Problem 1: Sandhill Company issues $2,000,000, 10-year, 6% bonds at 94, with interest payable each January 1.
1. Prepare the journal entry to record the sale of these bonds on January 1, 2020
2. Assuming instead that the above bonds sold for 104, prepare the journal entry to record the sale of these bonds on January 1, 2020.
Problem 2: Pharoah Company has issued three different bonds during 2020. Interest is payable annually on each of these bonds.
1. On January 1, 2020, 1,300, 8%, 5-year, $1,000 bonds dated January 1, 2020, were issued at face value.
2. On July 1, $845,000, 9%, 5-year bonds dated July 1, 2020, were issued at 104.3.On September 1, $355,000, 7%, 5-year bonds dated September 1, 2020, were issued at 98.
Prepare the journal entries to record each bond transaction at the date of issuance.
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