Homework Answers
| Spooner Corporation | |
| Statement of Financial Position (Partial) | |
| December 31, 2018 | |
| Current liabilities: | |
| Interest Payable | $10,800 |
| Long term liabilities: | |
| Bonds Payable | $720,000 |
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Question 4 On October 1, 2018, Spooner Corporation issued $720,000 of 10-year, 6% bonds at 100....
On October 1, 2018, Spooner Corporation issued $720,000 of 10-year, 6% bonds at 100. Interest is...
On October 1, 2018, Spooner Corporation issued $720,000 of 10-year, 6% bonds at 100. Interest is payable semi-annually on October 1 and April 1. Spooner's year end is December 31 and the company records adjusting entries annually. (a) Prepare journal entries to record the following: (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. The issue of the bonds on October 1, 2018. 2....
Exercise 10-12 On October 1, 2018, Spooner Corporation issued $660,000 of 10-year, 6% bonds at 100....
Exercise 10-12 On October 1, 2018, Spooner Corporation issued $660,000 of 10-year, 6% bonds at 100. Interest is payable semi-annually on October 1 and April 1. Spooner's year end is December 31 and the company records adjusting entries annually. Prepare journal entries to record the following: (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. The issue of the bonds on October 1, 2018....
STANDARD VIEW PRINTER VERSI Exercise 10-12 On October 1, 2018, Spooner Corporation issued $610,000 of 10-year,...
STANDARD VIEW PRINTER VERSI Exercise 10-12 On October 1, 2018, Spooner Corporation issued $610,000 of 10-year, 5% bonds at 100. Interest is payable semi-annually on October 1 and April 1. Spooner's year end is De company records adjusting entries annually. Prepare journal entries to record the following: (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are automatically indented when the entered. Do not indent manually.) 1. The issue of the bonds on October 1, 2018. 2....
ent PRINTER VERSION BACK NEXT Question 4 On October 1, 2018, Spooner Corporation issued $810,000 of...
ent PRINTER VERSION BACK NEXT Question 4 On October 1, 2018, Spooner Corporation issued $810,000 of 10-year, 4% bonds at 100. Interest is payable semi-annually on October 1 and April 1. Spooner's year end is December 31 and the company records adjusting entries annually a) Prepare journal entries to record the following: (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. The issue of...
On January 1, 2018, Irik Corporation issued $2,550,000 face value, 7%, 10-year bonds at $2.378,893. This...
On January 1, 2018, Irik Corporation issued $2,550,000 face value, 7%, 10-year bonds at $2.378,893. This price resulted in an effective- interest rate of 8% on the bonds. The bonds pay annual interest, each January 1. Prepare the journal entry to record the issue of the bonds on January 1, 2018. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Jan. 1, 2018 Prepare an amortization table through...
Question 4 On July 1, 2017, Global Satellites Corporation issued $1,550,000 of 10-year, 6% bonds to...
Question 4 On July 1, 2017, Global Satellites Corporation issued $1,550,000 of 10-year, 6% bonds to yield a market interest rate of 5%. The bonds pay semi-annual interest on July 1 and January 1. Global has a December 31 year end. When the bonds were issued, Global received $1,670,815 Click here to view the factor table. Prepare an amortization table through January 1, 2019 (three interest periods) for this bond issue. (Round all amounts to the nearest dollar, e.g. 5,275.)...
Question 4 On July 1, 2017, Global Satellites Corporation issued $1,800,000 of 10-year, 8% bonds to...
Question 4
On July 1, 2017, Global Satellites Corporation issued $1,800,000
of 10-year, 8% bonds to yield a market interest rate of 7%. The
bonds pay semi-annual interest on July 1 and January 1. Global has
a December 31 year end. When the bonds were issued, Global received
$1,927,919
Click here to view the factor table.
Prepare an amortization table through January 1, 2019 (three
interest periods) for this bond issue. (Round all
amounts to the nearest dollar, e.g.
5,275.)...
HL Corporation issued $600,000 of 8% bonds on October 1, 2018, due on October 1, 2023....
HL Corporation issued $600,000 of 8% bonds on October 1, 2018, due on October 1, 2023. The interest is to be paid twice a year on April 1 and October 1. The bonds were sold to yield 10% effective annual interest. HL Corporation closes its books annually on December 31. Selling price of the bond = PV of principals + PV of interest payment = Required: Complete the following amortization schedule for the dates indicated. (Round all answers to the nearest...
On July 1, 2017, Global Satellites Corporation issued $1,290,000 of 10-year, 6 % bonds to vield a market interes...
On July 1, 2017, Global Satellites Corporation issued $1,290,000 of 10-year, 6 % bonds to vield a market interest rate of 5%. The bonds pay semi-annual interest on July 1 and January 1, Global has a December 31 year end. When the bonds were issued, Global recelved $1,390,548 Click here to view.the factor table. Prepare an amortization table through January 1, 2019 (three interest periods) for this bond issue. (Round all amounts to the nearest dollar, e.g. 5,275.) GLOBAL SATELLITES...
On December 31, 2017, Plank Corporation issued $800,000, 6%, 5-year bonds for $735,100. The bonds were...
On December 31, 2017, Plank Corporation issued $800,000, 6%, 5-year bonds for $735,100. The bonds were sold to yield an effective-interest rate of 8%. Interest is paid annually on December 31. The company uses the effective-interest method of amortization. Prepare a bond discount amortization schedule which shows the amortization of discount for the first two interest payment dates. (Round answers to 0 decimal places, e.g. 5,275.) PLANKCORPORATION Bond Discount Amortization Effective-Interest Method-Annual Interest Payments 6% Bonds Issued at 8% Interest...
On October 1, 2018, Spooner Corporation issued $720,000 of 10-year, 6% bonds at 100. Interest is payable semi-annually on October 1 and April 1. Spooner's year end is December 31 and the company records adjusting entries annually. (a) Prepare journal entries to record the following: (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. The issue of the bonds on October 1, 2018. 2....
Exercise 10-12 On October 1, 2018, Spooner Corporation issued $660,000 of 10-year, 6% bonds at 100. Interest is payable semi-annually on October 1 and April 1. Spooner's year end is December 31 and the company records adjusting entries annually. Prepare journal entries to record the following: (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. The issue of the bonds on October 1, 2018....
STANDARD VIEW PRINTER VERSI Exercise 10-12 On October 1, 2018, Spooner Corporation issued $610,000 of 10-year, 5% bonds at 100. Interest is payable semi-annually on October 1 and April 1. Spooner's year end is De company records adjusting entries annually. Prepare journal entries to record the following: (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are automatically indented when the entered. Do not indent manually.) 1. The issue of the bonds on October 1, 2018. 2....
ent PRINTER VERSION BACK NEXT Question 4 On October 1, 2018, Spooner Corporation issued $810,000 of 10-year, 4% bonds at 100. Interest is payable semi-annually on October 1 and April 1. Spooner's year end is December 31 and the company records adjusting entries annually a) Prepare journal entries to record the following: (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. The issue of...
On January 1, 2018, Irik Corporation issued $2,550,000 face value, 7%, 10-year bonds at $2.378,893. This price resulted in an effective- interest rate of 8% on the bonds. The bonds pay annual interest, each January 1. Prepare the journal entry to record the issue of the bonds on January 1, 2018. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Jan. 1, 2018 Prepare an amortization table through...
Question 4 On July 1, 2017, Global Satellites Corporation issued $1,550,000 of 10-year, 6% bonds to yield a market interest rate of 5%. The bonds pay semi-annual interest on July 1 and January 1. Global has a December 31 year end. When the bonds were issued, Global received $1,670,815 Click here to view the factor table. Prepare an amortization table through January 1, 2019 (three interest periods) for this bond issue. (Round all amounts to the nearest dollar, e.g. 5,275.)...
Question 4
On July 1, 2017, Global Satellites Corporation issued $1,800,000
of 10-year, 8% bonds to yield a market interest rate of 7%. The
bonds pay semi-annual interest on July 1 and January 1. Global has
a December 31 year end. When the bonds were issued, Global received
$1,927,919
Click here to view the factor table.
Prepare an amortization table through January 1, 2019 (three
interest periods) for this bond issue. (Round all
amounts to the nearest dollar, e.g.
5,275.)...
On July 1, 2017, Global Satellites Corporation issued $1,290,000 of 10-year, 6 % bonds to vield a market interest rate of 5%. The bonds pay semi-annual interest on July 1 and January 1, Global has a December 31 year end. When the bonds were issued, Global recelved $1,390,548 Click here to view.the factor table. Prepare an amortization table through January 1, 2019 (three interest periods) for this bond issue. (Round all amounts to the nearest dollar, e.g. 5,275.) GLOBAL SATELLITES...
On December 31, 2017, Plank Corporation issued $800,000, 6%, 5-year bonds for $735,100. The bonds were sold to yield an effective-interest rate of 8%. Interest is paid annually on December 31. The company uses the effective-interest method of amortization. Prepare a bond discount amortization schedule which shows the amortization of discount for the first two interest payment dates. (Round answers to 0 decimal places, e.g. 5,275.) PLANKCORPORATION Bond Discount Amortization Effective-Interest Method-Annual Interest Payments 6% Bonds Issued at 8% Interest...
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