Homework Answers
| Journal entry | ||
| ACCOUNT TITLES AND EXPLANATIONS | DEBIT ($) | CREDIT ($) |
| Bonds Payable | 450,000.00 | |
| Premium on bonds payable | 13,500.00 | |
| Cash (450,000*0.97) | 436,500.00 | |
| Gain on Redemption of Bonds (Balancing figure) | 27,000.00 | |
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Brief Exercise 14-09 On January 1, 2020, Cullumber Corporation redeemed $450,000 of bonds at 97. At...
Brief Exercise 14-09 On January 1, 2020, Cullumber Corporation redeemed $450,000 of bonds at 97. At...
Brief Exercise 14-09 On January 1, 2020, Cullumber Corporation redeemed $450,000 of bonds at 97. At the time of redemption, the unamortized premium was $13,500. Prepare the corporation's journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final...
Brief Exercise 14-9 On January 1, 2017, Buffalo Corporation redeemed $470,000 of bonds at 99. At...
Brief Exercise 14-9 On January 1, 2017, Buffalo Corporation redeemed $470,000 of bonds at 99. At the time of redemption, the unamortized premium was $14,100. Prepare the corporation's journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automatically entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final Account Titles and Explanation...
Need help on the last entry. On January 1, 2020, Novak Corporation redeemed $470,000 of bonds...
Need help on the last entry.
On January 1, 2020, Novak Corporation redeemed $470,000 of bonds at 99. At the time of redemption, the unamortized premium was $14,100 Prepare the corporation's journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247...
On January 1, 2017, Marin Corporation redeemed $400,000 of bonds at 96. At the time of...
On January 1, 2017, Marin Corporation redeemed $400,000 of bonds at 96. At the time of redemption, the unamortized premium was $12,000. Prepare the corporation's journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0...
On January 1, 2020, Henderson Corporation redeemed $500,000 of bonds at 99. At the time of...
On January 1, 2020, Henderson Corporation redeemed $500,000 of bonds at 99. At the time of redemption, the unamortized premium was $15,000. Prepare the corporation's journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0...
14-9 On January 1, 2017, Skysong Corporation redeemed $600,000 of bonds at 99. At the time...
14-9 On January 1, 2017, Skysong Corporation redeemed $600,000
of bonds at 99. At the time of redemption, the unamortized premium
was $18,000.
Prepare the corporation’s journal entry to record the reacquisition
of the bonds. (If no entry is required, select "No
Entry" for the account titles and enter 0 for the amounts. Credit
account titles are automatically indented when amount is entered.
Do not indent manually. Round intermediate calculations to 6
decimal places, e.g. 1.251247 and final answer to...
On January 1, 2017, Henderson Corporation redeemed $500,000 of bonds at 99. At the time of...
On January 1, 2017, Henderson Corporation redeemed $500,000 of
bonds at 99. At the time of redemption, the unamortized premium was
$15,000.
Prepare the corporation’s journal entry to record the reacquisition
of the bonds. (If no entry is required, select "No
Entry" for the account titles and enter 0 for the amounts. Credit
account titles are automatically indented when the amount is
entered. Do not indent manually. Round intermediate calculations to
6 decimal places, e.g. 1.251247 and final answer to...
On January 1, 2017, Culver Corporation redeemed $600,000 of bonds at 99. At the time of...
On January 1, 2017, Culver Corporation redeemed $600,000 of bonds at 99. At the time of redemption, the unamortized premium was $18,000. Prepare the corporation’s journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0...
Brief Exercise 14-06 On January 1, 2020, Oriole Corporation issued $500,000 of 7% bonds, due in...
Brief Exercise 14-06 On January 1, 2020, Oriole Corporation issued $500,000 of 7% bonds, due in 10 years. The bonds were issued for $466,026, and pay interest each July 1 and January 1. Oriole uses the effective-interest method. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 8%. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer...
Exercise 14-12 On January 2, 2015, Swifty Corporation issued $2,100,000 of 10% bonds at 97 due...
Exercise 14-12 On January 2, 2015, Swifty Corporation issued $2,100,000 of 10% bonds at 97 due December 31, 2024. Interest on the bonds is payable annually each December 31. The discount on the bonds is also being amortized on a straight-line basis over the 10 years. (Straight-line is not materially different in effect from the preferable "interest method.") The bonds are callable at 102 (i.e., at 102% of face amount), and on January 2, 2020, Swifty called $1,260,000 face amount...
Brief Exercise 14-09 On January 1, 2020, Cullumber Corporation redeemed $450,000 of bonds at 97. At the time of redemption, the unamortized premium was $13,500. Prepare the corporation's journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final...
Brief Exercise 14-9 On January 1, 2017, Buffalo Corporation redeemed $470,000 of bonds at 99. At the time of redemption, the unamortized premium was $14,100. Prepare the corporation's journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automatically entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final Account Titles and Explanation...
Need help on the last entry.
On January 1, 2020, Novak Corporation redeemed $470,000 of bonds at 99. At the time of redemption, the unamortized premium was $14,100 Prepare the corporation's journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247...
On January 1, 2017, Marin Corporation redeemed $400,000 of bonds at 96. At the time of redemption, the unamortized premium was $12,000. Prepare the corporation's journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0...
On January 1, 2020, Henderson Corporation redeemed $500,000 of bonds at 99. At the time of redemption, the unamortized premium was $15,000. Prepare the corporation's journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0...
14-9 On January 1, 2017, Skysong Corporation redeemed $600,000
of bonds at 99. At the time of redemption, the unamortized premium
was $18,000.
Prepare the corporation’s journal entry to record the reacquisition
of the bonds. (If no entry is required, select "No
Entry" for the account titles and enter 0 for the amounts. Credit
account titles are automatically indented when amount is entered.
Do not indent manually. Round intermediate calculations to 6
decimal places, e.g. 1.251247 and final answer to...
On January 1, 2017, Henderson Corporation redeemed $500,000 of
bonds at 99. At the time of redemption, the unamortized premium was
$15,000.
Prepare the corporation’s journal entry to record the reacquisition
of the bonds. (If no entry is required, select "No
Entry" for the account titles and enter 0 for the amounts. Credit
account titles are automatically indented when the amount is
entered. Do not indent manually. Round intermediate calculations to
6 decimal places, e.g. 1.251247 and final answer to...
Brief Exercise 14-06 On January 1, 2020, Oriole Corporation issued $500,000 of 7% bonds, due in 10 years. The bonds were issued for $466,026, and pay interest each July 1 and January 1. Oriole uses the effective-interest method. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 8%. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer...
Exercise 14-12 On January 2, 2015, Swifty Corporation issued $2,100,000 of 10% bonds at 97 due December 31, 2024. Interest on the bonds is payable annually each December 31. The discount on the bonds is also being amortized on a straight-line basis over the 10 years. (Straight-line is not materially different in effect from the preferable "interest method.") The bonds are callable at 102 (i.e., at 102% of face amount), and on January 2, 2020, Swifty called $1,260,000 face amount...
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