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PRINTER VERSION BACK Question 1 On January 1, 2020, Sandhill Corporation purchased a newly issued $1,225,000...
PRINTER VERSION BACK Question 1 On January 1, 2020, Sandhill Corporation purchased a newly issued $1,225,000 bond. The bond matured on December 31, 2022, and paid interest at 6% every June 30 and December 31. The market interest rate was 8%. Sandhill's fiscal year-end is October 31, and the company had the intention and ability to hold the bond until its maturity date. The bond will be accounted using the amortized cost model. x Your answer is incorrect. Try again....
On January 1, 2020, Concord Corporation purchased a newly issued $1,225,000 bond. The bond matured on...
On January 1, 2020, Concord Corporation purchased a newly issued
$1,225,000 bond. The bond matured on December 31, 2022, and paid
interest at 6% every June 30 and December 31. The market interest
rate was 8%. Concord’s fiscal year-end is October 31, and the
company had the intention and ability to hold the bond until its
maturity date. The bond will be accounted using the amortized cost
model.
Calculate the price paid for the bond using a financial
calculator or...
On January 1, 2020, Pharoah Corporation purchased a newly issued $1,525,000 bond. The bond matured on...
On January 1, 2020, Pharoah Corporation purchased a newly issued
$1,525,000 bond. The bond matured on December 31, 2022, and paid
interest at 6% every June 30 and December 31. The market interest
rate was 8%. Pharoah’s fiscal year-end is October 31, and the
company had the intention and ability to hold the bond until its
maturity date. The bond will be accounted using the amortized cost
model.
1. Calculate the price paid for the bond using a financial
calculator...
Stuck on the red boxes and the very first PV outlined in Grey. N U E Titles and Explanation Debit Crexit Jan. 1,...
Stuck on the red boxes and the very first PV outlined
in Grey.
N U E Titles and Explanation Debit Crexit Jan. 1, 2070 Bond Investment at Amortized Cost 1160783.82 81 160783.82 136750 19681.25 June 30, 2020 Cash Trond Investment at Amortized Cost interest Income Oct. 31, 2020 Interest Receivable Thond Investment at Amortired Cost 716431.25 24500 6712.41 interest Income 11242.41 Dec. 31, 2020-Cash 36750 Bond Investment at Amortized Cost 5712, 415 522654.12 Interest Receivable interest Income Dec 31, 2017...
If you can give me explanations that would be helpful, thanks. The following is taken from the Sandhill Company balance...
If you can give me explanations that would be helpful,
thanks.
The following is taken from the Sandhill Company balance sheet. Sandhill Company Balance Sheet (partial) December 31, 2020 Current Liabilities Interest payable (for 12 months from January 1 to December 31) Long-term Liabilities Bonds payable, 9% due January 1, 2028 Add: Premium on bonds payable $271,800 $3,020,000 212,000 $3,232,000 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Sandhill uses straight-line amortization...
On January 1, 2020, Splish Company purchased 9% bonds having a maturity value of $250,000, for...
On January 1, 2020, Splish Company purchased 9% bonds having a maturity value of $250,000, for $270,502.00. The bonds provide the bondholders with a 7% yield. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. Splish Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified in the held-to-maturity category. A) Prepare the journal entry at the date of the bond purchase. Date Account...
On January 1, 2020, Teal Company purchased 10% bonds having a maturity we of 5380.000, for...
On January 1, 2020, Teal Company purchased 10% bonds having a maturity we of 5380.000, for $410.343.38. The bands provide the bondholders with a 8% yield. They are dated January 1, 2020, and mature January 1 2025, with interest received on January 1 of each year. Teal Company uses the effective interest method to allocate unamortized discount or premium. The bonds are classified in the held-to-maturity category 2.525 25. Credit runt titles are automatically indented when amounts entered. Do not...
On January 1, 2020, Sweet Company purchased 9% bonds having a maturity value of $210,000, for...
On January 1, 2020, Sweet Company purchased 9% bonds having a
maturity value of $210,000, for $227,221.68. The bonds provide the
bondholders with a 7% yield. They are dated January 1, 2020, and
mature January 1, 2025, with interest received on January 1 of each
year. Sweet Company uses the effective-interest method to allocate
unamortized discount or premium. The bonds are classified in the
held-to-maturity category.
Prepare the journal entry at the date of the bond
purchase. (Enter answers to 2...
Exercise 9-14 On July 1, 2020, Flounder Aggregates Ltd. purchased 6% bonds having a maturity value...
Exercise 9-14
On July 1, 2020, Flounder Aggregates Ltd. purchased 6% bonds
having a maturity value of $85,000 for $88,048. The bonds provide
the bondholders with a 5% yield. The bonds mature four years later,
on July 1, 2024, with interest receivable June 30 and December 31
of each year. Flounder uses the effective interest method to
allocate unamortized discount or premium. The bonds are accounted
for using the FV-OCI model with recycling. Flounder has a calendar
year end. The...
Exercise 9-14 On July 1, 2020, Bridgeport Aggregates Ltd. purchased 6% bonds having a maturity value...
Exercise 9-14 On July 1, 2020, Bridgeport Aggregates Ltd. purchased 6% bonds having a maturity value of $65,000 for $67,331. The bonds provide the bondholders with a 5% yield. The bonds mature four years later, on July 1, 2024, with interest receivable June 30 and December 31 of each year. Bridgeport uses the effective interest method to allocate unamortized discount or premium. The bonds are accounted for using the FV-OCI model with recycling. Bridgeport has a calendar year end. The...
PRINTER VERSION BACK Question 1 On January 1, 2020, Sandhill Corporation purchased a newly issued $1,225,000 bond. The bond matured on December 31, 2022, and paid interest at 6% every June 30 and December 31. The market interest rate was 8%. Sandhill's fiscal year-end is October 31, and the company had the intention and ability to hold the bond until its maturity date. The bond will be accounted using the amortized cost model. x Your answer is incorrect. Try again....
On January 1, 2020, Concord Corporation purchased a newly issued
$1,225,000 bond. The bond matured on December 31, 2022, and paid
interest at 6% every June 30 and December 31. The market interest
rate was 8%. Concord’s fiscal year-end is October 31, and the
company had the intention and ability to hold the bond until its
maturity date. The bond will be accounted using the amortized cost
model.
Calculate the price paid for the bond using a financial
calculator or...
On January 1, 2020, Pharoah Corporation purchased a newly issued
$1,525,000 bond. The bond matured on December 31, 2022, and paid
interest at 6% every June 30 and December 31. The market interest
rate was 8%. Pharoah’s fiscal year-end is October 31, and the
company had the intention and ability to hold the bond until its
maturity date. The bond will be accounted using the amortized cost
model.
1. Calculate the price paid for the bond using a financial
calculator...
Stuck on the red boxes and the very first PV outlined
in Grey.
N U E Titles and Explanation Debit Crexit Jan. 1, 2070 Bond Investment at Amortized Cost 1160783.82 81 160783.82 136750 19681.25 June 30, 2020 Cash Trond Investment at Amortized Cost interest Income Oct. 31, 2020 Interest Receivable Thond Investment at Amortired Cost 716431.25 24500 6712.41 interest Income 11242.41 Dec. 31, 2020-Cash 36750 Bond Investment at Amortized Cost 5712, 415 522654.12 Interest Receivable interest Income Dec 31, 2017...
If you can give me explanations that would be helpful,
thanks.
The following is taken from the Sandhill Company balance sheet. Sandhill Company Balance Sheet (partial) December 31, 2020 Current Liabilities Interest payable (for 12 months from January 1 to December 31) Long-term Liabilities Bonds payable, 9% due January 1, 2028 Add: Premium on bonds payable $271,800 $3,020,000 212,000 $3,232,000 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Sandhill uses straight-line amortization...
On January 1, 2020, Teal Company purchased 10% bonds having a maturity we of 5380.000, for $410.343.38. The bands provide the bondholders with a 8% yield. They are dated January 1, 2020, and mature January 1 2025, with interest received on January 1 of each year. Teal Company uses the effective interest method to allocate unamortized discount or premium. The bonds are classified in the held-to-maturity category 2.525 25. Credit runt titles are automatically indented when amounts entered. Do not...
On January 1, 2020, Sweet Company purchased 9% bonds having a
maturity value of $210,000, for $227,221.68. The bonds provide the
bondholders with a 7% yield. They are dated January 1, 2020, and
mature January 1, 2025, with interest received on January 1 of each
year. Sweet Company uses the effective-interest method to allocate
unamortized discount or premium. The bonds are classified in the
held-to-maturity category.
Prepare the journal entry at the date of the bond
purchase. (Enter answers to 2...
Exercise 9-14
On July 1, 2020, Flounder Aggregates Ltd. purchased 6% bonds
having a maturity value of $85,000 for $88,048. The bonds provide
the bondholders with a 5% yield. The bonds mature four years later,
on July 1, 2024, with interest receivable June 30 and December 31
of each year. Flounder uses the effective interest method to
allocate unamortized discount or premium. The bonds are accounted
for using the FV-OCI model with recycling. Flounder has a calendar
year end. The...
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