Homework Answers
15-06) Journal entry
| date | account title and explanation | Debit | Credit |
| July 1 | Bonds payable | 3600000 | |
| Loss on bond redemption | 252000 | ||
| Discount on bonds payable | 252000 | ||
| cash | 3600000 |
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Brief Exercise 15-06 The balance sheet for Crane Consulting reports the following information on July 1,...
Exercise 15-10 a-b (Part Level Submission) Pharoah Company borrowed $316,000 on January 1, 2020, by issuing...
Exercise 15-10 a-b (Part Level Submission) Pharoah Company borrowed $316,000 on January 1, 2020, by issuing a $316,000, 10% mortgage note payable. The terms call for annual installment payments of $57,000 on December 31. (a) Prepare the journal entries to record the mortgage loan and the first two installment payments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit...
The following are two independent situations. 1. Crane Corporation redeemed $127,200 face value, 13% bonds on...
The following are two independent situations. 1. Crane Corporation redeemed $127,200 face value, 13% bonds on June 30, 2020, at 104. The carrying value of the bonds at the redemption date was $112,200. The bonds pay annual interest, and the interest payment due on June 30, 2020, has been made and recorded. 2. Tastove Inc. redeemed $161,000 face value, 20.00% bonds on June 30, 2020, at 96. The carrying value of the bonds at the redemption date was $166,000. The...
Exercise 15-08 The following are two independent situations. 1. Blossom Corporation redeemed $134,500 face value, 13%...
Exercise 15-08 The following are two independent situations. 1. Blossom Corporation redeemed $134,500 face value, 13% bonds on June 30, 2020, at 104. The carrying value of the bonds at the redemption date was $123,500. The bonds pay annual interest, and the interest payment due on June 30, 2020, has been made and recorded 2. Tastove Inc. redeemed $150,000 face value, 18.50% bonds on June 30, 2020, at 96. The carrying value of the bonds at the redemption date was...
Exercise 15-08 The following are two independent situations. 1. Sandhill Corporation redeemed $130,500 face value, 10%...
Exercise 15-08 The following are two independent situations. 1. Sandhill Corporation redeemed $130,500 face value, 10% bonds on June 30, 2020, at 105. The carrying value of the bonds at the redemption date was $117,000. The bonds pay annual interest, and the interest payment due on June 30, 2020, has been made and recorded. 2. Tastove Inc. redeemed $161,000 face value, 18.00% bonds on June 30, 2020, at 97. The carrying value of the bonds at the redemption date was...
Brief Exercise 15-04 a-b Oriole Company issues $3,000,000, 10-year, 10% bonds at 99, with interest payable...
Brief Exercise 15-04 a-b Oriole Company issues $3,000,000, 10-year, 10% bonds at 99, with interest payable each January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 LINK TO TEXT Assuming instead that the above bonds sold for 104, prepare the journal entry to record the sale of these bonds...
Exercise 15-15- Crane Company issued $520,000,6%, 20-year bends on January 1, 2020, 103. Interest is payable...
Exercise 15-15- Crane Company issued $520,000,6%, 20-year bends on January 1, 2020, 103. Interest is payable annually on January 1 Canese straight-ine amortiration for bond premium or discount Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Jan 1, 2020 Prepare the journal entry to record the Keral of interest and the premium amortization on December 31, 2020. (Credit...
The following are independent situations. 1. Concord Corporation redeemed $135,300 face value, 12% bonds on June 30, 20...
The following are independent situations. 1. Concord Corporation redeemed $135,300 face value, 12% bonds on June 30, 2020, at 109. The carrying value of the bonds at the redemption date was $120,300. The bonds pay annual interest, and the interest payment due on June 30, 2020, has been made and recorded. 2. Ivanhoe Company redeemed $147,000 face value, 15% bonds on June 30, 2020, at 93. The carrying value of the bonds at the redemption date was $149,000. The bonds...
The balance sheet for Sunland Company reports the following information on July 1, 2022. SUNLAND COMPANY...
The balance sheet for Sunland Company reports the following information on July 1, 2022. SUNLAND COMPANY Balance Sheet (partial) Long-term liabilities Bonds payable $1,900,000 Less: Discount on bonds payable 42,750 $1,857,250 Sunland decides to redeem these bonds at 105 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1
The situations presented here are independent of each other. For each situation, prepare the appropriate journal...
The situations presented here are independent of each other. For each situation, prepare the appropriate journal entry for the redemption of the bonds. Martinez Corp. redeemed $130,000 face value, 11% bonds on April 30, 2022, at 104. The carrying value of the bonds at the redemption date was $117,390. The bonds pay annual interest, and the interest payment due on April 30, 2022, has been made and recorded. (Credit account titles are automatically indented when amount is entered. Do not...
The situations presented here are independent of each other. For each situation, prepare the appropriate journal...
The situations presented here are independent of each other. For each situation, prepare the appropriate journal entry for the redemption of the bonds. Flounder Corp. redeemed $124,000 face value, 10% bonds on April 30, 2022, at 105. The carrying value of the bonds at the redemption date was $111,972. The bonds pay annual interest, and the interest payment due on April 30, 2022, has been made and recorded. (Credit account titles are automatically indented when amount is entered. Do not...
Exercise 15-10 a-b (Part Level Submission) Pharoah Company borrowed $316,000 on January 1, 2020, by issuing a $316,000, 10% mortgage note payable. The terms call for annual installment payments of $57,000 on December 31. (a) Prepare the journal entries to record the mortgage loan and the first two installment payments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit...
The following are two independent situations. 1. Crane Corporation redeemed $127,200 face value, 13% bonds on June 30, 2020, at 104. The carrying value of the bonds at the redemption date was $112,200. The bonds pay annual interest, and the interest payment due on June 30, 2020, has been made and recorded. 2. Tastove Inc. redeemed $161,000 face value, 20.00% bonds on June 30, 2020, at 96. The carrying value of the bonds at the redemption date was $166,000. The...
Exercise 15-08 The following are two independent situations. 1. Blossom Corporation redeemed $134,500 face value, 13% bonds on June 30, 2020, at 104. The carrying value of the bonds at the redemption date was $123,500. The bonds pay annual interest, and the interest payment due on June 30, 2020, has been made and recorded 2. Tastove Inc. redeemed $150,000 face value, 18.50% bonds on June 30, 2020, at 96. The carrying value of the bonds at the redemption date was...
Exercise 15-08 The following are two independent situations. 1. Sandhill Corporation redeemed $130,500 face value, 10% bonds on June 30, 2020, at 105. The carrying value of the bonds at the redemption date was $117,000. The bonds pay annual interest, and the interest payment due on June 30, 2020, has been made and recorded. 2. Tastove Inc. redeemed $161,000 face value, 18.00% bonds on June 30, 2020, at 97. The carrying value of the bonds at the redemption date was...
Brief Exercise 15-04 a-b Oriole Company issues $3,000,000, 10-year, 10% bonds at 99, with interest payable each January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 LINK TO TEXT Assuming instead that the above bonds sold for 104, prepare the journal entry to record the sale of these bonds...
Exercise 15-15- Crane Company issued $520,000,6%, 20-year bends on January 1, 2020, 103. Interest is payable annually on January 1 Canese straight-ine amortiration for bond premium or discount Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Jan 1, 2020 Prepare the journal entry to record the Keral of interest and the premium amortization on December 31, 2020. (Credit...
The following are independent situations. 1. Concord Corporation redeemed $135,300 face value, 12% bonds on June 30, 2020, at 109. The carrying value of the bonds at the redemption date was $120,300. The bonds pay annual interest, and the interest payment due on June 30, 2020, has been made and recorded. 2. Ivanhoe Company redeemed $147,000 face value, 15% bonds on June 30, 2020, at 93. The carrying value of the bonds at the redemption date was $149,000. The bonds...
The balance sheet for Sunland Company reports the following information on July 1, 2022. SUNLAND COMPANY Balance Sheet (partial) Long-term liabilities Bonds payable $1,900,000 Less: Discount on bonds payable 42,750 $1,857,250 Sunland decides to redeem these bonds at 105 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1
The situations presented here are independent of each other. For each situation, prepare the appropriate journal entry for the redemption of the bonds. Martinez Corp. redeemed $130,000 face value, 11% bonds on April 30, 2022, at 104. The carrying value of the bonds at the redemption date was $117,390. The bonds pay annual interest, and the interest payment due on April 30, 2022, has been made and recorded. (Credit account titles are automatically indented when amount is entered. Do not...
The situations presented here are independent of each other. For each situation, prepare the appropriate journal entry for the redemption of the bonds. Flounder Corp. redeemed $124,000 face value, 10% bonds on April 30, 2022, at 105. The carrying value of the bonds at the redemption date was $111,972. The bonds pay annual interest, and the interest payment due on April 30, 2022, has been made and recorded. (Credit account titles are automatically indented when amount is entered. Do not...
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