Comprehensive Bond Problem Problem 14-5 1. Sanford Co. sells 500,000 of 10% bonds on March 1 2010. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2013. The bonds yield 12%. Give entries through December 31, 2011. 2. Titania Co. sells 400,000 of 12% bonds on June 1, 2010. The bonds pay interst on December 1 and june 1. The due date of the bonds is June1, 2014. The bonds yield 10%. On October 1, 2011, Titania buys back 126,000 (includes accrued interest). Give entries through December 1, 2012. Instructions For the two cases prepare all of the relevant journal entries from the time of sale until date indicated. Use the effective interest method for discount and premium amortization (construct amoritization tables where applicable). Amortize premium or discount on interest dates and at year end. (assume that no reversing entries were made)
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