Problem 14-2 (Part Level Submission) Sweet Co. is building a newhockey arena at a cost of $2,310,000. It received a downpayment of$490,000 from local businesses to support the project, and nowneeds to borrow $1,820,000 to complete the project. It thereforedecides to issue $1,820,000 of 12%, 10-year bonds. These bonds wereissued on January 1, 2016, and pay interest annually on eachJanuary 1. The bonds yield 11%.
Problem 14-2 (Part Level Submission) Sweet Co. is building a new hockey arena at a cost of $2,310,000. It received a downpayment of $490,000 from local businesses to support the project, and now needs to borrow $1,820,000 to complete the project. It therefore decides to issue $1,820,000 of 12%, 10-year bonds. These bonds were issued on January 1, 2016, and pay interest annually on each January 1. The bonds yield 11%. (a) DZ Your answer is partially correct. Try again. Prepare the journal entry to record the issuance of the bonds on January 1, 2016. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) nt Titles and Explanation Debit Credit Date January 1, 2016 Cash T T Bonds Payable 1,820,000 T Premium on Bonds Payable Show transcribed image text Problem 14-2 (Part Level Submission) Sweet Co. is building a new hockey arena at a cost of $2,310,000. It received a downpayment of $490,000 from local businesses to support the project, and now needs to borrow $1,820,000 to complete the project. It therefore decides to issue $1,820,000 of 12%, 10-year bonds. These bonds were issued on January 1, 2016, and pay interest annually on each January 1. The bonds yield 11%. (a) DZ Your answer is partially correct. Try again. Prepare the journal entry to record the issuance of the bonds on January 1, 2016. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) nt Titles and Explanation Debit Credit Date January 1, 2016 Cash T T Bonds Payable 1,820,000 T Premium on Bonds Payable
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