Homework Answers
Part 1
|
Loss on redemption |
$17250 |
|
Reacquisition Price ($690,000 x 102%) |
703800 |
|
|
Less: Par Value |
690000 |
|
|
Unamortized discount |
(3450) |
686550 |
|
Loss on Redemption |
17250 |
Unamortized discount = $690,000 x 1% = $6900 ÷ 10 years = $690 x 5 years remaining = $3450
Part 2
|
Date |
Accounts title and explanation |
Debit |
Credit |
|
January 2, 2020 |
Bonds Payable |
690000 |
|
|
Loss on Redemption on Bonds |
17250 |
||
|
Discount on Bonds Payable |
3450 |
||
|
Cash |
703800 |
||
|
(to record the redemption of 60% bonds) |
Add Answer to:
Current Attempt in Progress On January 2, 2015, Novak Corporation issued $1,150,000 of 10% bonds at...
Question 11 --/2 View Policies Current Attempt in Progress On January 2, 2015, Ivanhoe Corporation issued $1,600,000 of...
Question 11 --/2 View Policies Current Attempt in Progress On January 2, 2015, Ivanhoe Corporation issued $1,600,000 of 10% bonds at 99 due December 31, 2024. Interest on the bonds is payable annually each December 31. The discount 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 102 (i.e., at 102% of face amount), and on January...
Entries and Loss of Redemption On January 2, 2015, Oriole Corporation issued $1,450,000 of 10% bonds...
Entries and Loss of Redemption
On January 2, 2015, Oriole Corporation issued $1,450,000 of 10% bonds at 97 due December 31, 2024. Interest on the bonds is payable annually each December 31. The discount 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 102 (i.e., at 102% of face amount), and on January 2, 2020, Oriole called...
On January 2, 2015, Cullumber Corporation issued $2,250,000 of 10% bonds at 98 due December 31,...
On January 2, 2015, Cullumber Corporation issued $2,250,000 of 10% bonds at 98 due December 31, 2024. Interest on the bonds is payable annually each December 31. The discount 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 102 (i.e., at 102% of face amount), and on January 2, 2020, Cullumber called $1,350,000 face amount of the...
On January 2, 2015, Metlock Corporation issued $1,550,000 of 10% bonds at 98 due December 31,...
On January 2, 2015, Metlock Corporation issued $1,550,000 of 10% bonds at 98 due December 31, 2024. Interest on the bonds is payable annually each December 31. The discount 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 101 (i.e., at 101% of face amount), and on January 2, 2020, Metlock called $930,000 face amount of the...
On January 2, 2015, Grouper Corporation issued $2,050,000 of 10% bonds at 96 due December 31,...
On January 2, 2015, Grouper Corporation issued $2,050,000 of 10% bonds at 96 due December 31, 2024. Interest on the bonds is payable annually each December 31. The discount 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 101 (i.e., at 101% of face amount), and on January 2, 2020, Grouper called $1,230,000 face amount of the...
On January 2, 2015, Marin Corporation issued $2,150,000 of 10% bonds at 98 due December 31,...
On January 2, 2015, Marin Corporation issued $2,150,000 of 10%
bonds at 98 due December 31, 2024. Interest on the bonds is payable
annually each December 31. The discount 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 101 (i.e., at 101% of face amount), and
on January 2, 2020, Marin called $1,290,000 face amount of the...
On January 2, 2015, Shamrock Corporation issued $1,350,000 of 10% bonds at 99 due December 31,...
On January 2, 2015, Shamrock Corporation issued $1,350,000 of 10% bonds at 99 due December 31, 2024. Interest on the bonds is payable annually each December 31. The discount 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 102 (i.e., at 102% of face amount), and on January 2, 2020, Shamrock called $810,000 face amount of the...
Exercise 14-12 On January 2, 2015, Swifty Corporation issued $2,100,000 of 10% bonds at 97 due...
Exercise 14-12 On January 2, 2015, Swifty Corporation issued $2,100,000 of 10% bonds at 97 due December 31, 2024. Interest on the bonds is payable annually each December 31. The discount 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 102 (i.e., at 102% of face amount), and on January 2, 2020, Swifty called $1,260,000 face amount...
On January 2, 2015, Buffalo Corporation issued $1,650,000 of 10% bonds at 96 due December 31,...
On January 2, 2015, Buffalo Corporation issued $1,650,000 of 10% bonds at 96 due December 31, 2024. Interest on the bonds is payable annually each December 31. The discount 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 101 (i.e., at 101% of face amount), and on January 2, 2020, Buffalo called $990,000 face amount of the...
Exercise 14-12 On January 2, 2015, Sunland Corporation issued $1,850,000 of 10% bonds at 96 due...
Exercise 14-12 On January 2, 2015, Sunland Corporation issued $1,850,000 of 10% bonds at 96 due December 31, 2024. Interest on the bonds is payable annually each December 31. The discount 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 101 (i.e., at 101% of face amount), and on January 2, 2020, Sunland called $1,110,000 face amount...
Question 11 --/2 View Policies Current Attempt in Progress On January 2, 2015, Ivanhoe Corporation issued $1,600,000 of 10% bonds at 99 due December 31, 2024. Interest on the bonds is payable annually each December 31. The discount 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 102 (i.e., at 102% of face amount), and on January...
Entries and Loss of Redemption
On January 2, 2015, Oriole Corporation issued $1,450,000 of 10% bonds at 97 due December 31, 2024. Interest on the bonds is payable annually each December 31. The discount 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 102 (i.e., at 102% of face amount), and on January 2, 2020, Oriole called...
On January 2, 2015, Cullumber Corporation issued $2,250,000 of 10% bonds at 98 due December 31, 2024. Interest on the bonds is payable annually each December 31. The discount 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 102 (i.e., at 102% of face amount), and on January 2, 2020, Cullumber called $1,350,000 face amount of the...
On January 2, 2015, Metlock Corporation issued $1,550,000 of 10% bonds at 98 due December 31, 2024. Interest on the bonds is payable annually each December 31. The discount 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 101 (i.e., at 101% of face amount), and on January 2, 2020, Metlock called $930,000 face amount of the...
On January 2, 2015, Marin Corporation issued $2,150,000 of 10%
bonds at 98 due December 31, 2024. Interest on the bonds is payable
annually each December 31. The discount 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 101 (i.e., at 101% of face amount), and
on January 2, 2020, Marin called $1,290,000 face amount of the...
Exercise 14-12 On January 2, 2015, Swifty Corporation issued $2,100,000 of 10% bonds at 97 due December 31, 2024. Interest on the bonds is payable annually each December 31. The discount 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 102 (i.e., at 102% of face amount), and on January 2, 2020, Swifty called $1,260,000 face amount...
On January 2, 2015, Buffalo Corporation issued $1,650,000 of 10% bonds at 96 due December 31, 2024. Interest on the bonds is payable annually each December 31. The discount 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 101 (i.e., at 101% of face amount), and on January 2, 2020, Buffalo called $990,000 face amount of the...
Most questions answered within 3 hours.
-
True or false? All near-death experiences (NDEs) are described
as spiritual and pleasant. What is the...
asked 1 minute from now -
Write a C++ program that will convert distance measurements from
miles to kilometers. Specifically, the program...
asked 3 minutes ago -
Given the following stresses (in MP a); in each case:
(a) Find the principal stresses σ1;...
asked 8 minutes ago -
You are one of the first engineers hired into the
manufacturing engineering department at a brand...
asked 13 minutes ago -
Suppose car models A, B, and C are popular among drivers.
Suppose 12% of the drivers...
asked 30 minutes ago -
write a program that finds the number of zeros in an 8-bit data
item using assembly...
asked 31 minutes ago -
Which statement is always true: The total energy of a closed
system...
A) is always equally...
asked 44 minutes ago -
find the critical value associated with a right sided hypothesis of
the mean using a sample...
asked 2 hours ago -
Which of the following statements is true with respect to a
simple linear regression model?
a....
asked 3 hours ago -
The energy required to remove an electron from a surface of a
solid element is called...
asked 4 hours ago -
How would you train your employees to avoid risks of using
mobile devices?
asked 5 hours ago -
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 6 hours ago