Problem
Wempe Co. sold $3,458,000, 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. Warning
Don't show me this message again for the assignment
Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1) 105 and (2) 98. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)