ASSIGNMENT Chapter 10 HomeworkProblem 10-3A (Part Level Submission) a Exercise 1

Question

ASSIGNMENT Chapter 10 HomeworkProblem 10-3A (Part Level Submission) a Exercise 10-1 On May 1, 2017, Herron Corp. issued $630,000, 796, 5-year bonds at face value. The bonds were dated May 1, 2017, and pay interest annually on May 1. Financial statements are prepared annually on December 31 Exercise 101 ?Exercise 10.10 (Part roblem 10-3 Review Score Review Results by Study Objective Your answer is correct Mobile Site Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Date Account Titles and Explanation Debit Credit May 1, 2017 Cash Bonds Payable 630000

Explanation / Answer

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Date Account titles and explanation Debit Credit Jan 1, 2019 Bonds payable $        630,000 Loss on bond redemption $          12,600 Difference Cash $        642,600 (630000 x 102%) (To record redemption of bonds)

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