Paris Electric sold $3,950,000, 12%, 10-year bonds on January 1, 2017. The bonds were dated January 1 and pay interest annually on January 1.

Paris Electric sold $3,950,000, 12%, 10-year bonds on January 1, 2017. The bonds were dated January 1 and pay interest annually on January 1. Paris Electric uses the straight-line method to amortize bond premium or discount. The bonds were sold at 101.

Prepare the journal entry to record the issuance of the bonds on January 1, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 1, 2017

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Prepare a bond premium amortization schedule for the first 4 interest periods.

Annual Interest Periods

Interest to Be Paid

Interest Expense to Be Recorded

Premium Amortization

Unamortized Premium

Bond Carrying Value

Issue date$

$

1$

$

$

2

3

4

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Prepare the journal entries for interest and the amortization of the premium in 2017 and 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Dec. 31, 2017

Dec. 31, 2018

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Show the balance sheet presentation of the bond liability at December 31, 2018. (Enter account name only and do not provide descriptive information.)

Paris Electric

Balance Sheet (Partial)

December 31, 2018

For the Month Ended December 31, 2018

For the Year Ended December 31, 2018

Current Assets

Current Liabilities

Intangible Assets

Long-term Investments

Long-term Liabilities

Property, Plant and Equipment

Stockholders’ Equity

Total Assets

Total Current Assets

Total Current Liabilities

Total Intangible Assets

Total Liabilities

Total Liabilities and Stockholders’ Equity

Total Long-term Investments

Total Long-term Liabilities

Total Property, Plant and Equipment

Total Stockholders’ Equity

$

Current Assets

Current Liabilities

Intangible Assets

Long-term Investments

Long-term Liabilities

Property, Plant and Equipment

Stockholders’ Equity

Total Assets

Total Current Assets

Total Current Liabilities

Total Intangible Assets

Total Liabilities

Total Liabilities and Stockholders’ Equity

Total Long-term Investments

Total Long-term Liabilities

Total Property, Plant and Equipment

Total Stockholders’ Equity

$

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