Business, 16.11.2020 17:00 bullockarwen

Doyle Company issued $500,000 of 10-year, 7 percent bonds on January 1, 2018. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $125,000 of cash revenue, which was collected on December 31 of each year, beginning December 31, 2018. Required Organize the transaction data in accounts under the accounting equation for 2018 and 2019

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Answer from: paovue48

Assets = Liabilities + Equity

cash land bonds payable retained earnings

2018 500,000 500,000

2018 -500,000 500,000

2018 125,000 125,000

2018 -70,000 -70,000

55,000 500,000 500,000 55,000

2019 125,000 125,000

2019 -70,000 -70,000

110,000 500,000 500,000 110,000

Revenue - Expenses = Net income

2018 0 0 0

2018 125,000 0 125,000

2018 0 70,000 -70,000

125,000 70,000 55,000

2019 125,000 0 125,000

2019 0 70,000 -70,000

125,000 70,000 55,000

Answer from: Quest

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Answer from: Quest

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Doyle Company issued $500,000 of 10-year, 7 percent bonds on January 1, 2018. The bonds were issued...

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