Still having a hard time with the red sections. If someone can help me figure out what I did wrong, if I can get the right interest expense to be recorded, the rest would be easy for me to figure out. Thank you in advance.

6/25/2016 Problem 109A Print by: RENE MORIARTY ACC/291 50157532 / Assignment: Week 3 Assignment *Problem 109A Wempe Co. sold $3,252,000, 8%, 10year bonds on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on January 1. The company uses straightline amortization on bond premiums and discounts. Financial statements are prepared annually. Your answer is correct. Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1) 104 and (2) 97. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation 1. 1/1/14 Cash Debit Credit 3,382,080 Bonds Payable 3,252,000 Premium on Bonds Payable 130,080 3,154,440 97,560 2. 1/1/14 Cash Discount on Bonds Payable Bonds Payable 3,252,000 Your answer is partially correct. Try again. Prepare amortization tables for issuance of the bonds sold at 104 for the first three interest payments. Annual Interest Periods Interest to Interest Expense Premium Unamortized Bond Be Paid to Be Recorded Amortization Premium Carrying Value Issue date $ $ $ $ 130,080 $ 3,382,080 1 260,160 247,152 13,008 117,072 3,369,072 2 260,160 247,152 13,008 104,064 3,356,064 3 260,160 247,152 13,008 91,056 3,343,056 Prepare amortization tables for issuance of the bonds sold at 97 for the first three interest payments. Annual Interest Interest to Periods Be Paid Issue $ date Interest Expense to Be Recorded Premium Unamortized Amortization Premium $ $ Bond Carrying Value $ 97,560 1 260,160 250,404 9,756 87,804 3,066,636 2 260,160 250,404 9,756 78,048 2,988,588 3 260,160 250,404 9,756 68,292 2,920,296 $ 3,154,440 Your answer is partially correct. Try again. Prepare the journal entries to record interest expense for 2014 under both of the bond issuances http://edugen.wiley.com/edugen/shared/assignment/test/qprint.uni 1/2 6/25/2016 Problem 109A assuming they sold at: (1) 104 and (2) 97. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. 12/31/14 Interest Expense Premium on Bonds Payable Interest Payable 2. 12/31/14 Interest Expense 247,152 13,008 260,160 250,404 Discount on Bonds Payable 9,756 Interest Payable 260,160 Your answer is correct. Show the longterm liabilities balance sheet presentation for issuance of the bonds sold at 104 at December 31, 2014. WEMPE Co. Balance Sheet (Partial) December 31, 2014 Longterm Liabilities $ 3,252,000 Bonds Payable Add : Premium on Bonds Payable 117,072 $ 3,369,072 Show the longterm liabilities balance sheet presentation for issuance of the bonds sold at 97 at December 31, 2014. WEMPE Co. Balance Sheet (Partial) December 31, 2014 Longterm Liabilities Bonds Payable Less : Discount on Bonds Payable $ 3,252,000 87,804 $ 3,164,196 Question Attempts: 2 of 3 used Copyright 20002016 by John Wiley & Sons, Inc. or related companies. All rights reserved. http://edugen.wiley.com/edugen/shared/assignment/test/qprint.uni 2/2