Required information

Exercise $10-6$A $($Algo$)$ Two accounting cycles for bonds issued at face value LO $10-3$

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Doyle Company issued $$490,000$ of $10-$year, $9$ percent bonds on January $1,$ Year $2.$ The bonds were issued at face value. Interest is payable in cash on December $31$ of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $$55,000$ of cash revenue, which was collected on December $31$ of each year, beginning December $31,$ Year $2.$

Exercise $10-6$A $($Algo$)$ Part a

Required

a$.$ Organize the transaction data in accounts under the accounting equation for Year $2$ and Year $3.$

Note: Enter any decreases to account balances with a minus sign. If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells will require entry.

$\backslash$table$[[$DOYLE COMPANY$],[$Effect of Events on the Accounting Equation$],[$Year $2$ and Year $3],[$Event$,$Assets,$=\frac{\text{L}\text{i}\text{a}\text{b}\text{i}\text{l}\text{i}\text{t}\text{i}\text{e}\text{s}}{\{\begin{array}{ccc}\text{:}[& \text{B}\text{o}\text{n}\text{d}\text{s}& ]\\ & \text{P}\text{a}\text{y}\text{a}\text{b}\text{l}\text{e}& \end{array}},+,$Stockholders$*$ Equity,Account Titles for Retained Earnings$],[$Cash$,+,$Land,Retained Earnings$],[$Year $2],[1/1,,+,,=,,+,,],[1/1,,+,,=,,+,,],[12/31,,+,,=,,+,,]]$