only need help on the one i did wrong. (b) it's not 12592 ...

70.2K

Verified Solution

Question

Accounting

only need help on the one i did wrong. (b) it's not 12592
image
image
image
On January 1,2025 , Sheridan Corporation issued $2,219,000 face value, 7%,10 year bonds for proceeds of $2,561,691. This price resulted in an effective-interest rate of 5% on the bonds. The bonds pay annual interest, each January 1 and Sheridan has a calendir yearend. (a) Prepare the journal entry to record the issue of the bonds on January 1,2025. (Credit occount tities are cutomatically indented when the amount is entered, Do bot indent manualiy. If no entry is required, select "No Entry" for the account tidies and enter O for the amounts List debit entry before credit entry Prepare an amortization tabile through December 31,2028 (three interest periods) for this bond issue. Your answer is partially correct. Prepare an amortization table through December 31,2028 (three interest periods) for this bond issue. SHERIDAN CORPORATION Bond Premium Amortization Effective-Interest Method - Annual Interest Payments 7% Bonds Issued at 5% \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline & \begin{tabular}{l} SHERID \\ Bond Pre \\ the-Interest Met \\ 7% Bor \end{tabular} & , & \begin{tabular}{l} RAnIoN \\ ortization \\ tal Interest Payme \\ at 5% \end{tabular} & & & & \\ \hline & \begin{tabular}{l} Interest \\ Expense \end{tabular} & & \begin{tabular}{l} Premium \\ Amortization \end{tabular} & & \begin{tabular}{l} Unamortized \\ Premium \end{tabular} & & \begin{tabular}{l} Bond \\ Carrying Amount \end{tabular} \\ \hline & & & & $ & 342691 & 5 & 25616 \\ \hline 5 & 126065 & $ & 27245 & & 315446 & & 25344 \\ \hline & 126722 & & 28606 & & 285838 & & 25058 \\ \hline & 12592 & & 30038 & & 256800 & & 24758 \\ \hline \end{tabular} eTextbook and Media Assistance Used

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students