Homework Answers
| Premium on bond= 303000 - 300000 = 3000 | |||
| Premium to be amortized each year= 3000 /5 = 600 | |||
| Jul-01 | Interest expense | 9900 | |
| Premium on bond Payable | 600 | ||
| Cash | 10500 | ||
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Question 3 Ayayai Limited issued $300,000 of 7% bonds on January 1, 2020. The bonds are...
Question 2 Grouper Limited issued $393,000 of 8% bonds on January 1, 2020. The bonds are...
Question 2 Grouper Limited issued $393,000 of 8% bonds on January 1, 2020. The bonds are due on January 1, 2025, with interest payable each July 1 and January 1. The bonds are issued at 98. Grouper Limited follows ASPE and records the amortization using the straight-line method. v (a) V Your answer is correct. Prepare the journal entry related to the bonds for January 1. (Credit account titles are automatically indented when the amount is entered. Do not indent...
Sarasota Limited issued $380,000 of 9% bonds on January 1, 2020. The bonds are due on...
Sarasota Limited issued $380,000 of 9% bonds on January 1, 2020. The bonds are due on January 1, 2025, with interest payable each July 1 and January 1. The bonds are issued at 97. Sarasota Limited follows ASPE and records the amortization using the straight-line method. Prepare the journal entry related to the bonds for January 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"...
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020,...
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Janaury 1, 2020 LINK TO TEXT Prepare the adjusting journal entry on December 31, 2020, to record interest expense. (Credit...
Exercise 15-15 a-d Ivanhoe Company issued $430,000, 9%, 20-year bonds on January 1, 2020, at 102....
Exercise 15-15 a-d Ivanhoe Company issued $430,000, 9%, 20-year bonds on January 1, 2020, at 102. Interest is payable annually on January 1. Ivanhoe uses straight-line amortization for bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 Cash 438600 Bonds Payable 430000 Premium on Bonds Payable 8600 SHOW LIST OF...
Type or paste question here On January 1, 2020, Carla Vista Company issued $395,500, 9%, 5-year...
Type or paste question here
On January 1, 2020, Carla Vista Company issued $395,500, 9%,
5-year bonds at face value. Interest is payable annually on January
1.
Prepare the journal entry to record the issuance of the bonds.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1, 2020
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Prepare the journal entry to record the accrual of interest on...
Oriole Company issued $2,430,000 of bonds on January 1, 2020. Your answer is partially correct. Try...
Oriole Company issued $2,430,000 of bonds on January 1,
2020.
Your answer is partially correct. Try again.
Prepare the journal entry to record the issuance of the bonds if
they are issued at (1) 100, (2) 98, and (3) 101.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
No.
Account Titles and Explanation
Debit
Credit
(1)
(2)
(3)
LINK TO TEXT
Your answer is incorrect. Try again.
Prepare the journal entry to record the...
CALCULATOR PRINTER VERSION Exercise 15-05 a-c Sheridan Company issued $2,020,000 of bonds on January 1, 2020....
CALCULATOR PRINTER VERSION Exercise 15-05 a-c Sheridan Company issued $2,020,000 of bonds on January 1, 2020. Prepare the journal entry to record the issuance of the bonds if they are issued at (1) 100, (2) 99, and (3) 104. (Credit account titles are automatically indented when amot not indent manually.) No. Account Titles and Explanation Debit Credit (1) (2) (3) SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the journal entry to record the redemption of the bonds at maturity,...
Exercise 10-14 Tarawa Limited issued $1,250,000 of 10-year, 5% bonds on January 1, 2018, when the...
Exercise 10-14 Tarawa Limited issued $1,250,000 of 10-year, 5% bonds on January 1, 2018, when the market interest rate was 6%. Tarawa received $1,157,021 when the bonds were issued. Interest is payable semi-annually on July 1 and January 1. Tarawa has a December 31 year end. Record the issue of the bonds on January 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 1 SHOW...
CALCULATOR PRINTER VERS Exercise 15-03a-c On January 1, 2020, Crane Company issued $348,000, 5%, 5-year bonds...
CALCULATOR PRINTER VERS Exercise 15-03a-c On January 1, 2020, Crane Company issued $348,000, 5%, 5-year bonds at face value. Interest is payable annually on January 1. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the journal entry to record the accrual of interest on December...
Exercise 10-14 Tarawa Limited issued $1,340,000 of 10-year, 5% bonds on January 1, 2018, when the...
Exercise 10-14 Tarawa Limited issued $1,340,000 of 10-year, 5% bonds on January 1, 2018, when the market interest rate was 6%. Tarawa received $1,240,326 when the bonds were issued. Interest is payable semi- annually on July 1 and January 1. Tarawa has a December 31 year end. Your answer is partially correct. Try again. Record the issue of the bonds on January 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account...
Question 2 Grouper Limited issued $393,000 of 8% bonds on January 1, 2020. The bonds are due on January 1, 2025, with interest payable each July 1 and January 1. The bonds are issued at 98. Grouper Limited follows ASPE and records the amortization using the straight-line method. v (a) V Your answer is correct. Prepare the journal entry related to the bonds for January 1. (Credit account titles are automatically indented when the amount is entered. Do not indent...
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Janaury 1, 2020 LINK TO TEXT Prepare the adjusting journal entry on December 31, 2020, to record interest expense. (Credit...
Exercise 15-15 a-d Ivanhoe Company issued $430,000, 9%, 20-year bonds on January 1, 2020, at 102. Interest is payable annually on January 1. Ivanhoe uses straight-line amortization for bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 Cash 438600 Bonds Payable 430000 Premium on Bonds Payable 8600 SHOW LIST OF...
Type or paste question here
On January 1, 2020, Carla Vista Company issued $395,500, 9%,
5-year bonds at face value. Interest is payable annually on January
1.
Prepare the journal entry to record the issuance of the bonds.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1, 2020
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Prepare the journal entry to record the accrual of interest on...
Oriole Company issued $2,430,000 of bonds on January 1,
2020.
Your answer is partially correct. Try again.
Prepare the journal entry to record the issuance of the bonds if
they are issued at (1) 100, (2) 98, and (3) 101.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
No.
Account Titles and Explanation
Debit
Credit
(1)
(2)
(3)
LINK TO TEXT
Your answer is incorrect. Try again.
Prepare the journal entry to record the...
CALCULATOR PRINTER VERSION Exercise 15-05 a-c Sheridan Company issued $2,020,000 of bonds on January 1, 2020. Prepare the journal entry to record the issuance of the bonds if they are issued at (1) 100, (2) 99, and (3) 104. (Credit account titles are automatically indented when amot not indent manually.) No. Account Titles and Explanation Debit Credit (1) (2) (3) SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the journal entry to record the redemption of the bonds at maturity,...
Exercise 10-14 Tarawa Limited issued $1,250,000 of 10-year, 5% bonds on January 1, 2018, when the market interest rate was 6%. Tarawa received $1,157,021 when the bonds were issued. Interest is payable semi-annually on July 1 and January 1. Tarawa has a December 31 year end. Record the issue of the bonds on January 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 1 SHOW...
CALCULATOR PRINTER VERS Exercise 15-03a-c On January 1, 2020, Crane Company issued $348,000, 5%, 5-year bonds at face value. Interest is payable annually on January 1. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the journal entry to record the accrual of interest on December...
Exercise 10-14 Tarawa Limited issued $1,340,000 of 10-year, 5% bonds on January 1, 2018, when the market interest rate was 6%. Tarawa received $1,240,326 when the bonds were issued. Interest is payable semi- annually on July 1 and January 1. Tarawa has a December 31 year end. Your answer is partially correct. Try again. Record the issue of the bonds on January 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account...
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