Question

Brief Exercise 10-17 (Part Level Submission) Marin Inc. issues $3.2 million, 10-year, 7% bonds at 103, with interest payable on January 1. The straight-line method is used to amortize bond premium. (a) Your answer is correct. Prepare the journal entry to record the sale of these bonds on January 1, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 3,296,000 Bonds Payable 3,200,000 Premium on Bonds Payable 96,000 Click if you would like to Show Work for this question: Open Show Work (b) Prepare the journal entry to record interest expense and bond premium amortization on December 31, 2017, assuming no previous accrual of interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Interest Expense Premium on Bonds Payable Interest Payable Click if you would like to Show Work for this question: Open Show Work

          Brief Exercise 10-17 (Part Level Submission)
Marin Inc. issues $3.2 million, 10-year, 7% bonds at 103, with interest payable on January 1. The straight-line
method is used to amortize bond premium.
(a)
Your answer is correct.
Prepare the journal entry to record the sale of these bonds on January 1, 2017. (Credit account titles are
automatically indented when amount is entered. Do not indent manually.)
Date Account Titles and Explanation Debit Credit
Jan. 1 Cash 3,296,000
Bonds Payable 3,200,000
Premium on Bonds Payable 96,000
Click if you would like to Show Work for this question: Open Show Work
(b)
Prepare the journal entry to record interest expense and bond premium amortization on December 31, 2017,
assuming no previous accrual of interest. (Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date Account Titles and Explanation Debit Credit
Dec. 31 Interest Expense
Premium on Bonds Payable
Interest Payable
Click if you would like to Show Work for this question: Open Show Work

Brief Exercise 10-17 (Part Level Submission)
Marin Inc. issues 3.2 million, 10-year, 7% bonds at 103, with interest payable on January 1. The straight-line
method is used to amortize bond premium.
(a)
Your answer is correct.
Prepare the journal entry to record the sale of these bonds on January 1, 2017. (Credit account titles are
automatically indented when amount is entered. Do not indent manually.)
Date Account Titles and Explanation Debit Credit
Jan. 1 Cash 3,296,000
Bonds Payable 3,200,000
Premium on Bonds Payable 96,000
Click if you would like to Show Work for this question: Open Show Work
(b)
Prepare the journal entry to record interest expense and bond premium amortization on December 31, 2017,
assuming no previous accrual of interest. (Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date Account Titles and Explanation Debit Credit
Dec. 31 Interest Expense
Premium on Bonds Payable
Interest Payable
Click if you would like to Show Work for this question: Open Show Work

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