Homework Answers
Ans:
Adjusting entry
|
Date |
account titles and explanation |
Debit |
Credit |
|
Dec 31,2020 |
Interest expense (499520*6%*2/12) |
4995 |
|
|
Premium on bonds payable |
488 |
||
|
Interest payable (470000*7%*2/12) |
5483 |
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Need help on the last entry. On January 1, 2020, Novak Corporation redeemed $470,000 of bonds...
Need help on the last entry.
On January 1, 2020, Novak Corporation redeemed $470,000 of bonds at 99. At the time of redemption, the unamortized premium was $14,100 Prepare the corporation's journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247...
please help me answering all of these questions. thank you so much On January 1, 2020,...
please help me answering all of these questions. thank you so
much
On January 1, 2020, Indigo Company sold 12% bonds having a maturity value of $650,000 for $753,808, which provides the bondholders with a 8% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable Decembe of each year. Indigo Company allocates interest and unamortized discount or premium on the effective-interest basis. Prepare the journal entry at the date of the bond issuance....
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020,...
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Janaury 1, 2020 LINK TO TEXT Prepare the adjusting journal entry on December 31, 2020, to record interest expense. (Credit...
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On January 1, 2020, Bridgeport Corporation issued $670,000 of 9% bonds, due in 10 years. The...
On January 1, 2020, Bridgeport Corporation issued $670,000 of 9% bonds, due in 10 years. The bonds were issued for $628,252, and pay interest each July 1 and January 1. Bridgeport uses the effective interest method. Prepare the company's journal entries for (a) the January 1 Issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 10%. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to o...
Brief Exercise 14-8 Pearl Corporation issued $650,000 of 9% bonds on November 1, 2017, for $694,171. The bonds were dated November 1, 2017, and mature in 10 years, with interest payable each May 1 and November 1. Pearl uses the effective-interest method with an effective rate of 8%. Prepare Pearl's December 31, 2017, adjusting entry. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to O decimal places, e.g. 38,548. If no entry is required, select "No...
On January 1, 2020, JWS Corporation issued $600,000 of 7% bonds,
due in 10 years. The bonds were issued for $559,231, and pay
interest each July 1 and January 1. JWS uses the effective-interest
method.Prepare the company’s journal entries for (a) the January 1
issuance, (b) the July 1 interest payment, and (c) the December 31
adjusting entry. Assume an effective-interest rate of 8%.(Round intermediate calculations to 6 decimal places,
e.g. 1.251247 and final answer to 0 decimal places, e.g....
Need help on the last entry.
On January 1, 2020, Novak Corporation redeemed $470,000 of bonds at 99. At the time of redemption, the unamortized premium was $14,100 Prepare the corporation's journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247...
please help me answering all of these questions. thank you so
much
On January 1, 2020, Indigo Company sold 12% bonds having a maturity value of $650,000 for $753,808, which provides the bondholders with a 8% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable Decembe of each year. Indigo Company allocates interest and unamortized discount or premium on the effective-interest basis. Prepare the journal entry at the date of the bond issuance....
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Janaury 1, 2020 LINK TO TEXT Prepare the adjusting journal entry on December 31, 2020, to record interest expense. (Credit...
On January 1, 2020, Sheridan Company sold 12% bonds having a maturity value of $350,000 for $376,535, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable December 31 of each year. Sheridan Company allocates interest and unamortized discount or premium on the effective- interest basis. Your answer is correct. Prepare the journal entry at the date of the bond issuance. (Round answer to 0 decimal places,...
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On January 1, 2020, Bridgeport Corporation issued $670,000 of 9% bonds, due in 10 years. The bonds were issued for $628,252, and pay interest each July 1 and January 1. Bridgeport uses the effective interest method. Prepare the company's journal entries for (a) the January 1 Issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 10%. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to o...
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