Homework Answers
| Date | Account titles and explanation | Debit | Credit |
| Oct 1, 2018 | Cash | $610,000 | - |
| Bonds payable | - | $610,000 | |
| Dec 31, 2018 | Interest expense | $7,625 | - |
| Interest payable | - | $7,625 | |
| Apr 1, 2017 | Interest expense | $7,625 | - |
| Interest payable | $7,625 | - | |
| Cash | - | $15,250 |
Current liability
Interest payable $7,625
Non Current liability
Bonds payable $610,000
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STANDARD VIEW PRINTER VERSI Exercise 10-12 On October 1, 2018, Spooner Corporation issued $610,000 of 10-year,...
Exercise 10-12 On October 1, 2018, Spooner Corporation issued $660,000 of 10-year, 6% bonds at 100....
Exercise 10-12 On October 1, 2018, Spooner Corporation issued $660,000 of 10-year, 6% bonds at 100. Interest is payable semi-annually on October 1 and April 1. Spooner's year end is December 31 and the company records adjusting entries annually. Prepare journal entries to record the following: (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. The issue of the bonds on October 1, 2018....
Question 4 On October 1, 2018, Spooner Corporation issued $720,000 of 10-year, 6% bonds at 100....
Question 4 On October 1, 2018, Spooner Corporation issued $720,000 of 10-year, 6% bonds at 100. Interest is payable semi-annually on October 1 and April 1. Spooner's year end is December 31 and the company records adjusting entries annually. (a) (b) Identify what amounts, if any, would be reported as a current liability and non-current liability with respect to the bond and bond interest accounts on December 31, 2018. (Round answers to the nearest whole dollar, e.g. 5,275) Spooner Corporation...
On October 1, 2018, Spooner Corporation issued $720,000 of 10-year, 6% bonds at 100. Interest is...
On October 1, 2018, Spooner Corporation issued $720,000 of 10-year, 6% bonds at 100. Interest is payable semi-annually on October 1 and April 1. Spooner's year end is December 31 and the company records adjusting entries annually. (a) Prepare journal entries to record the following: (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. The issue of the bonds on October 1, 2018. 2....
ent PRINTER VERSION BACK NEXT Question 4 On October 1, 2018, Spooner Corporation issued $810,000 of...
ent PRINTER VERSION BACK NEXT Question 4 On October 1, 2018, Spooner Corporation issued $810,000 of 10-year, 4% bonds at 100. Interest is payable semi-annually on October 1 and April 1. Spooner's year end is December 31 and the company records adjusting entries annually a) Prepare journal entries to record the following: (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. The issue of...
On January 1, 2018, Irik Corporation issued $2,550,000 face value, 7%, 10-year bonds at $2.378,893. This...
On January 1, 2018, Irik Corporation issued $2,550,000 face value, 7%, 10-year bonds at $2.378,893. This price resulted in an effective- interest rate of 8% on the bonds. The bonds pay annual interest, each January 1. Prepare the journal entry to record the issue of the bonds on January 1, 2018. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Jan. 1, 2018 Prepare an amortization table through...
Brief Exercise 10-17 On January 1, 2018, Carvel Corp. issued five-year bonds with a face value...
Brief Exercise 10-17 On January 1, 2018, Carvel Corp. issued five-year bonds with a face value of $620,000 and a coupon Interest rate of 6%, with interest payable semi-annually. Assume that the company has a December 31 year end and records adjusting entries annually. Record the journal entries relating to the bonds on January 1, July 1, and December 31, assuming that when the bonds were sold, the market interest rate was 5%. (Credit account tities are automatically indented when...
On July 1, 2017, Global Satellites Corporation issued $1,290,000 of 10-year, 6 % bonds to vield a market interes...
On July 1, 2017, Global Satellites Corporation issued $1,290,000 of 10-year, 6 % bonds to vield a market interest rate of 5%. The bonds pay semi-annual interest on July 1 and January 1, Global has a December 31 year end. When the bonds were issued, Global recelved $1,390,548 Click here to view.the factor table. Prepare an amortization table through January 1, 2019 (three interest periods) for this bond issue. (Round all amounts to the nearest dollar, e.g. 5,275.) GLOBAL SATELLITES...
Exercise 10-14 Tarawa Limited issued $1,250,000 of 10-year, 5% bonds on January 1, 2018, when the...
Exercise 10-14 Tarawa Limited issued $1,250,000 of 10-year, 5% bonds on January 1, 2018, when the market interest rate was 6%. Tarawa received $1,157,021 when the bonds were issued. Interest is payable semi-annually on July 1 and January 1. Tarawa has a December 31 year end. Record the issue of the bonds on January 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 1 SHOW...
HL Corporation issued $600,000 of 8% bonds on October 1, 2018, due on October 1, 2023....
HL Corporation issued $600,000 of 8% bonds on October 1, 2018, due on October 1, 2023. The interest is to be paid twice a year on April 1 and October 1. The bonds were sold to yield 10% effective annual interest. HL Corporation closes its books annually on December 31. Selling price of the bond = PV of principals + PV of interest payment = Required: Complete the following amortization schedule for the dates indicated. (Round all answers to the nearest...
Exercise 10-14 Tarawa Limited issued $1,340,000 of 10-year, 5% bonds on January 1, 2018, when the...
Exercise 10-14 Tarawa Limited issued $1,340,000 of 10-year, 5% bonds on January 1, 2018, when the market interest rate was 6%. Tarawa received $1,240,326 when the bonds were issued. Interest is payable semi- annually on July 1 and January 1. Tarawa has a December 31 year end. Your answer is partially correct. Try again. Record the issue of the bonds on January 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account...
Exercise 10-12 On October 1, 2018, Spooner Corporation issued $660,000 of 10-year, 6% bonds at 100. Interest is payable semi-annually on October 1 and April 1. Spooner's year end is December 31 and the company records adjusting entries annually. Prepare journal entries to record the following: (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. The issue of the bonds on October 1, 2018....
Question 4 On October 1, 2018, Spooner Corporation issued $720,000 of 10-year, 6% bonds at 100. Interest is payable semi-annually on October 1 and April 1. Spooner's year end is December 31 and the company records adjusting entries annually. (a) (b) Identify what amounts, if any, would be reported as a current liability and non-current liability with respect to the bond and bond interest accounts on December 31, 2018. (Round answers to the nearest whole dollar, e.g. 5,275) Spooner Corporation...
On October 1, 2018, Spooner Corporation issued $720,000 of 10-year, 6% bonds at 100. Interest is payable semi-annually on October 1 and April 1. Spooner's year end is December 31 and the company records adjusting entries annually. (a) Prepare journal entries to record the following: (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. The issue of the bonds on October 1, 2018. 2....
ent PRINTER VERSION BACK NEXT Question 4 On October 1, 2018, Spooner Corporation issued $810,000 of 10-year, 4% bonds at 100. Interest is payable semi-annually on October 1 and April 1. Spooner's year end is December 31 and the company records adjusting entries annually a) Prepare journal entries to record the following: (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. The issue of...
On January 1, 2018, Irik Corporation issued $2,550,000 face value, 7%, 10-year bonds at $2.378,893. This price resulted in an effective- interest rate of 8% on the bonds. The bonds pay annual interest, each January 1. Prepare the journal entry to record the issue of the bonds on January 1, 2018. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Jan. 1, 2018 Prepare an amortization table through...
Brief Exercise 10-17 On January 1, 2018, Carvel Corp. issued five-year bonds with a face value of $620,000 and a coupon Interest rate of 6%, with interest payable semi-annually. Assume that the company has a December 31 year end and records adjusting entries annually. Record the journal entries relating to the bonds on January 1, July 1, and December 31, assuming that when the bonds were sold, the market interest rate was 5%. (Credit account tities are automatically indented when...
On July 1, 2017, Global Satellites Corporation issued $1,290,000 of 10-year, 6 % bonds to vield a market interest rate of 5%. The bonds pay semi-annual interest on July 1 and January 1, Global has a December 31 year end. When the bonds were issued, Global recelved $1,390,548 Click here to view.the factor table. Prepare an amortization table through January 1, 2019 (three interest periods) for this bond issue. (Round all amounts to the nearest dollar, e.g. 5,275.) GLOBAL SATELLITES...
Exercise 10-14 Tarawa Limited issued $1,250,000 of 10-year, 5% bonds on January 1, 2018, when the market interest rate was 6%. Tarawa received $1,157,021 when the bonds were issued. Interest is payable semi-annually on July 1 and January 1. Tarawa has a December 31 year end. Record the issue of the bonds on January 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 1 SHOW...
Exercise 10-14 Tarawa Limited issued $1,340,000 of 10-year, 5% bonds on January 1, 2018, when the market interest rate was 6%. Tarawa received $1,240,326 when the bonds were issued. Interest is payable semi- annually on July 1 and January 1. Tarawa has a December 31 year end. Your answer is partially correct. Try again. Record the issue of the bonds on January 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account...
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