Great temperature progress
Saylor Co. sold $3,000,000 8% 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually.
(a) Prepare the journal entries to record the issuance of the bonds assuming they sold at 110.3 and 298. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Date | Account Titles and Explanation | Debit | Credit
--- | --- | --- | ---
1/1/22 | Cash | 3,000,000 |
| Bonds Payable | | 3,000,000
21/1/22 | Bond Interest Expense | 24,000 |
| Cash | | 24,000