Homework Answers
Journal entry
| Date | account and explanation | Debit | credit |
| Jan 1 | Interest payable | 305100 | |
| Cash | 305100 | ||
| (To record payment) | |||
| Dec 31 | Interest expense | 285700 | |
| Premium on bonds payable (194000/10) | 19400 | ||
| Interest payable | 305100 | ||
| (To record accrued interest) | |||
| Jan 1,2022 | bonds payable | 1356000 | |
| Premium on bonds payable | 69840 | ||
| gain on redemption | 29160 | ||
| Cash (1356000*1.03) | 1396680 | ||
| Dec 31 | Interest expense | 293460 | |
| Premium on bonds payable | 11640 | ||
| Interest payable | 305100 |
Add Answer to:
Problem 15-07A a-d The following is taken from the Blossom Company balance sheet. Blossom Company Balance...
Problem 15-07A a-d The following is taken from the Ivanhoe Company balance sheet. BACK Frida Ivanhoe...
Problem 15-07A a-d The following is taken from the Ivanhoe Company balance sheet. BACK Frida Ivanhoe Company Balance Sheet (partial) December 31, 2020 Current Liabilities Interest payable (for 12 months from January 1 to December 31) Long-term Liabilities Bonds payable, 6% due January 1, 2028 Add: Premium on bonds payable $157,800 $2,630,000 Tube 249,000 $2,879,000 Interest is payable annually on January 1. The bonds are calable on any annual interest date. Ivanhoe uses straight-line amortization for any bond premium or...
LCULATOR PRINTER VERSION BACK NERET Problem 15-07A a-d The following is taken from the Pharoah Company...
LCULATOR PRINTER VERSION BACK NERET Problem 15-07A a-d The following is taken from the Pharoah Company balance sheet. Pharoah Company Balance Sheet (partial) December 31, 2020 Current Liabilities Interest payable (for 12 months from January 1 to December 31) Long-term Uabilities Bonds payable, 7% due January 1, 2028 $2,900,000 Add: Premium on bonds payable 189.000 $203,000 $3,089,000 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Pharoah uses straight-line amortization for any bond...
If you can give me explanations that would be helpful, thanks. The following is taken from the Sandhill Company balance...
If you can give me explanations that would be helpful,
thanks.
The following is taken from the Sandhill Company balance sheet. Sandhill Company Balance Sheet (partial) December 31, 2020 Current Liabilities Interest payable (for 12 months from January 1 to December 31) Long-term Liabilities Bonds payable, 9% due January 1, 2028 Add: Premium on bonds payable $271,800 $3,020,000 212,000 $3,232,000 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Sandhill uses straight-line amortization...
Problem 15-8A (Part Level Submission) The following is taken from the Colaw Company balance sheet. COLAW...
Problem 15-8A (Part Level Submission) The following is taken from the Colaw Company balance sheet. COLAW COMPANY Balance Sheet (partial) December 31, 2017 Current Liabilities Interest payable (for 12 months from January 1 to December 31) Long-term Liabilities Bonds payable, 6% due January 1, 2028 Add: Premium on bonds payable $185,400 $3,090,000 249,000 $3,339,000 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Colaw uses straight-line amortization for any bond premium or discount....
A) B) C) D) E) The following information is taken from Concord Corp's balance sheet at...
A)
B)
C)
D)
E)
The following information is taken from Concord Corp's balance sheet at December 31, 2016. Current liabilities $94,500 Interest payable Long-term liabilities Bonds payable (4%, due January 1, 2027) $4,680,000 Less: Discount on bonds payable 46,800 4,633.200 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Concord uses straight-l ine amortization for any bond premium or discount. From December 31, 2016, the bonds will be outstanding for an additional...
CALCULATOR FULL SCREEN PRINTER VERSION BACK Problem 10-07A The following information is taken from Wildhorse Corp's...
CALCULATOR FULL SCREEN PRINTER VERSION BACK Problem 10-07A The following information is taken from Wildhorse Corp's balance sheet at December 31, 2021. $ 94,800 Current liabilities Interest payable Long-term liabilities Bonds payable (4%, due January 1, 2032) Less: Discount on bonds payable $2,370,000 23,700 2,346,300 Interest is payable annually on January 1. The bonds are callable on any annual Interest date. Wildhorse uses straight line amortization for any bond premium or discount From December 31, 2021. the bonds will be...
Your answer is partially correct. Try again. The following information is taken from Ivanhoe Corp.'s balance...
Your answer is partially correct. Try again. The following information is taken from Ivanhoe Corp.'s balance sheet at December 31, 2021. $ 92,000 Current liabilities Interest payable Long-term liabilities Bonds payable (4%, due January 1, 2032) Less: Discount on bonds payable $2,300,000 23,000 2,277,000 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Ivanhoe uses straight-line amortization for any bond premium or discount. From December 31, 2021, the bonds will be outstanding for...
Blossom Company issued $261,000,7%, 15-year bonds on December 31, 2021, for $250,560. Interest is payable annually...
Blossom Company issued $261,000,7%, 15-year bonds on December 31, 2021, for $250,560. Interest is payable annually on December 31. Blossom uses the straight-line method to amortize 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 payment of interest and the discount amortization on December 31, 2022. (c) The redemption of the bonds at maturity,...
---------------------------------------------------------------------------------------------------------------------------------------------------------- Exercise 15-7 The following section is taken from Ohlman Corp.'s balance sheet at December 31,...
----------------------------------------------------------------------------------------------------------------------------------------------------------
Exercise 15-7 The following section is taken from Ohlman Corp.'s balance sheet at December 31, 2016 Current liabilitles Interest payable 94,500 Long-term liabilities Bonds payable, 6%, due January 1, 2021 1,575,000 Bond interest is payable annually on January 1. The bonds are callable on any interest date Journalize the payment of the bond interest on January 1, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit...
Question 9 View Policies Current Attempt in Progress Blossom Company issued $294.000,7%, 15-year bonds on December...
Question 9 View Policies Current Attempt in Progress Blossom Company issued $294.000,7%, 15-year bonds on December 31, 2021, for $282,240. Interest is payable annually on December 31. Blossom uses the straight-line method to amortize 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 payment of interest and the discount amortization on December 31, 2022....
Problem 15-07A a-d The following is taken from the Ivanhoe Company balance sheet. BACK Frida Ivanhoe Company Balance Sheet (partial) December 31, 2020 Current Liabilities Interest payable (for 12 months from January 1 to December 31) Long-term Liabilities Bonds payable, 6% due January 1, 2028 Add: Premium on bonds payable $157,800 $2,630,000 Tube 249,000 $2,879,000 Interest is payable annually on January 1. The bonds are calable on any annual interest date. Ivanhoe uses straight-line amortization for any bond premium or...
LCULATOR PRINTER VERSION BACK NERET Problem 15-07A a-d The following is taken from the Pharoah Company balance sheet. Pharoah Company Balance Sheet (partial) December 31, 2020 Current Liabilities Interest payable (for 12 months from January 1 to December 31) Long-term Uabilities Bonds payable, 7% due January 1, 2028 $2,900,000 Add: Premium on bonds payable 189.000 $203,000 $3,089,000 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Pharoah uses straight-line amortization for any bond...
If you can give me explanations that would be helpful,
thanks.
The following is taken from the Sandhill Company balance sheet. Sandhill Company Balance Sheet (partial) December 31, 2020 Current Liabilities Interest payable (for 12 months from January 1 to December 31) Long-term Liabilities Bonds payable, 9% due January 1, 2028 Add: Premium on bonds payable $271,800 $3,020,000 212,000 $3,232,000 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Sandhill uses straight-line amortization...
Problem 15-8A (Part Level Submission) The following is taken from the Colaw Company balance sheet. COLAW COMPANY Balance Sheet (partial) December 31, 2017 Current Liabilities Interest payable (for 12 months from January 1 to December 31) Long-term Liabilities Bonds payable, 6% due January 1, 2028 Add: Premium on bonds payable $185,400 $3,090,000 249,000 $3,339,000 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Colaw uses straight-line amortization for any bond premium or discount....
A)
B)
C)
D)
E)
The following information is taken from Concord Corp's balance sheet at December 31, 2016. Current liabilities $94,500 Interest payable Long-term liabilities Bonds payable (4%, due January 1, 2027) $4,680,000 Less: Discount on bonds payable 46,800 4,633.200 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Concord uses straight-l ine amortization for any bond premium or discount. From December 31, 2016, the bonds will be outstanding for an additional...
CALCULATOR FULL SCREEN PRINTER VERSION BACK Problem 10-07A The following information is taken from Wildhorse Corp's balance sheet at December 31, 2021. $ 94,800 Current liabilities Interest payable Long-term liabilities Bonds payable (4%, due January 1, 2032) Less: Discount on bonds payable $2,370,000 23,700 2,346,300 Interest is payable annually on January 1. The bonds are callable on any annual Interest date. Wildhorse uses straight line amortization for any bond premium or discount From December 31, 2021. the bonds will be...
Your answer is partially correct. Try again. The following information is taken from Ivanhoe Corp.'s balance sheet at December 31, 2021. $ 92,000 Current liabilities Interest payable Long-term liabilities Bonds payable (4%, due January 1, 2032) Less: Discount on bonds payable $2,300,000 23,000 2,277,000 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Ivanhoe uses straight-line amortization for any bond premium or discount. From December 31, 2021, the bonds will be outstanding for...
Blossom Company issued $261,000,7%, 15-year bonds on December 31, 2021, for $250,560. Interest is payable annually on December 31. Blossom uses the straight-line method to amortize 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 payment of interest and the discount amortization on December 31, 2022. (c) The redemption of the bonds at maturity,...
----------------------------------------------------------------------------------------------------------------------------------------------------------
Exercise 15-7 The following section is taken from Ohlman Corp.'s balance sheet at December 31, 2016 Current liabilitles Interest payable 94,500 Long-term liabilities Bonds payable, 6%, due January 1, 2021 1,575,000 Bond interest is payable annually on January 1. The bonds are callable on any interest date Journalize the payment of the bond interest on January 1, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit...
Question 9 View Policies Current Attempt in Progress Blossom Company issued $294.000,7%, 15-year bonds on December 31, 2021, for $282,240. Interest is payable annually on December 31. Blossom uses the straight-line method to amortize 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 payment of interest and the discount amortization on December 31, 2022....
Most questions answered within 3 hours.
-
You have a portfolio that is invested 19 percent in Stock A, 42
percent in Stock...
asked 40 seconds from now -
FIRST: Write code that prompts the user for the
name of a text file, opens that...
asked 1 minute ago -
Our team is working to build the IT architecture plan for a
semi-custom designer jewelry company....
asked 11 minutes ago -
how
does sperm use acrosomal enzymes and receptors to approach, bind
and enter the oocyte
asked 8 minutes ago -
Light of wavelength 425.1 nm falls on two slits spaced 0.31 mm
apart. What is the...
asked 7 minutes ago -
Question 2 Lean procurement may have a lot of advantages but it
could be difficult to...
asked 11 minutes ago -
Let's assume that measuring the concentration of a pollutant
in a body of water will result...
asked 14 minutes ago -
Bill’s Bakery has current earnings per share of $2.42.
Current book value is $4.20 per share....
asked 34 minutes ago -
The train I take into town charges less to people who ride
between 8:00 am and...
asked 28 minutes ago -
Pizza cost $5 per unit Coke cost $1 per unit You have $17 and
plan to...
asked 35 minutes ago -
D5NS with 40 mg gentamicin IV infuse at 30 mL/h over 30 min q8h.
A volume-control...
asked 35 minutes ago -
To get a declared dividend from a company, what is the last day
that the investor...
asked 37 minutes ago