c | ||
1 | ||
Balance Sheet (Partial) | ||
December 31,2022 | ||
Current Liabilities | ||
Interest payable | 297000 | |
Long term Liabilities: | ||
Bonds payable | 3300000 | |
Add: Premium on Bonds payable | 184800 | 3484800 |
2 | ||
Balance Sheet (Partial) | ||
December 31,2022 | ||
Current Liabilities | ||
Interest payable | 297000 | |
Long term Liabilities: | ||
Bonds payable | 3300000 | |
Less: Discount on Bonds payable | 105600 | 3194400 |
Workings: | ||
Premium on issue | 231000 | =3300000*0.07 |
Less: Premium amortized | 46200 | =231000/5 |
Premium on Bonds payable | 184800 | |
Discount on issue | 132000 | =3300000*0.04 |
Less: Premium amortized | 26400 | =132000/5 |
Discount on Bonds payable | 105600 |
. I just need part C completed. Problem 10-08A (Part Level Submission) Bramble Corporation sold $3,300,000,...
Sheffield Corporation sold $2,850,000, 6%, 5-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. Sheffield Corporation uses the straight-line method to amortize bond premium or discount. ------------------------------------------------------------------------------------------------------------------------------------------ (1.) Prepare journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 95 (2.) Show the balance sheet presentation for the bond issue at December 31, 2022, using the 107 selling price....
Concord Corporation sold $2,950,000, 9%, 5-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. Concord Corporation uses the straight-line method to amortize bond premium or discount. - Your answer is partially correct. Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 103. (Credit account titles are automatically indented when amount is entered. Do not...
Current Attempt in Progress Sheffield Corporation sold $2,900,000, 8%, 5-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. Sheffield Corporation uses the straight-line method to amortize bond premium or discount. Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 106. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)...
Bramble Corporation sold $2,200,000, 7%, 5-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. Bramble Corporation uses the straight-line method to amortize bond premium or discount. (1) Prepare journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 97. (2) Show the balance sheet presentation for the bond issue at December 31, 2022, using the 105 selling price. (3)...
Bramble Corporation issued $540,000,7%, 20-year bonds on January 1, 2022, for $486,983. This price resulted in an effective-interest rate of 8% on the bonds. Interest is payable annually on January 1. Bramble uses the effective-interest method to amortize bond premium or discount. - Your answer is partially correct. Prepare the schedule using effective-interest method to amortize bond premium or discount of Bramble. (Round answers to 0 decimal places, e.g. 5,275.) Interest Periods Interest to Be Paid Interest Expense to Be...
Sunland Company issued $570,000, 10-year, 7 % bonds at 103. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automa tica lly indented when the manually.) Credit Date Account Titles and Explanation Debit Jan. 1 Suppose the remaining Premium on Bonds Payable was $10,260 on December 31, 2025. Show the balance sheet presentation on this date. SUNLAND COMPANY Balance Sheet (Partial) Open Show Work Click if you would like to...
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...
Sandhill Co. sold $3,190,000, 8%, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually. List of Accounts Problem 10-09A Accounts Payable Accounts Receivable Accumulated Depreciation Equipment Accrued Pension Liability Bonds Payable Buildings Cash Common Stock Cost of Goods Sold Current Portion of Long-Term Debt Depreciation Expense Discount on Bonds Payable Dividends Equipment Federal Income Taxes...
10-10A I am not sure what I am doing wrong... I tried 98400 for A and 49200 for B along with the answers shown. Problem 10-10A Sunland Company sold $2,460,000, 5%, 10-year bonds on January 1, 2019. The bonds were dated January 1, 2019, and pay interest annually on January 1. Sunland Company uses the straight-line method to amortize bond premium or discount. Your answer is correct. Prepare all the necessary journal entries to record the issuance of the bonds...
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...