Homework Answers
| Journal Entry-Teal Mountain Inc. ( $ in Million) | |||
| Date | Account Tittle | Debit | Credit |
| 1-Jul | Cash (6 MillionX 0.96) | 5.76 | |
| Discount on Bonds payable | 0.24 | ||
| Bonds payable | 6 | ||
| 1-Aug | Bonds payable | 11 | |
| Loss on redemption of bonds | 1.785 | ||
| Cash (11*1.06) | 11.66 | ||
| Discount on Bonds payable | 1.125 | ||
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Exercise 14-21 Teal Mountain Inc. had outstanding $11 million of 9.00% bonds (interest payable March 31...
Carla, Inc. had outstanding $6,060,000 of 11% bonds (interest payable July 31 and January 31) due...
Carla, Inc. had outstanding $6,060,000 of 11% bonds (interest payable July 31 and January 31) due in 10 years. On July 1, it issued $9,860,000 of 10%, 15-year bonds (interest payable July 1 and January 1) at 97. A portion of the proceeds was used to call the 11% bonds (with unamortized discount of $242,400) at 104 on August 1. Prepare the journal entries necessary to record issue of the new bonds and the refunding of the bonds. (Round answers...
14-13 Pronghorn, Inc. had outstanding $6,340,000 of 11% bonds (interest payable July 31 and January 31) due in 10 years....
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...
Please explain detail Sweet, Inc. had outstanding $5,580,000 of 12% bonds (interest payable July 31 and...
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....
ent Exercise 14-13 Blossom, inc. had outstanding S6 430,000 of 10% bonds (interest payable July 3...
ent Exercise 14-13 Blossom, inc. had outstanding S6 430,000 of 10% bonds (interest payable July 3 1 and January 3) de in l years. On M, , t ssued S, 28 000 se m·s-rerbonds (intrest payable )uly 1 and January 1) at 97. A portion cr the proceeds was used to call the i 0% bonds (with unamortized discount or sig,900) at î03 on Agust . Prepare the journal entries necessary to record issue of select "No Entry" for the...
I cant get part c) Question 7 On January 1, 2020, Teal Mountain Inc. sold 14%...
I cant get part c)
Question 7 On January 1, 2020, Teal Mountain Inc. sold 14% bonds having a maturity value of $840,000 for $900,563, which provides the bondholders with a 12% yield. The bonds are dated January 1, 2020, and mature on January 1, 2025, with interest payable on January 1 of each year. The company follows IFRS and uses the effective interest method. (a) Your answer is correct. Prepare the journal entry at the date of issue. (Round...
Presented below is net asset information related to the Teal Mountain Division of Santana, Inc. Teal...
Presented below is net asset information related to the Teal Mountain Division of Santana, Inc. Teal Mountain Division Net Assets As of December 31, 2020 (in millions) Cash Accounts receivable Property, plant, and equipment (net) Goodwill Less: Notes payable Net assets $71 204 2,615 200 (2,610) $480 The purpose of the Teal Mountain Division is to develop a nuclear-powered aircraft. If successful, traveling delays associated with refueling could be substantially reduced. Many other benefits would also occur. To date, management...
Teal Mountain Inc. issues $270,000. 10-year, 6% bonds at 98. Prepare the journal entry to record...
Teal Mountain Inc. issues $270,000. 10-year, 6% bonds at 98. Prepare the journal entry to record the sale of these bonds on March 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
Crane, Inc. had outstanding $5,860,000 of 11% bonds (interest payable July 31 and January 31) due...
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Brief Exercise 10-08 Teal Mountain Inc. issues $259,000, 10-year, 8% bonds at 99. Prepare the journal...
Brief Exercise 10-08 Teal Mountain Inc. issues $259,000, 10-year, 8% bonds at 99. Prepare the journal entry to record the sale of these bonds on March 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work
Brief Exercise 10-20 Metlock, Inc. issues $2.10 million, 5-year, 11% bonds at 104, with interest payable...
Brief Exercise 10-20 Metlock, Inc. issues $2.10 million, 5-year, 11% bonds at 104, with interest payable annually January 1. The straight-line method is used to amortize bond premium. Prepare the journal entry to record the sale of these bonds on January 1, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 SHOW LIST OF ACCOUNTS Prepare the adjusting journal entry to record interest expense and...
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...
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....
ent Exercise 14-13 Blossom, inc. had outstanding S6 430,000 of 10% bonds (interest payable July 3 1 and January 3) de in l years. On M, , t ssued S, 28 000 se m·s-rerbonds (intrest payable )uly 1 and January 1) at 97. A portion cr the proceeds was used to call the i 0% bonds (with unamortized discount or sig,900) at î03 on Agust . Prepare the journal entries necessary to record issue of select "No Entry" for the...
I cant get part c)
Question 7 On January 1, 2020, Teal Mountain Inc. sold 14% bonds having a maturity value of $840,000 for $900,563, which provides the bondholders with a 12% yield. The bonds are dated January 1, 2020, and mature on January 1, 2025, with interest payable on January 1 of each year. The company follows IFRS and uses the effective interest method. (a) Your answer is correct. Prepare the journal entry at the date of issue. (Round...
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Teal Mountain Inc. issues $270,000. 10-year, 6% bonds at 98. Prepare the journal entry to record the sale of these bonds on March 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
Brief Exercise 10-08 Teal Mountain Inc. issues $259,000, 10-year, 8% bonds at 99. Prepare the journal entry to record the sale of these bonds on March 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work
Brief Exercise 10-20 Metlock, Inc. issues $2.10 million, 5-year, 11% bonds at 104, with interest payable annually January 1. The straight-line method is used to amortize bond premium. Prepare the journal entry to record the sale of these bonds on January 1, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 SHOW LIST OF ACCOUNTS Prepare the adjusting journal entry to record interest expense and...
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