PLEASE SHOW ALL WORKHomework Answers
Journal entry
| Account title and explanation | Debit | Credit |
| Cash (322000*1.02) | 328440 | |
| Bonds payable | 322000 | |
| Premium on bonds payable | 6440 |
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Please explain detail
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14-13
Pronghorn, Inc. had outstanding $6,340,000 of 11% bonds
(interest payable July 31 and January 31) due in 10 years. On July
1, it issued $8,570,000 of 10%, 15-year bonds (interest payable
July 1 and January 1) at 98. A portion of the proceeds was used to
call the 11% bonds (with unamortized discount of $190,200) at 103
on August 1.
Prepare the journal entries necessary to record issue of the new
bonds and the refunding of the bonds. (Round...
tion of premium on the bonds E14-15 (L01, 2) (Entries for Redemption and Issuance of Bonds)...
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Ayayai Company had bonds outstanding with a maturity value of $ 313,000. On April 30, 2017,when these bonds had an unamortized discount of $ 9,000, they were called in at 104. To pay for these bonds, Ayayai had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 102 (face value $ 313,000) lgnoring interest, compute the gain or loss. Loss on redemption...
Exercise 14-15 Pharoah Company had bonds outstanding with a maturity value of $272,000. On April 30, 2020, when these bonds had an unamortized discount of $10,000, they were called in at 106. To pay for these bonds, Pharoah had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 103 (face value $272,000). Ignoring interest, compute the gain or loss. Loss on redemption...
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nent CALCULATOoR ULL SCREEN Exercise 14-15 To pay for these bonds, Blossom had issued other bonds a month eartier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 101 (face value $312,000) Ignoring interest, compute the gain or loss. Loss on redermption Ignoring i Account Titles and Explanation Interest, record this refunding transaction. (If no entry is required, select "No Entry" for the account tities and enter o...
Please explain detail
Sweet, Inc. had outstanding $5,580,000 of 12% bonds (interest payable July 31 and January 31) due in 10 years. On July 1, it issued $9,400,000°f 10%, 15-year bonds (interest payable July 1 and January 1) at 99. A portion of the proceeds was used to call the 12% bonds (with unamortized discount of $111,600) at 102 on August 1. Prepare the journal entries necessary to record issue of the new bonds and the refunding of the bonds....
14-13
Pronghorn, Inc. had outstanding $6,340,000 of 11% bonds
(interest payable July 31 and January 31) due in 10 years. On July
1, it issued $8,570,000 of 10%, 15-year bonds (interest payable
July 1 and January 1) at 98. A portion of the proceeds was used to
call the 11% bonds (with unamortized discount of $190,200) at 103
on August 1.
Prepare the journal entries necessary to record issue of the new
bonds and the refunding of the bonds. (Round...
tion of premium on the bonds E14-15 (L01, 2) (Entries for Redemption and Issuance of Bonds) Jason Day Company had bonds outstanding with a maturity value of $300,000. On April 30, 2017, when these bonds had an unamortized discount of $10,000, they were called in at 104. To pay for these bonds, Day had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued...
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