Business, 10.05.2021 21:20 valenciafaithtorres

On January 1, 2022, Bramble Company issued $3,500,000 face value, 7%, 10-year bonds at $3,757,587. This price resulted in a 6% effective-interest rate on the bonds. Bramble uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest on each January 1. (a) Your answer has been saved. See score details after the due date. Prepare the journal entries to record the following transactions. (Round answers to 0 decimal places, e. g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1.The issuance of the bonds on January 1, 2022. 2.Accrual of interest and amortization of the premium on December 31, 2022. 3.The payment of interest on January 1, 2023. 4.Accrual of interest and amortization of the premium on December 31, 2023. Show the proper long-term liabilities balance sheet presentation for the liability for bonds payable at December 31, 2023.

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On January 1, 2022, Bramble Company issued $3,500,000 face value, 7%, 10-year bonds at $3,757,587. T...