Wempe Co. sold $3,367,000, 8%, 10-year bonds on January 1, 2014

August 10th, 2017 by

P10-9A Wempe Co. sold $3,367,000, 8%, 10-year bonds on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually. Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1) 105 and (2) 96. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. 1/1/14 2. 1/1/14 Prepare amortization tables for issuance of the bonds sold at 105 for the first three interest payments. Annual Interest Periods Interest to Be Paid Interest Expense to Be Recorded Premium Amortization Unamortized Premium Bond Carrying Value Issue date 1 2 3 Prepare amortization tables for issuance of the bonds sold at 96 for the first three interest payments. Annual Interest Periods Interest to Be Paid Interest Expense to Be Recorded Premium Amortization Unamortized Premium Bond Carrying Value Issue date 1 2 3 .gif” alt=”mhtml:file://C:UsersLenovoDownloadsPrint%20Assignment%20Assignment%20Week%203%20Assignment%20false_uni%20(3).mht!http://edugen.wiley.com/edugen/art2/common/pixel.gif”> Prepare the journal entries to record interest expense for 2014 under both of the bond issuances assuming they sold at: (1) 105 and (2) 96. (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 2. 12/31/14 Show the long-term liabilities balance sheet presentation for issuance of the bonds sold at 105 at December 31, 2014. WEMPE Co. Balance Sheet (Partial) December 31, 2014 Show the long-term liabilities balance sheet presentation for issuance of the bonds sold at 96 at December 31, 2014. WEMPE Co. Balance Sheet (Partial) December 31, 2014

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