prepare the adjusting journal entry on December 31, 2020, to record interest expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
December 31, 2020
Prepare the journal entry on January 1, 2021, to record interest paid. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
January 1, 2021
Answer & Explanation
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