Answers
Bond Premium
Bond Discount
Credit Sheffield Corporation Journal entries Date Account Titles and Explanation Debit 1-Jan-22 Cash 3,074,000 Premium on Bonds Payable Bonds Payable Calculation 2900000*106% 174,000 2,900,000 31-Dec-22 Interest expense Premium on Bonds Payable Interest Payable 197,200 34,800 174000/5 years 232,000 2900000*8% Sheffield Corporation Balance Sheet (Partial) As of December 31, 2022 Current Liabilities Interest Payable Non-Current Liabilities Bonds Payable Premium on Bonds Payable 232,000 2,900,000 139,200 3,039,200 174000-34800 Add
Credit Sheffield Corporation Journal entries Date Account Titles and Explanation Debit 1-Jan-22 Cash 2,871,000 Discount on Bonds Payable 29,000 Bonds Payable Calculation 2900000*99% 2,900,000 237,800 31-Dec-22 Interest expense Discount on Bonds Payable Interest Payable 5,800 29000/5 years 232,000 2900000*8% Sheffield Corporation Balance Sheet (Partial) As of December 31, 2022 Current Liabilities Interest Payable Non-Current Liabilities Bonds Payable Discount on Bonds Payable 232,000 2,900,000 (23,200) 2,876,800 29000-5800 Less
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