Sandhill Electric sold $5,880,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January...

Transcribed Image Text:

Sandhill Electric sold $5,880,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and paid interest annually on January 1. The bonds were sold at 98. Prepare the journal entry to record the issuance of the bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Credit Debit Account Titles and Explanation Jan. 1, 2022 (b) At December 31, 2022, $11,760 of the Discount on Bonds Payable account has been amortized. Show the balance sheet presentation of the long-term liability at December 31, 2022. (Enter account name only and do not provide descriptive information.) Sandhill Electric Balance Sheet (Partial) (c) On January 1, 2024, when the carrying value of the bonds was $5,785,920, the company redeemed the bonds at 102. Record the redemption of the bonds assuming that interest for the period has already been paid. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2024 Sandhill Electric sold $5,880,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and paid interest annually on January 1. The bonds were sold at 98. Prepare the journal entry to record the issuance of the bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Credit Debit Account Titles and Explanation Jan. 1, 2022 (b) At December 31, 2022, $11,760 of the Discount on Bonds Payable account has been amortized. Show the balance sheet presentation of the long-term liability at December 31, 2022. (Enter account name only and do not provide descriptive information.) Sandhill Electric Balance Sheet (Partial) (c) On January 1, 2024, when the carrying value of the bonds was $5,785,920, the company redeemed the bonds at 102. Record the redemption of the bonds assuming that interest for the period has already been paid. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2024

Answer rating: 100% (QA)

a Date Jan 1 2022 Cash588000098 Account titles and explanati... View the full answer