Practice Exercise 14-2 Blossom Company issued $2,700,000 of 10%, 10-year bonds on January 1, 2017, at 103. Interest is payable semiannually on July 1…

I would like some assistance showing me how to correctly journalize the issuance of bonds, related interest payment, and accrual of interest. Thank you for any help you can offer.

Practice Exercise 14-2 Blossom Company issued $2,700,000 of 10%, 10-year bonds on January 1, 2017, at 103. Interest is payable semiannuallyon July 1 and January 1. Blossom Company uses the effective-interest method of amortization for bond premium ordiscount. Assume an effective yield of 9.51810%. Prepare the journal entries to record the following. (Credit account titles are automatically indented when theamount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles andenter 0 for the amounts.) (a) The issuance of the bonds.(b) The payment of interest and related amortization on July 1, 2017.(c) The accrual of interest and the related amortization on December 31, 2017. Date Account Titles and Explanation Credit (a)1/1/17 % —ll—l—lfll—l—lfll—l(b) 711/17 —’ —H—’:j::j::j:::E Click if you would like to Show Work for this question: Qpen Show Work

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