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Question
Wildhorse Electric sold $3,900,000, 8%, 10-year bonds on January 1, 2020. The bonds were dated January 1 and pay interest annually on January 1. Wildhorse Electric uses the straight-line method to amortize bond premium or discount. The bonds were sold at 102.
A. Prepare the journal entry to record the issuance of the bonds on January 1, 2020.
B. A bond premium amortization schedule for the first 4 interest periods.
Annual Interest Periods
Interest to Be Paid
Interest Expense to Be Recorded
Premium Amortization
Unamortized Premium
Bond Carrying Value
C. Prepare the journal entries for interest and the amortization of the premium in 2020 and 2021.
D. Show the balance sheet presentation of the bond liability at December 31, 2021.
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