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Exercise 10-10 (Part Level Submission) Whitmore Company issued $534,500 of 5-year, 9% bonds at 95...

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Accounting

Exercise 10-10 (Part Level Submission)

Whitmore Company issued $534,500 of 5-year, 9% bonds at 95 on January 1, 2017. The bonds pay interest annually.

(a1) Prepare the journal entry to record the issuance of the bonds.

(a2) Compute the total cost of borrowing for these bonds.

(b1) Prepare the journal entry to record the issuance of the bonds, assuming the bonds were issued at 101.

(b2) Compute the total cost of borrowing for these bonds, assuming the bondsw were issued at 101.

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