Homework Answers
Journal entries
| date | account and explanation | Debit | Credit |
| Jan 1, 2021 | cash | 490000 | |
| Bonds payable | 490000 | ||
| (To record bond issue) | |||
| Dec 31, 2021 | Interest expense (490000*5%) | 24500 | |
| Cash | 24500 | ||
| (To record interest) | |||
| Dec 31,2022 | Interest expense | 24500 | |
| Cash | 24500 | ||
| (To record interest) | |||
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Check my work On January 1, 2021, White Water issues $490,000 of 5 % bonds, due...
On January 1, 2021, White Water issues $560,000 of 6% bonds, due in 20 years, with...
On January 1, 2021, White Water issues $560,000 of 6% bonds, due in 20 years, with interest payable annually on December 31 each year Required: Assuming the market interest rate on the issue date is 6%, the bonds will issue at $560,000. Record the bond issue on January 1, 2021, and the first two interest payments on December 31, 2021, and December 31, 2022. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the...
Required information The following information applies to the questions displayed below) On January 1, 2021, Whi...
Required information The following information applies to the questions displayed below) On January 1, 2021, White Water issues $430,000 of 5% bonds, due in 15 years, with interest payable annually on December 31 each year. Assuming the market interest rate on the issue date is 6%, the bonds will issue at $388,239 Required: 1. Complete the first three rows of an amortization schedule. (Round your final answers to the nearest whole dollar) Date Cash Paid Interest Expense Increase in carrying...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, White...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, White Water issues $530,000 of 6% bonds, due in 20 years, with interest payable annually on December 31 each year. Assuming the market interest rate on the issue date is 7%, the bonds will issue at $473,852. Required: 1. Complete the first three rows of an amortization schedule. (Round your final answers to the nearest whole dollar.) Date Cash Paid Interest Expense Increase in Carrying...
On January 1, 2021, White Water issues $480,000 of 6% bonds, due in 20 years, with...
On January 1, 2021, White Water issues $480,000 of 6% bonds, due
in 20 years, with interest payable annually on December 31 each
year.
Assuming the market interest rate on the issue date is 5%, the
bonds will issue at $539,819.
Required information Exercise 9-14A Record bonds issued at a discount and related annual interest (LO9-5) (The following information applies to the questions displayed below.) On January 1, 2021, White Water issues $410,000 of 7% bonds, due in 10 years,...
Check my work Pretzelmania, Inc., issues 6%, 10-year bonds with a face amount of $55,000 for...
Check my work Pretzelmania, Inc., issues 6%, 10-year bonds with a face amount of $55,000 for $55,000 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid annually on December 31. points 8 00:49:51 Required: 1. & 2. Record the bond issue and first interest payment on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View...
Check my wor On January 1, 2021, Splash City issues $450,000 of 7% bonds, due in...
Check my wor On January 1, 2021, Splash City issues $450,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 8% and the bonds issued at $419,422. 2. If the market interest rate drops to 7% on December 31, 2022, it will cost $450,000 to retire the bonds. Record the retirement of the bonds on December 31, 2022. (If no entry...
[The following information applies to the questions displayed below] On January 1, 2021, White Water issues...
[The following information applies to the questions displayed below] On January 1, 2021, White Water issues $460,000 of 5 % bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year Assuming the market interest rate on the issue date is 6 %, the bonds willl issue at $414,920. Exercise 9-11A Part 2 2. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and...
Pretzelmania, Inc., issues 5%, 10-year bonds with a face amount of $53,000 for $53,000 on January...
Pretzelmania, Inc., issues 5%, 10-year bonds with a face amount
of $53,000 for $53,000 on January 1, 2021. The market interest rate
for bonds of similar risk and maturity is 5%. Interest is paid
annually on December 31.
Required: 1. & 2. Record the bond issue and first interest payment on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1...
Saved Help Save & Exit Submit On January 1, 2021, a company issues $750,000 of 8%...
Saved Help Save & Exit Submit On January 1, 2021, a company issues $750,000 of 8% bonds, due in ten years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 8%, the bonds will issue at $750,000. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for a...
On January 1, 2021, White Water issues $510,000 of 7% bonds, due in 10 years, with...
On January 1, 2021, White Water issues $510,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 6%, the bonds will issue at $547,940. Exercise 9-12A Part 2 2. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for a particular...
On January 1, 2021, White Water issues $560,000 of 6% bonds, due in 20 years, with interest payable annually on December 31 each year Required: Assuming the market interest rate on the issue date is 6%, the bonds will issue at $560,000. Record the bond issue on January 1, 2021, and the first two interest payments on December 31, 2021, and December 31, 2022. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the...
Required information The following information applies to the questions displayed below) On January 1, 2021, White Water issues $430,000 of 5% bonds, due in 15 years, with interest payable annually on December 31 each year. Assuming the market interest rate on the issue date is 6%, the bonds will issue at $388,239 Required: 1. Complete the first three rows of an amortization schedule. (Round your final answers to the nearest whole dollar) Date Cash Paid Interest Expense Increase in carrying...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, White Water issues $530,000 of 6% bonds, due in 20 years, with interest payable annually on December 31 each year. Assuming the market interest rate on the issue date is 7%, the bonds will issue at $473,852. Required: 1. Complete the first three rows of an amortization schedule. (Round your final answers to the nearest whole dollar.) Date Cash Paid Interest Expense Increase in Carrying...
On January 1, 2021, White Water issues $480,000 of 6% bonds, due
in 20 years, with interest payable annually on December 31 each
year.
Assuming the market interest rate on the issue date is 5%, the
bonds will issue at $539,819.
Required information Exercise 9-14A Record bonds issued at a discount and related annual interest (LO9-5) (The following information applies to the questions displayed below.) On January 1, 2021, White Water issues $410,000 of 7% bonds, due in 10 years,...
Check my work Pretzelmania, Inc., issues 6%, 10-year bonds with a face amount of $55,000 for $55,000 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid annually on December 31. points 8 00:49:51 Required: 1. & 2. Record the bond issue and first interest payment on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View...
Check my wor On January 1, 2021, Splash City issues $450,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 8% and the bonds issued at $419,422. 2. If the market interest rate drops to 7% on December 31, 2022, it will cost $450,000 to retire the bonds. Record the retirement of the bonds on December 31, 2022. (If no entry...
[The following information applies to the questions displayed below] On January 1, 2021, White Water issues $460,000 of 5 % bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year Assuming the market interest rate on the issue date is 6 %, the bonds willl issue at $414,920. Exercise 9-11A Part 2 2. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and...
Pretzelmania, Inc., issues 5%, 10-year bonds with a face amount
of $53,000 for $53,000 on January 1, 2021. The market interest rate
for bonds of similar risk and maturity is 5%. Interest is paid
annually on December 31.
Required: 1. & 2. Record the bond issue and first interest payment on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1...
Saved Help Save & Exit Submit On January 1, 2021, a company issues $750,000 of 8% bonds, due in ten years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 8%, the bonds will issue at $750,000. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for a...
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