1 answer

Sweet Corporation issued $470,000 of 7% bonds on November 1, 2020, for $499,520. The bonds were...

Question:



Sweet Corporation issued $470,000 of 7% bonds on November 1, 2020, for $499,520. The bonds were dated November 1, 2020, and m
Sweet Corporation issued $470,000 of 7% bonds on November 1, 2020, for $499,520. The bonds were dated November 1, 2020, and mature in 8 years, with interest payable each May 1 and November 1. Sweet uses the effective interest method with an effective rate of 6%. Prepare Sweet's December 31, 2020, adjusting entry. (Round intermediate calculations to 5 decimal places, eg. 1.25124 and final answers to 0 decimal places, eg. 38,548. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Answers

Ans:

Adjusting entry

Date

account titles and explanation

Debit

Credit

Dec 31,2020

Interest expense (499520*6%*2/12)

4995

Premium on bonds payable

488

Interest payable (470000*7%*2/12)

5483

.

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