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Question 2 of 6 0.67/1 E View Policies Show Attempt History Current Attempt In Progress On January 1, 2021, Sunland Corp, issued five-year bonds with a face value of $420,000 and a coupon interest rate of 6%, with Interest payable semi-annually. Assume that the company has a December 31 year end and records adjusting entries annually. Click here to view factor tables (a) Your Answer Correct Answer Your answer is correct Record the journal entries relating to the bonds on January 1, July 1, and December 31, assuming that when the bonds were sold, the market interest rate was 5. Credit account titles are automatically indented when the amount is entered. Do not indent morally List oldebit entries before credit entries. Round answers to decimal places, 3. 5.275) Date Account Titles and Explanation Debit 43830 Credit N1 1640 10960 Dec 1881 10119 List of Accounts Attempts: 1 of 3 used (c) Record the journal entries relating to the bonds on January 1, July 1, and December 31, assuming that when the bonds were sold, the market interest rate was 7%. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Round answers to decimal places, eg. 5,275) Date Account Titles and Explanation Debit Credit Jan. 1 Cash v Bonds Payable July 1 v Interest Expense I Cash Bonds Payable Dec 31 Interest Expense Interest Payable Bonds Payable eTextbook and Media Assistance Used List of Accounts Assistance Used Save for later Last saved 1 minute ago. Saved work will be auto-submitted on the due date. Attempts: 0 of 3 used Submit

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