Homework Answers
Solution:
| Particulars | Debit | Credit |
| 7.5% Bonds Payable | 320,000 | |
| Loss on Retirement of Bonds | 11,600 | |
| Unamortized Discount on Bonds Payable | 8,400 | |
| Cash (320,000 * 1.01) | 323,200 |
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The December 31,2018 balance sheet of ABC Co. included the
following items:
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Prepare the journal entry to record the following bond retirement. The December 31, 2018 balance sheet...
Prepare the journal entry to record the following bond retirement. The December 31, 2018 balance sheet of Wolfe Co. included the following items: 7.5% bonds payable due December 31, 2026 $3,000,000 Unamortized discount on bonds payable 120,000 The bonds were issued on December 31, 2016 at 95, with interest payable on June 30 and December 31. On January 1, 2019, Wolfe retired the entire bond issuance of $3,000,000 of these bonds at 101.
***Please explain how to get •interest payable •discount on bonds payable •loss on redemption of bonds...
***Please explain how to get
•interest payable
•discount on bonds payable
•loss on redemption of bonds
Ex. 14-106—Retirement of bonds. Prepare journal entries to record the following retirement. (Show computations and round to the nearest dollar.) The December 31, 2007 balance sheet of Marin Co. included the following items: 7.5% bonds payable due December 31, 2015 $1,200,000 Unamortized discount on bonds payable 48,000 The bonds were issued on December 31, 2005 at 95, with interest payable on June 30 and...
The December 31, 2020, balance sheet of Ming Inc. Included 10% bonds with a face amount...
The December 31, 2020, balance sheet of Ming Inc. Included 10% bonds with a face amount of $103 million. The bonds were issued in 2008 and had a remaining discount of $3,700.000 at December 31, 2020. On January 1, 2021, Ming called the bonds at a price of 101. Required: Prepare the journal entry by Ming to record the retirement of the bonds on January 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required"...
Janson Corporation Co.'s trial balance included the following account balances at December 31,2018 :
Question 8Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018:Accounts payable$25,000Bond payable, due 202722,000Salaries payable16,000Note payable, due 201920,000Note payable, due 202340,000What amount should be included in the current liabilities section of Janson's December 31,2018 , balance sheet?$ 63,000$ 61,000.$ 101,000$ 41,000.
Bradley-Link’s December 31, 2018, balance sheet included the following items: Long-Term Liabilities ($ in millions) 10.0%...
Bradley-Link’s December 31, 2018, balance sheet included the following items: Long-Term Liabilities ($ in millions) 10.0% convertible bonds, callable at 102 beginning in 2019, due 2022 (net of unamortized discount of $4) [note 8] $296 11.0% registered bonds callable at 104 beginning in 2028, due 2032 (net of unamortized discount of $2) [note 8] 50 Shareholders’ Equity 5 Equity—stock warrants Note 8: Bonds (in part) The 10.0% bonds were issued in 2005 at 98.0 to yield 10%. Interest is paid...
Bradley-Link’s December 31, 2018, balance sheet included the following items: Long-Term Liabilities ($ in millions) 9.0%...
Bradley-Link’s December 31, 2018, balance sheet included the following items: Long-Term Liabilities ($ in millions) 9.0% convertible bonds, callable at 103 beginning in 2019, due 2022 (net of unamortized discount of $2) [note 8] $148 11.0% registered bonds callable at 106 beginning in 2028, due 2032 (net of unamortized discount of $1) [note 8] 69 Shareholders’ Equity 5 Equity—stock warrants Note 8: Bonds (in part) The 9.0% bonds were issued in 2005 at 98.0 to yield 10%. Interest is paid...
Bradley-Link's December 31, 2021, balance sheet included the following items: ($ in millions) Long-Term Liabilities 9.0%...
Bradley-Link's December 31, 2021, balance sheet included the following items: ($ in millions) Long-Term Liabilities 9.0% convertible bonds, callable at 104 beginning in 2022, due 2025 (net of unamortized discount of $5) [note $195 9.8% registered bonds callable at 107 beginning in 2031, due 2035 (net of unamortized discount of $1) [note 66 Shareholders' Equity Equity-stock warrants Note 8: Bonds (in part) The 9.0% bonds were issued in 2008 at 94.0 to yield 10%. Interest is paid semiannually on June...
Bradley-Link’s December 31, 2021, balance sheet included the following items: Long-Term Liabilities ($ in millions) 8.0%...
Bradley-Link’s December 31, 2021, balance sheet included the following items: Long-Term Liabilities ($ in millions) 8.0% convertible bonds, callable at 102 beginning in 2022, due 2025 (net of unamortized discount of $3) [note 8] $147 8.8% registered bonds callable at 105 beginning in 2031, due 2035 (net of unamortized discount of $1) [note 8] 64 Shareholders’ Equity 6 Equity—stock warrants Note 8: Bonds (in part) The 8.0% bonds were issued in 2008 at 94.0 to yield 10%. Interest is paid...
Bradley-Link's December 31, 2021, balance sheet included the following items: ($ in millions) $245 Long-Term Liabilities...
Bradley-Link's December 31, 2021, balance sheet included the following items: ($ in millions) $245 Long-Term Liabilities 11.0t convertible bonds, callable at 102 beginning in 2022, due 2025 (net of unamortized discount of $5) (note 8] 11.88 registered bonds callable at 105 beginning in 2031, due 2035 (net of unamortized discount of $1) [note 8) Shareholders' Equity Equity-stock warrants Note 8: Bonds (in part) The 11.0% bonds were issued in 2008 at 96.0 to yield 10%. Interest is paid semiannually on...
Bradley-Link’s December 31, 2018, balance sheet included the following items: Long-Term Liabilities ($ in millions) 10.0%...
Bradley-Link’s December 31, 2018, balance sheet included the following items: Long-Term Liabilities ($ in millions) 10.0% convertible bonds, callable at 105 beginning in 2019, due 2022 (net of unamortized discount of $4) [note 8] $296 11.0% registered bonds callable at 108 beginning in 2028, due 2032 (net of unamortized discount of $2) [note 8] 67 Shareholders’ Equity 7 Equity—stock warrants Note 8: Bonds (in part) The 10.0% bonds were issued in 2005 at 98.0 to yield 10%. Interest is paid...
***Please explain how to get
•interest payable
•discount on bonds payable
•loss on redemption of bonds
Ex. 14-106—Retirement of bonds. Prepare journal entries to record the following retirement. (Show computations and round to the nearest dollar.) The December 31, 2007 balance sheet of Marin Co. included the following items: 7.5% bonds payable due December 31, 2015 $1,200,000 Unamortized discount on bonds payable 48,000 The bonds were issued on December 31, 2005 at 95, with interest payable on June 30 and...
The December 31, 2020, balance sheet of Ming Inc. Included 10% bonds with a face amount of $103 million. The bonds were issued in 2008 and had a remaining discount of $3,700.000 at December 31, 2020. On January 1, 2021, Ming called the bonds at a price of 101. Required: Prepare the journal entry by Ming to record the retirement of the bonds on January 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required"...
Bradley-Link's December 31, 2021, balance sheet included the following items: ($ in millions) Long-Term Liabilities 9.0% convertible bonds, callable at 104 beginning in 2022, due 2025 (net of unamortized discount of $5) [note $195 9.8% registered bonds callable at 107 beginning in 2031, due 2035 (net of unamortized discount of $1) [note 66 Shareholders' Equity Equity-stock warrants Note 8: Bonds (in part) The 9.0% bonds were issued in 2008 at 94.0 to yield 10%. Interest is paid semiannually on June...
Bradley-Link's December 31, 2021, balance sheet included the following items: ($ in millions) $245 Long-Term Liabilities 11.0t convertible bonds, callable at 102 beginning in 2022, due 2025 (net of unamortized discount of $5) (note 8] 11.88 registered bonds callable at 105 beginning in 2031, due 2035 (net of unamortized discount of $1) [note 8) Shareholders' Equity Equity-stock warrants Note 8: Bonds (in part) The 11.0% bonds were issued in 2008 at 96.0 to yield 10%. Interest is paid semiannually on...
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