Homework Answers
Answer:
| Date | Accounts titles and Explanation | Debit ($) | Credit ($) |
| Apr. 30 | Bonds payable | 1,24,000 | |
| Loss on redemption of bonds( bal fig) | 18,228 | ||
| Discount on Bonds payable(124,000-111,972) | 12,028 | ||
| Cash(124,000*1.05) | 1,30,200 | ||
| (To record redemption of bonds at 105) | |||
| Jun. 30 | Bonds payable | 1,62,000 | |
| Premium on Bonds payable(174,960-162,000) | 12,960 | ||
| Gain on redemption of bonds ( bal fig) | 14,580 | ||
| Cash(162,000*.99) | 1,60,380 | ||
| (To record redemption of bonds at 98) |
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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...
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. Culver Corporation redeemed $150,000 face value, 12% bonds on April 30, 2022, at 103. The carrying value of the bonds at the redemption date was $135,450. The bonds pay annual interest, and the interest payment due on April 30, 2022, has been made and recorded. account titles are automatically indented when amount is entered. Do not indent...
Exercise 10-18 The situations presented here are independent of each other. For each situation, prepare the...
Exercise 10-18 The situations presented here are independent of each other. For each situation, prepare the appropriate journal entry for the redemption of the bonds. Blue Spruce Corp. redeemed $160,000 face value, 10% bonds on April 30, 2022, at 105. The carrying value of the bonds at the redemption date was $144,480. 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...
Cullumber Company issued $456,000, 6%, 30-year bonds on January 1, 2022, at 105. Interest is payable...
Cullumber Company issued $456,000, 6%, 30-year bonds on January 1, 2022, at 105. Interest is payable annually on January 1. Cullumber uses straight-line amortization for bond premium or discount. Prepare the journal entries to record the following events. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The issuance of the bonds. (b) The accrual of interest and the premium amortization on December 31, 2022. (c) The payment of interest on January 1, 2023....
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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 following are two independent situations. 1. Ivanhoe Corporation redeemed $135,300 face value, 12% bonds on...
The following are two independent situations.
1.
Ivanhoe 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.
Tastove Inc. redeemed $147,000 face
value, 14.50% bonds on June 30, 2020, at 93. The carrying value of
the bonds at the redemption date was $149,000. The...
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...
Kingbird, Inc. redeemed $168,000 face value, 14.5 % bonds on June 30, 2022, at 99. The...
Kingbird, Inc. redeemed $168,000 face value, 14.5 % bonds on June 30, 2022, at 99. The carrying value of the bonds at the redemption date was $181,440. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and recorded. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit un eTextbook and Media
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...
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. Culver Corporation redeemed $150,000 face value, 12% bonds on April 30, 2022, at 103. The carrying value of the bonds at the redemption date was $135,450. The bonds pay annual interest, and the interest payment due on April 30, 2022, has been made and recorded. account titles are automatically indented when amount is entered. Do not indent...
Cullumber Company issued $456,000, 6%, 30-year bonds on January 1, 2022, at 105. Interest is payable annually on January 1. Cullumber uses straight-line amortization for bond premium or discount. Prepare the journal entries to record the following events. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The issuance of the bonds. (b) The accrual of interest and the premium amortization on December 31, 2022. (c) The payment of interest on January 1, 2023....
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 following are two independent situations.
1.
Ivanhoe 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.
Tastove Inc. redeemed $147,000 face
value, 14.50% bonds on June 30, 2020, at 93. The carrying value of
the bonds at the redemption date was $149,000. The...
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...
Kingbird, Inc. redeemed $168,000 face value, 14.5 % bonds on June 30, 2022, at 99. The carrying value of the bonds at the redemption date was $181,440. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and recorded. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit un eTextbook and Media
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...
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