Homework Answers
Bonds for $1600000 were issued but only $960000 of the bonds are called so the given below calculations are only for $960000 bonds.
|
Period |
Premium on bonds payable (Debit) |
Discount on Bonds payable |
Bonds Carrying Value |
|
At issue |
$ 9,600 |
$ 9,50,400 |
|
|
January 02 2013 |
$ 960 * |
$ 8,640 |
$ 9,51,360 |
|
January 02 2014 |
$ 960 |
$ 7,680 |
$ 9,52,320 |
|
January 02 2015 |
$ 960 |
$ 6,720 |
$ 9,53,280 |
|
January 02 2016 |
$ 960 |
$ 5,760 |
$ 9,54,240 |
|
January 02 2017 |
$ 960 |
$ 4,800 |
$ 9,55,200 |
*9600/10
|
Amount paid at the time of redemption (960000/100 x 102) |
$ 9,79,200.00 |
|
Add: Unamortized discount on bonds payable |
$ 4,800.00 |
|
Subtotal |
$ 9,84,000.00 |
|
Less: Value of bond redeemed |
$ 9,60,000.00 |
|
Loss on redemption |
$ 24,000.00 |
Loss on redemption =$24000
Journal entry at the time bonds are called at $102
|
Date |
Accounts title and explanation |
Debit |
Credit |
|
January 2, 2017 |
Bonds payable |
$ 9,60,000.00 |
|
|
Loss on redemption of bonds |
$ 24,000.00 |
||
|
Cash |
$ 9,79,200.00 |
||
|
Discount on bonds payable |
$ 4,800.00 |
||
|
(Bonds redeemed before maturity) |
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On January 2, 2012, Waterway Corporation issued $1,100,000 of
10% bonds at 98 due December 31, 2021. 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 101 (i.e., at 101% of face amount), and
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On January 2, 2015, Cullumber Corporation issued $2,250,000 of 10% bonds at 98 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, Cullumber called $1,350,000 face amount of the...
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On January 2, 2015, Oriole Corporation issued $1,450,000 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, Oriole called...
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