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On 1/1/2015, Starburst Company issued 10-year bonds with a face value of $500,000 at 102. The binterest payable semi-annually on January 1 and July 1. Starburst uses the straight-line method of a

August 28, 2019/in Questions Uploads /by mary WAMBUGU

On 1/1/2015, Starburst Company issued 10-year bonds with a face value of $500,000 at 102. The binterest payable semi-annually on January 1 and July 1. Starburst uses the straight-line method of a(a) Prepare the journal entry to record the issuance of the bonds.(b) Prepare the journal entry to record payment of interest on July 1, 2015.(c) Prepare the adjus²ng entry to record the accrual of interest on December 31, 2015.(d) Prepare the balance sheet presenta²on for the bond on 12/31/2015.(e) Prepare the balance sheet presenta²on for the bond on 12/31/2016.Solutons:DateAccountDebitStarburst CorporationBalance Sheet (Partial)12/31/2015Starburst CorporationBalance Sheet (Partial)12/31/2016