During 2021, Hauke Company purchased 6,000, $1,000, 9% bonds. The carrying value of the bonds at...
During 2021, Hauke Company purchased 6,000, $1,000, 9% bonds. The carrying value of the bonds at December 31, 2021 was $5,880,000. The bonds mature on March 1, 2026, and pay interest on March 1 and September 1. Hauke sells 3,000 bonds on September 1, 2022, for $2,964,000, after the interest has been received. Hauke uses straight-line amortization. The gain on the sale is
Homework Answers
Add Answer to:
During 2021, Hauke Company purchased 6,000, $1,000, 9% bonds.
The carrying value of the bonds at...
On November 1, 2018, Howell Company purchased 1,000 of the $1,000 face value, 9% bonds of...
On November 1, 2018, Howell Company purchased 1,000 of the $1,000 face value, 9% bonds of Ramsey, Incorporated, for $1,052,500, which includes accrued interest of $15,000. The bonds, which mature on January 1, 2023, pay interest semiannually on March 1 and September 1. Assuming that Howell uses the straight-line method of amortization and that the bonds are appropriately classified as available-for-sale, the net carrying value of the bonds should be shown on Howell's December 31, 2018, balance sheet at a....
On November 1, 2018, Oriole Company purchased 1000 of the $1000 face value, 10% bonds of...
On November 1, 2018, Oriole Company purchased 1000 of the $1000
face value, 10% bonds of Ramsey, Incorporated, for $1030000, which
includes accrued interest of $14100. The bonds, which mature on
January 1, 2023, pay interest semiannually on March 1 and September
1. Assuming that Oriole uses the straight-line method of
amortization and that the bonds are appropriately classified as
available-for-sale, the net carrying value of the bonds should be
shown on Oriole's December 31, 2018, balance sheet at
$1000000....
On October 1, 2018, Renfro Company purchased to hold maturity, 4,000, $1,000, 9% Bonds for $3,900,000....
On October 1, 2018, Renfro Company purchased to hold maturity, 4,000, $1,000, 9% Bonds for $3,900,000. The bonds, which mature on February 1, 2027, pay interest semiannually on February 1 and August 1. Renfro uses the straight-line method of amortization. The fair value of the bonds at December 31, 2018 was $3,960,000. Renfro chooses the fair value option. The bonds should be reported in the December 31, 2018 balance sheet at
Question 27 (1 point) On January 1, 2021, Solo Inc. issued 1,000 of its 8%, $1,000...
Question 27 (1 point) On January 1, 2021, Solo Inc. issued 1,000 of its 8%, $1,000 bonds at 98. Interest is payable semiannually on January 1 and July 1. The bonds mature on January 1, 2031. Solo paid $50,000 in bond issue costs. Solo uses straight-line amortization. What is the carrying value of the bonds reported in the December 31, 2021, balance sheet? $987,000. $1,040,000. $1,045,000. $937,000.
On January 1, 2020, Splish Company purchased 9% bonds having a maturity value of $250,000, for...
On January 1, 2020, Splish Company purchased 9% bonds having a maturity value of $250,000, for $270,502.00. The bonds provide the bondholders with a 7% yield. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. Splish Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified in the held-to-maturity category. A) Prepare the journal entry at the date of the bond purchase. Date Account...
Novak Company sells 10% bonds having a maturity value of $2,100.000 for $1.948.607. The bonds are...
Novak Company sells 10% bonds having a maturity value of $2,100.000 for $1.948.607. The bonds are dated January 1, 2017, and mature January 1, 2022. Interest is pay able annually on January 1 Set up a schedule of interest expense and discount amortization under the straight line method. (Round answers to decimal places a 38.548.) Schedule of Discount Amortization Straight-Line Method Interest Discount Amortized Year Paid Carrying Amount of Bonds Jan 1, 2017 Jan. 1. 2018 Jan 1, 2019 Jan....
Riverbed Company sells 10% bonds having a maturity value of $2,550,000 for $2,366,166. The bonds are...
Riverbed Company sells 10% bonds having a maturity value of
$2,550,000 for $2,366,166. The bonds are dated January 1, 2017, and
mature January 1, 2022. Interest is payable annually on January
1.
Set up a schedule of interest expense and discount amortization
under the straight-line method. (Round answers to 0
decimal places, e.g. 38,548.)
Schedule of Discount Amortization
Straight-Line Method
Year
Cash
Paid
Interest
Expense
Discount
Amortized
Carrying
Amount of Bonds
Jan. 1, 2017
$
$
$
$
Jan. 1,...
On January 1, 2020, Sweet Company purchased 9% bonds having a maturity value of $210,000, for...
On January 1, 2020, Sweet Company purchased 9% bonds having a
maturity value of $210,000, for $227,221.68. The bonds provide the
bondholders with a 7% yield. They are dated January 1, 2020, and
mature January 1, 2025, with interest received on January 1 of each
year. Sweet Company uses the effective-interest method to allocate
unamortized discount or premium. The bonds are classified in the
held-to-maturity category.
Prepare the journal entry at the date of the bond
purchase. (Enter answers to 2...
Exercise 14-6Indigo Company sells 10% bonds having a maturity value of$2,250,000 for $2,087,794. The...
Exercise 14-6Indigo Company sells 10% bonds having a maturity value of $2,250,000 for $2,087,794. The bonds are dated January 1, 2017, and mature January 1, 2022. Interest is payable annually on January 1.Set up a schedule of interest expense and discount amortization under the straight-line method. (Round answers to 0 decimal places, e.g. 38,548.)Schedule of Discount AmortizationStraight-Line MethodYearCashPaidInterestExpenseDiscountAmortizedCarryingAmount of BondsJan. 1, 2017$$$$Jan. 1, 2018Jan. 1, 2019Jan. 1, 2020Jan. 1, 2021Jan. 1, 2022
On January 1, 2016, Bonita Industries issued 3900 of its 10%, $1,000 bonds for $4056000. These...
On January 1, 2016, Bonita Industries issued 3900 of its 10%, $1,000 bonds for $4056000. These bonds were to mature on January 1, 2026 but were callable at 101 any time after December 31, 2019. Interest was payable semiannually on July 1 and January 1. On July 1, 2021, Bonita called all of the bonds and retired them. Bond premium was amortized on a straight-line basis. Before income taxes, Bonita's gain or loss in 2021 on this early extinguishment of...
On November 1, 2018, Oriole Company purchased 1000 of the $1000
face value, 10% bonds of Ramsey, Incorporated, for $1030000, which
includes accrued interest of $14100. The bonds, which mature on
January 1, 2023, pay interest semiannually on March 1 and September
1. Assuming that Oriole uses the straight-line method of
amortization and that the bonds are appropriately classified as
available-for-sale, the net carrying value of the bonds should be
shown on Oriole's December 31, 2018, balance sheet at
$1000000....
Question 27 (1 point) On January 1, 2021, Solo Inc. issued 1,000 of its 8%, $1,000 bonds at 98. Interest is payable semiannually on January 1 and July 1. The bonds mature on January 1, 2031. Solo paid $50,000 in bond issue costs. Solo uses straight-line amortization. What is the carrying value of the bonds reported in the December 31, 2021, balance sheet? $987,000. $1,040,000. $1,045,000. $937,000.
Novak Company sells 10% bonds having a maturity value of $2,100.000 for $1.948.607. The bonds are dated January 1, 2017, and mature January 1, 2022. Interest is pay able annually on January 1 Set up a schedule of interest expense and discount amortization under the straight line method. (Round answers to decimal places a 38.548.) Schedule of Discount Amortization Straight-Line Method Interest Discount Amortized Year Paid Carrying Amount of Bonds Jan 1, 2017 Jan. 1. 2018 Jan 1, 2019 Jan....
Riverbed Company sells 10% bonds having a maturity value of
$2,550,000 for $2,366,166. The bonds are dated January 1, 2017, and
mature January 1, 2022. Interest is payable annually on January
1.
Set up a schedule of interest expense and discount amortization
under the straight-line method. (Round answers to 0
decimal places, e.g. 38,548.)
Schedule of Discount Amortization
Straight-Line Method
Year
Cash
Paid
Interest
Expense
Discount
Amortized
Carrying
Amount of Bonds
Jan. 1, 2017
$
$
$
$
Jan. 1,...
On January 1, 2020, Sweet Company purchased 9% bonds having a
maturity value of $210,000, for $227,221.68. The bonds provide the
bondholders with a 7% yield. They are dated January 1, 2020, and
mature January 1, 2025, with interest received on January 1 of each
year. Sweet Company uses the effective-interest method to allocate
unamortized discount or premium. The bonds are classified in the
held-to-maturity category.
Prepare the journal entry at the date of the bond
purchase. (Enter answers to 2...
Most questions answered within 3 hours.
-
a) Draw two water molecules.
b) Clearly name and label the type of bond that exists...
asked 7 minutes ago -
C - Language
Write a loop that sets each array element to the sum of itself...
asked 1 hour ago -
(63
#14)
which of the following statments best describes how chamging
the concentration of the substances...
asked 4 hours ago -
In the following reaction, which element is undergoing
oxidation: Na2SO3 + N2O --> N2 + Na2SO4...
asked 5 hours ago -
Which of the following pairs of ions have the same electron
configuration?
I: Br− and Se2−...
asked 8 hours ago -
The Foremost Composite Materials Company is planning a two-day
sales conference for October 19-20. The conference...
asked 8 hours ago -
3) Illustrate the observed pattern of relatedness of organisms
versus adaptations to specific conditions. This means...
asked 8 hours ago -
In winter a lake has a 0.35 m thick ice layer over 1.10 m of
water....
asked 9 hours ago -
Assuming the following has been encrypted with a Vigenere cipher
below, use the method(s) and assumptions...
asked 10 hours ago -
How would I use switch statements to write a program that will
take an input of...
asked 10 hours ago -
Imagine a reaction in which methane gas combusts at a constant
pressure of 1 atm and...
asked 10 hours ago -
Two parallel wires (each 12 m in length) are separated by a
distance of 0.065 m...
asked 10 hours ago