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In each of the following independent cases the company closes its books on December 31 1. Sandford Co sells bonds on March 1, 2017. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2020. Pertinent information follows: Par value of the bonds Stated interest rate Bond yield rate $ 500,000 10% 12% Give the entries through December 31, 2018 2. Titania Co. sells bonds on June 1. 2017. The bonds pay interest on December 1 and June 1. The due date of the bonds is June 1, 2021. On October 1, 2018, Titania buys back a portion of the bonds. Additional information follows: $ 400,000 12% Par value of the bonds issued Stated interest rate Bond yield rate Face amount of bonds bought back Amount paid to buy back bonds including interest 10% $ 120,000 $ 126,000 Give the entries through December 1, 2019 Note: Excel uses more decimal places than used in the solutions provided by the author. As such, the answers shown below will differ slightly from those in the solutions manual due to rounding and significant digits. Instructions: For the two cases prepare all of the relevant journal entries from the time of sale until the date indicated. Use the effective interest method for discount and premium amortization (construct amortization tables where applicable). Amortize premium or discount on interest dates and at Year-end. (Assume that no reversing entries were made.) Sanford Co. Calculation of issue price and discount using Excel's PV function: Schedule of Bond Discount Amortization Effective Interest Method 10% Bonds Sold to Yield 12% 1 Cash Interest | Bond Date III 11 | Debit Credit 3/1/17 9/1/17 12/31/17 3/1/18 9/1/18 12/31/18 Titania Co. Calculation of issue price and discount using Excel's PV function: Schedule of Bond Premium Amortization Effective Interest Method 12% Bonds Sold to Yield 10% 1 Cash Interest | Bond Date Carrying Debit Credit Calculation of gain on redemption 10 V18 12118 12/31/18 6/1/19 12119