Problem 10-03A a-f (Part Level Submission)
On May 1, 2020, Pina Colada Corp. issued $570,000, 10%, 5-year bonds at face value. The bonds were dated May 1, 2020, and pay interest annually on May 1. Financial statements are prepared annually on December 31.
(f) Prepare the journal entry to record payment of interest on May 1, 2021.
Homework Answers
Journal Entries:
|
Date |
Account Titles & Explanation |
Debit($) |
Credit($) |
|
May 01 2021 |
Interest Expense |
19000 |
|
|
Interest Payable |
38000 |
||
|
Cash |
57000 |
Workings:
Face Value of Bonds = $570000
Interest Rate = 10%
Interest expense = $570000*10% = $57000
Interest Payable Up to December 2020 = $57000*8/12 = $38000
Interest Expense for year 2020 = $57000*4/12 = $19000
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Problem 10-03A a-f (Part Level Submission)
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On
July 1, 2020, Pina Colada Corp. invested $740,160 in a mine
estimated to have 771,000 tons of ore of uniform grade. During the
last 6 months of 2020, 104,000 tons of ore are mined. Prepare the
journal entry to record depletion.
Your answer is partially correct. Try again.
If the answer is not "Depletion Expense," then what is the
correct answer?
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On January 1, 2020, Pina Colada Corp. acquires $310,000 of
Spider Products Inc. 9% bonds at a price of $294,849. The interest
is payable each December 31, and the bonds mature on December 31,
2022. The investment will provide Pina Colada Corp. with a 11%
yield. Pina Colada Corp. applies IFRS and accounts for this
investment using the amortized cost model.
Prepare a three-year bond amortization schedule.
(Round answers to 0 decimal places, e.g.
5,275.)
Schedule of Interest Income
and...
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Comprehensive Problem 8 (Part Level
Submission)
Pina Colada Corp.’s balance sheet at December 31, 2018, is
presented below.
Pina Colada Corp.
Balance Sheet
December 31, 2018
Cash
$14,300
Accounts payable
$8,900
Accounts receivable
20,600
Common stock
19,500
Allowance for doubtful accounts
(700
)
Retained earnings
14,900
Inventory
9,100
$43,300
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Colada uses the perpetual inventory method.
Jan. 1
Pina Colada accepted a 4-month, 8% note from Merando Company in
payment of Merando’s...
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