Problem
Wempe Co. sold $3,353,000, 7%, 10-year bonds on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually. Warning
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Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1) 104 and (2) 95. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)