Sheridan Products Ltd. issued bonds and received proceeds of $53,124,565. The bonds mature in 13 years and carry a 8% interest rate paid semi-annually. The bonds were issued at a price of 95.035 to yield 8.643%. (a) Show the journal entry to record the issuance of the bonds. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 9EA: On Jan. 1, Year 1, Foxcroft Inc. issued 100 bonds with a face value of $1,000 for $104,000. The...
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Sheridan Products Ltd. issued bonds and received proceeds of $53,124,565. The bonds mature in 13 years and carry a 8% interest rate
paid semi-annually. The bonds were issued at a price of 95.035 to yield 8.643%.
(a)
Show the journal entry to record the issuance of the bonds. (Credit account titles are automatically Indented when amount is entered.
Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before
credit entry.)
Account Titles and Explanation
Debit
Credit
Transcribed Image Text:Sheridan Products Ltd. issued bonds and received proceeds of $53,124,565. The bonds mature in 13 years and carry a 8% interest rate paid semi-annually. The bonds were issued at a price of 95.035 to yield 8.643%. (a) Show the journal entry to record the issuance of the bonds. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit
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