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  3. on february 1, 2018, sanford & son issued 12%

On February 1, 2018, Sanford & Son issued 12% bonds dated February 1, 2018, with...

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Accounting

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On February 1, 2018, Sanford & Son issued 12% bonds dated February 1, 2018, with a face amount of $150,000. The bonds sold for $175,740 and mature in 20 years. The effective interest rate for these bonds was 10% Interest is paid semiannually on July 31 and January 31. Sanford&Son's fiscal year is the calendar year Required: 1. Prepare the journal entry to record the bond issuance on February 1, 2018. 2 Prepare the entry to record interest on July 31, 2018, using the straight-line method. 3. Prepare the necessary journal entry on December 31, 2018 4. Prepare the necessary journal entry on January 31, 2019 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the journal entry to record the bond issuance on February 1, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round final answers to the nearest whole dollar.) View transaction list

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