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AC116 Unit 5 Lab Learning Activity
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Ivanhoe Company issued $430,000, 9%, 20-year bonds on January 1, 2022, at 102. Interest is payable annually on January 1. Ivanhoe uses straight-line amortization for
bond premium or discount.
(a)
Your answer is partially correct.
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
Jan. 1, 2022
Account Titles and Explanation
Debit
Credit
Cash
Bonds Payable
430,000
Premium on Bonds Payable
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List of Accounts
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AC116 Unit 5 Lab Learning Activity
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(b)
Your answer is incorrect.
Prepare the journal entry to record the accrual of interest and the premium amortization on December 31, 2022. (Credit account titles are automatically indented
when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31, 2022
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List of Accounts
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(c)
Prepare the journal entry to record the payment of interest on January 1, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent
manually.)
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Date
Titles and Explanation
AC116
UnitAccount
5 Lab Learning
Activity
Debit
Credit
Jan. 1, 2023
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(d)
Prepare the journal entry to record the redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded. (Credit
account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1, 2042
eTextbook and Media
List of Accounts
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NWP Assessment Player UI Application
AC116 Unit 5 Lab Learning Activity
Question 1 of 2
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AC116 Unit 5 Lab Learning Activity
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Current Attempt in Progress
Sandhill Company issued $690,000, 12%, 10-year bonds on December 31, 2021, for $620,000. Interest is payable annually on December 31. Sandhill Company uses the
straight-line method to amortize bond premium or discount.
(a)
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
Dec. 31, 2021
eTextbook and Media
List of Accounts
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Attempts: 0 of 5 used
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(b) AC116 Unit 5 Lab Learning Activity
Question
of journal
2
– / 5indented
Prepare2the
entry to record the payment of interest and the discount amortization on December 31, 2022. (Credit account titles are automatically
when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31, 2022
eTextbook and Media
List of Accounts
Save for Later
Attempts: 0 of 5 used
Submit Answer
(c)
Prepare the journal entry to record the redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded. (Credit
account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31, 2031
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AC116 Unitand
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