Homework Answers
| Date | Account Title | Debit | Credit |
| a. Apr.1,2017 | Cash(29700*1000*0.97) | 28809000 | |
| Discount on Bonds payable(29700*1000*0.03) | 891000 | ||
| Bonds payable(29700*1000) | 29700000 | ||
| b. Oct.1 | Interest expense | 1663200 | |
| Cash(29700000*11%/2) | 1633500 | ||
| Discount on Bonds payable(891000/15/2) | 29700 | ||
| c. Dec.31 | Interest expense | 831600 | |
| Interest payable(29700000*11%*3/12) | 816750 | ||
| Discount on Bonds payable(891000/15*3/12) | 14850 | ||
| d.Mar 1,2018 | Interest expense | 106400 | |
| Interest payable(5700*11%*3/12) | 156750 | ||
| Discount on Bonds payable(5700*1000*0.03/15*2/12) | 1900 | ||
| Cash | 261250 | ||
| (to record payment to retiring bondholders) | |||
| 1-Mar | Bonds payable(5700*1000) | 5700000 | |
| Loss on early redemption of bonds(Bal.fig.) | 291650 | ||
| Discount on bonds payable(as per amortisation table) | 160550 | ||
| Common stock(188100*10) | 1881000 | ||
| APIC-ommon stock(188100*(31-10)) | 3950100 | ||
| (to record extinguishment of bonds) | |||
| No. | Bonds payable | Bal.in Discount | Book value | Disc. Amortised |
| 0 | 5700000 | 171000 | 5529000 | |
| 1 | 5700000 | 165300 | 5534700 | 5700 |
| 31-Dec | 5700000 | 162450 | 5537550 | 4750 |
| 1-Mar | 5700000 | 160550 | 5539450 | 1900 |
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Problem 14-7 Your answer is partially correct. Try again. On April 1, 2017, Indigo Company sold...
roblem 14-7 Your answer is partially correct. Try again. On April 1, 2017, Martinez Company sold...
roblem 14-7
Your answer is partially correct. Try again.
On April 1, 2017, Martinez Company sold 23,400 of its 11%,
15-year, $1,000 face value bonds at 96. Interest payment dates are
April 1 and October 1, and the company uses the straight-line
method of bond discount amortization. On March 1, 2018, Martinez
took advantage of favorable prices of its stock to extinguish 5,400
of the bonds by issuing 178,200 shares of its $10 par value common
stock. At this time,...
part d Your answer is partially correct. On April 1, 2020, Sarasota Company sold 15,300 of...
part d
Your answer is partially correct. On April 1, 2020, Sarasota Company sold 15,300 of its 12%, 15-year $1,000 face value bonds at 97. Interest payment dates are April 1 and October 1, and the company uses the straight-line method of bond discount amortization. On March 1, 2021, Sarasota took advantage of favorable prices of its stock to extinguish 6,900 of the bonds by issuing 227,700 shares of its $10 par value common stock. At this time, the accrued...
Your answer is partially correct. On April 1, 2020, Monty Company sold 22,500 of its 11%,...
Your answer is partially correct. On April 1, 2020, Monty Company sold 22,500 of its 11%, 15-year, $1,000 face value bonds at 97. Interest payment dates are April 1 and October 1, and the company uses the straight-line method of bond discount amortization. On March 1, 2021, Monty took advantage of favorable prices of its stock to extinguish 5,400 of the bonds by issuing 178,200 shares of its $10 par value common stock. At this time, the accrued interest was...
*Problem 14-7 On April 1, 2017, Sarasota Company sold 16,200 of its 12%, 15-year, $1,000 face value bonds at 98, Interest payment dates are April 1 and October 1, and the company uses the straight-li...
*Problem 14-7 On April 1, 2017, Sarasota Company sold 16,200 of its 12%, 15-year, $1,000 face value bonds at 98, Interest payment dates are April 1 and October 1, and the company uses the straight-line method of bond discount amortization. On March 1, 2018, Sarasota took advantage of favorable prices of its stock to extinguish 7,500 of the bonds by issuing 247,500 shares of its $10 par value common stock. At this time, the accrued interest was paid in cash....
Problem 14-7 On April 1, 2017, Martinez Company sold 18,000 of its 12%, 15-year, $1,000 face...
Problem 14-7 On April 1, 2017, Martinez Company sold 18,000 of its 12%, 15-year, $1,000 face value bonds at 96. Interest payment dates are April 1 and October 1, and the company uses the straight-line method of bond discount amortization. On March 1, 2018, Martinez took advantage of favorable prices of its stock to extinguish 6,600 of the bonds by issuing 217,800 shares of its $10 par value common stock. At this time, the accrued interest was paid in cash....
On April 1, 2020, Headland Company sold 29,700 of its 11%, 15-year, $1,000 face value bonds...
On April 1, 2020, Headland Company sold 29,700 of its 11%, 15-year, $1,000 face value bonds at 97. Interest payment dates are April 1 and October 1, and the company uses the straight-line method of bond discount amortization. On March 1, 2021, Headland took advantage of favorable prices of its stock to extinguish 5,700 of the bonds by issuing 188,100 shares of its $10 par value common stock. At this time, the accrued interest was paid in cash. The company’s...
On April 1, 2017, Teal Company sold 13,500 of its 11%, 15-year, $1,000 face value bonds...
On April 1, 2017, Teal Company sold 13,500 of its 11%, 15-year,
$1,000 face value bonds at 97. Interest payment dates are April 1
and October 1, and the company uses the straight-line method of
bond discount amortization. On March 1, 2018, Teal took advantage
of favorable prices of its stock to extinguish 6,300 of the bonds
by issuing 207,900 shares of its $10 par value common stock. At
this time, the accrued interest was paid in cash. The company’s...
Problem 14-07 On April 1, 2020, Ayayai Company sold 14,400 of its 11%, 15-year, $1,000 face...
Problem 14-07 On April 1, 2020, Ayayai Company sold 14,400 of its 11%, 15-year, $1,000 face value bonds at 97. Interest payment dates are April 1 and October 1, and the company uses the straight-line method of bond discount amortization. On March 1, 2021, Ayayai took advantage of favorable prices of its stock to extinguish 4,200 of the bonds by issuing 138,600 shares of its $10 par value common stock. At this time, the accrued interest was paid in cash....
On April 1, 2017, Monty Company sold 28,800 of its 12%, 15-year, $1,000 face value bonds...
On April 1, 2017, Monty Company sold 28,800 of its 12%, 15-year, $1,000 face value bonds at 97. Interest payment dates are April 1 and October 1, and the company uses the straight-line method of bond discount amortization. On March 1, 2018, Monty took advantage of favorable prices of its stock to extinguish 4,200 of the bonds by issuing 138,600 shares of its $10 par value common stock. At this time, the accrued interest was paid in cash. The company’s...
Problem 14-07 On April 1, 2020, Bonita Company sold 14,400 of its 11%, 15-year $1,000 face...
Problem 14-07 On April 1, 2020, Bonita Company sold 14,400 of its 11%, 15-year $1,000 face value bonds at 97. Interest payment dates are April 1 and October 1, and the company uses the straight line method of bond discount amortization. On March 1, 2021, Bonita took advantage of favorable prices of its stock to extinguish 4,200 of the bonds by issuing 138,600 shares of its $10 par value common stock. At this time, the ccrued interest was pain cash....
roblem 14-7
Your answer is partially correct. Try again.
On April 1, 2017, Martinez Company sold 23,400 of its 11%,
15-year, $1,000 face value bonds at 96. Interest payment dates are
April 1 and October 1, and the company uses the straight-line
method of bond discount amortization. On March 1, 2018, Martinez
took advantage of favorable prices of its stock to extinguish 5,400
of the bonds by issuing 178,200 shares of its $10 par value common
stock. At this time,...
part d
Your answer is partially correct. On April 1, 2020, Sarasota Company sold 15,300 of its 12%, 15-year $1,000 face value bonds at 97. Interest payment dates are April 1 and October 1, and the company uses the straight-line method of bond discount amortization. On March 1, 2021, Sarasota took advantage of favorable prices of its stock to extinguish 6,900 of the bonds by issuing 227,700 shares of its $10 par value common stock. At this time, the accrued...
Your answer is partially correct. On April 1, 2020, Monty Company sold 22,500 of its 11%, 15-year, $1,000 face value bonds at 97. Interest payment dates are April 1 and October 1, and the company uses the straight-line method of bond discount amortization. On March 1, 2021, Monty took advantage of favorable prices of its stock to extinguish 5,400 of the bonds by issuing 178,200 shares of its $10 par value common stock. At this time, the accrued interest was...
*Problem 14-7 On April 1, 2017, Sarasota Company sold 16,200 of its 12%, 15-year, $1,000 face value bonds at 98, Interest payment dates are April 1 and October 1, and the company uses the straight-line method of bond discount amortization. On March 1, 2018, Sarasota took advantage of favorable prices of its stock to extinguish 7,500 of the bonds by issuing 247,500 shares of its $10 par value common stock. At this time, the accrued interest was paid in cash....
Problem 14-7 On April 1, 2017, Martinez Company sold 18,000 of its 12%, 15-year, $1,000 face value bonds at 96. Interest payment dates are April 1 and October 1, and the company uses the straight-line method of bond discount amortization. On March 1, 2018, Martinez took advantage of favorable prices of its stock to extinguish 6,600 of the bonds by issuing 217,800 shares of its $10 par value common stock. At this time, the accrued interest was paid in cash....
On April 1, 2017, Teal Company sold 13,500 of its 11%, 15-year,
$1,000 face value bonds at 97. Interest payment dates are April 1
and October 1, and the company uses the straight-line method of
bond discount amortization. On March 1, 2018, Teal took advantage
of favorable prices of its stock to extinguish 6,300 of the bonds
by issuing 207,900 shares of its $10 par value common stock. At
this time, the accrued interest was paid in cash. The company’s...
Problem 14-07 On April 1, 2020, Ayayai Company sold 14,400 of its 11%, 15-year, $1,000 face value bonds at 97. Interest payment dates are April 1 and October 1, and the company uses the straight-line method of bond discount amortization. On March 1, 2021, Ayayai took advantage of favorable prices of its stock to extinguish 4,200 of the bonds by issuing 138,600 shares of its $10 par value common stock. At this time, the accrued interest was paid in cash....
Problem 14-07 On April 1, 2020, Bonita Company sold 14,400 of its 11%, 15-year $1,000 face value bonds at 97. Interest payment dates are April 1 and October 1, and the company uses the straight line method of bond discount amortization. On March 1, 2021, Bonita took advantage of favorable prices of its stock to extinguish 4,200 of the bonds by issuing 138,600 shares of its $10 par value common stock. At this time, the ccrued interest was pain cash....
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