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

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 6PA: Aggies Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1,...

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