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5. Make the closing entry for December 31, 2019 (Assume the straight-line ma is being used)...
PROBLEM II (50%) Koresh Corp. issued $5,000,000, 6%, 10-year bonds, dated April 1, with interest payment...
PROBLEM II (50%) Koresh Corp. issued $5,000,000, 6%, 10-year bonds, dated April 1, with interest payment dates of September 30, and March 31. A. Assume the bonds were issued at 96 on April 1, 2019. 1. Make the journal entry for April 1, 2019. 2. Make the journal entry for 9/30/19 if the straight method of amortization was being used. 3. Make the journal entry for 9/30/2019 under the effective interest method is being used. The market rate is some...
Exercise 14-11 Straight-Line: Bond computations, amortization, and bond retirement LO P2, P4 On January 1, 2019,...
Exercise 14-11 Straight-Line: Bond computations, amortization, and bond retirement LO P2, P4 On January 1, 2019, Shay Company issues $700,000 of 10%, 15-year bonds. The bonds sell for $684,250. Six years later, on January 1 2025, Shay retires these bonds by buying them on the open market for $731,500. All interest is accounted for and paid through December 31, 2024, the day before the purchase. The straight-line method is used to amortize any bond discount 1. What is the amount...
Prepare the journal entry to record the following bond retirement. The December 31, 2018 balance sheet...
Prepare the journal entry to record the following bond retirement. The December 31, 2018 balance sheet of Wolfe Co. included the following items: 7.5% bonds payable due December 31, 2026 $3,000,000 Unamortized discount on bonds payable 120,000 The bonds were issued on December 31, 2016 at 95, with interest payable on June 30 and December 31. On January 1, 2019, Wolfe retired the entire bond issuance of $3,000,000 of these bonds at 101.
Exercise 14-11 Straight-Line: Bond computations, amortization, and bond retirement LO P2, P4 On January 1, 2019,...
Exercise 14-11 Straight-Line: Bond computations, amortization, and bond retirement LO P2, P4 On January 1, 2019, Shay Company issues $310,000 of 8%, 12-year bonds. The bonds sell for $299,150. Six years later, on January 1, 2025, Shay retires these bonds by buying them on the open market for $325,500. All interest is accounted for and paid through December 31, 2024, the day before the purchase. The straight-line method is used to amortize any bond discount 1. What is the amount...
WILL RATE FAST: E14.12B (LO 1,2) (Entry for Retirement of Bond; Bond Issue Costs) On January...
WILL RATE FAST:
E14.12B (LO 1,2) (Entry for Retirement of Bond; Bond Issue Costs) On January 1, 2015, Ladon Corporation issued $5,000,000 of 10% bonds at 102 due December 31, 2024. The premium on the bonds is also being amortized on a straight-line basis over the 10 years. (Straight-line is not materially different in effect from the preferable "interest method".) The bonds are callable at 105 (i.e., at 105% of face amount), and on January 2, 2020, London called one-half...
calculate the gain or loss of the retirmentent bonds payable on december 31, 2019 nu Score:...
calculate the gain or loss of the retirmentent bonds payable
on december 31, 2019
nu Score: 1.91 of 2 pts 3 of 6 (5 complete) HW Score: 39.26%, 5.89 of 15 pts Ad E9-28B (similar to) Question Help Ind inly On January 1, 2017, Franklin Corporation issued five year, 6% bonds payable with a face value of $2,000,000. The bonds were issued at 92 and pay interest on January 1 and July 1. Franklin amortizes bond discounts using the straight-line...
(Amortization Schedule—Straight-Line) Devon Harris Company sells 10% bonds having a maturity value of $2,000,000 for $1,855,816....
(Amortization Schedule—Straight-Line) Devon Harris Company sells 10% bonds having a maturity value of $2,000,000 for $1,855,816. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on January 1. Instructions Set up a schedule of interest expense and discount amortization under the straight-line method. (Round answers to the nearest cent.) prepare journal entries for the issuance of the bonds, 2 years of interest payments, and retirement at maturity. Assume the same information,Using 12% effective...
The December 31,2018 balance sheet of ABC Co. included the following items: 7.5% bonds payable due...
The December 31,2018 balance sheet of ABC Co. included the
following items:
7.5% bonds payable due December 31,2021. $320,000.
Unamortized discount on bonds payable. $8,400
The Bonds were issued on December 31,2013, at 95, with
interest payable on June 30 and December 31. On January 1,2019, ABC
retired the bonds at 101.
Required: Prepare journal entry for the retirement of
bonds.
Ex. 6- Retirement of bonds - Homework problem The December 31, 2018 balance sheet of ABC Co. included the...
2. On February 1, 2019, Mojito, Inc, issued $1,000,000,6% bonds for $1,082,000. Interest is payable semiannually...
2. On February 1, 2019, Mojito, Inc, issued $1,000,000,6% bonds for $1,082,000. Interest is payable semiannually on January 31 and July 31 with the bonds maturing on February 1, 2029 (10-year bonds). The bonds are callable at 102 On February 1, 2020, Mojito retired $600,000 of the bonds at the call price. Required: a. Prepare the journal entry for the issuance of the bonds b. Prepare any required journal entries for interest payments on July 31, 2019 and January 31,...
E14.6 (LO 1) (Amortization Schedule—Straight-Line) Devon Harris Company sells 10% bonds having a maturity value of...
E14.6 (LO 1) (Amortization Schedule—Straight-Line) Devon Harris Company sells 10% bonds having a maturity value of $2,000,000 for $1,855,816. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on January 1. Instructions Set up a schedule of interest expense and discount amortization under the straight-line method. (Round answers to the nearest cent.)
PROBLEM II (50%) Koresh Corp. issued $5,000,000, 6%, 10-year bonds, dated April 1, with interest payment dates of September 30, and March 31. A. Assume the bonds were issued at 96 on April 1, 2019. 1. Make the journal entry for April 1, 2019. 2. Make the journal entry for 9/30/19 if the straight method of amortization was being used. 3. Make the journal entry for 9/30/2019 under the effective interest method is being used. The market rate is some...
Exercise 14-11 Straight-Line: Bond computations, amortization, and bond retirement LO P2, P4 On January 1, 2019, Shay Company issues $700,000 of 10%, 15-year bonds. The bonds sell for $684,250. Six years later, on January 1 2025, Shay retires these bonds by buying them on the open market for $731,500. All interest is accounted for and paid through December 31, 2024, the day before the purchase. The straight-line method is used to amortize any bond discount 1. What is the amount...
Exercise 14-11 Straight-Line: Bond computations, amortization, and bond retirement LO P2, P4 On January 1, 2019, Shay Company issues $310,000 of 8%, 12-year bonds. The bonds sell for $299,150. Six years later, on January 1, 2025, Shay retires these bonds by buying them on the open market for $325,500. All interest is accounted for and paid through December 31, 2024, the day before the purchase. The straight-line method is used to amortize any bond discount 1. What is the amount...
WILL RATE FAST:
E14.12B (LO 1,2) (Entry for Retirement of Bond; Bond Issue Costs) On January 1, 2015, Ladon Corporation issued $5,000,000 of 10% bonds at 102 due December 31, 2024. The premium on the bonds is also being amortized on a straight-line basis over the 10 years. (Straight-line is not materially different in effect from the preferable "interest method".) The bonds are callable at 105 (i.e., at 105% of face amount), and on January 2, 2020, London called one-half...
calculate the gain or loss of the retirmentent bonds payable
on december 31, 2019
nu Score: 1.91 of 2 pts 3 of 6 (5 complete) HW Score: 39.26%, 5.89 of 15 pts Ad E9-28B (similar to) Question Help Ind inly On January 1, 2017, Franklin Corporation issued five year, 6% bonds payable with a face value of $2,000,000. The bonds were issued at 92 and pay interest on January 1 and July 1. Franklin amortizes bond discounts using the straight-line...
The December 31,2018 balance sheet of ABC Co. included the
following items:
7.5% bonds payable due December 31,2021. $320,000.
Unamortized discount on bonds payable. $8,400
The Bonds were issued on December 31,2013, at 95, with
interest payable on June 30 and December 31. On January 1,2019, ABC
retired the bonds at 101.
Required: Prepare journal entry for the retirement of
bonds.
Ex. 6- Retirement of bonds - Homework problem The December 31, 2018 balance sheet of ABC Co. included the...
2. On February 1, 2019, Mojito, Inc, issued $1,000,000,6% bonds for $1,082,000. Interest is payable semiannually on January 31 and July 31 with the bonds maturing on February 1, 2029 (10-year bonds). The bonds are callable at 102 On February 1, 2020, Mojito retired $600,000 of the bonds at the call price. Required: a. Prepare the journal entry for the issuance of the bonds b. Prepare any required journal entries for interest payments on July 31, 2019 and January 31,...
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