Homework Answers
Journal entry
| No | Account title and explanation | Debit | Credit |
| 1 | Bonds payable | 127200 | |
| Loss on redemption of bonds payable | 20088 | ||
| Discount on bonds payable | 15000 | ||
| Cash (127200*1.04) | 132288 | ||
| 2 | Bonds payable | 161000 | |
| Gain on redemption of bonds payable | 1440 | ||
| Cash (161000*.96) | 154560 | ||
| Premium on bonds payable | 5000 |
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The following are two independent situations. 1. Crane Corporation redeemed $127,200 face value, 13% bonds on...
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 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...
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...
The following are independent situations. 1. Concord Corporation redeemed $135,300 face value, 12% bonds on June 30, 20...
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...
Brief Exercise 15-06 The balance sheet for Crane Consulting reports the following information on July 1,...
Brief Exercise 15-06 The balance sheet for Crane Consulting reports the following information on July 1, 2020. Long-term liabilities Bonds payable Less: Discount on bonds payable $3,600,000 Rec 252,000 $3,348,000 Crane decides to redeem these bonds at 100 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Exercise 15-08 The...
n calls honds having a face valten redemption of the bonds y to record the accrual...
n calls honds having a face valten redemption of the bonds y to record the accrual of interest on December 31, 2020. prion E10.13 (LO 3) The following are independent sitaations of bonds, 1. Longbine Corporation redeemed $130,000 face value, 12% bonds on June 30, 2020, at 102. The carrying value of the bonds at the redemption date was S117.500. The bonds pay annual interest, and the interest payment due on June 30, 2020, has been made and recorded. 2....
E15-8 Presented below are three independent situations. 1. Longbine Corporation redeemed $130,000 face value, 12% bonds...
E15-8 Presented below are three independent situations. 1. Longbine Corporation redeemed $130,000 face value, 12% bonds on June 30, 2017, at 102. The carrying value of the bonds at the redemption date was $117,500. The bonds pay annual interest, and the interest payment due on June 30, 2017, has been made and recorded. 2. Tastove Inc. redeemed $150,000 face value, 12.5% bonds on June 30, 2017, at 98. The carrying value of the bonds at the redemption date was $151,000....
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
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. Flounder Corp. redeemed $124,000 face value, 10% bonds on April 30, 2022, at 105. The carrying value of the bonds at the redemption date was $111,972. 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...
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 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...
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...
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...
Brief Exercise 15-06 The balance sheet for Crane Consulting reports the following information on July 1, 2020. Long-term liabilities Bonds payable Less: Discount on bonds payable $3,600,000 Rec 252,000 $3,348,000 Crane decides to redeem these bonds at 100 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Exercise 15-08 The...
n calls honds having a face valten redemption of the bonds y to record the accrual of interest on December 31, 2020. prion E10.13 (LO 3) The following are independent sitaations of bonds, 1. Longbine Corporation redeemed $130,000 face value, 12% bonds on June 30, 2020, at 102. The carrying value of the bonds at the redemption date was S117.500. The bonds pay annual interest, and the interest payment due on June 30, 2020, has been made and recorded. 2....
E15-8 Presented below are three independent situations. 1. Longbine Corporation redeemed $130,000 face value, 12% bonds on June 30, 2017, at 102. The carrying value of the bonds at the redemption date was $117,500. The bonds pay annual interest, and the interest payment due on June 30, 2017, has been made and recorded. 2. Tastove Inc. redeemed $150,000 face value, 12.5% bonds on June 30, 2017, at 98. The carrying value of the bonds at the redemption date was $151,000....
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
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. Flounder Corp. redeemed $124,000 face value, 10% bonds on April 30, 2022, at 105. The carrying value of the bonds at the redemption date was $111,972. 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...
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