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Exercise 17-2 Your answer is partially correct. Try again. On January 1, 2017, Sheffield Company purchased...
Your answer is partially correct. Try again. On January 1, 2017, Cheyenne Company purchased 11% bonds,...
Your answer is partially correct. Try again. On January 1, 2017, Cheyenne Company purchased 11% bonds, having a maturity value of $301,000, for $324,415.24. The bonds provide the bondholders with a 9% yield. They are dated January 1, 2017, and mature January 1, 2022, with interest received on January 1 of each year. Cheyenne Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale category. The fair value of the bonds at December...
On January 1, 2020, Sheffield Company purchased 12% bonds having a maturity value of $430,000, for...
On January 1, 2020, Sheffield Company purchased 12% bonds having a maturity value of $430,000, for $462,600.36. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. Sheffield 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...
Exercise 17-3 On January 1, 2017, Bonita Company purchased 9% bonds having a maturity value of...
Exercise 17-3 On January 1, 2017, Bonita Company purchased 9% bonds having a maturity value of $200,000, for $303,599.66. The bonds provide the bondholders with a 6% yield. They are dated January 1, 2017, and mature January 1, 2022, with interest receivable January 1 of each year. Bonita Company uses the effective interest method to allocate uramortized discount or premium. The bonds are dassified in the held-to-returity category. Prepare the journal entry at the date of the bond purchase. (Enter...
On January 1, 2017, Swifty Company purchased 11% bonds, having a maturity value of $328,000, for $353.515.61. The bonds provide the bondholders with a 9% yield. They are dated January 1, 2017, and ma...
On January 1, 2017, Swifty Company purchased 11% bonds, having a maturity value of $328,000, for $353.515.61. The bonds provide the bondholders with a 9% yield. They are dated January 1, 2017, and mature January 1, 2022, with interest received on January 1 of each year. Swifty Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale category. The fair value of the bonds at December 31 of each year-end is as follows....
Exercise 17-4 On January 1, 2017, Grouper Company purchased 12% bonds, having a maturity value of...
Exercise 17-4 On January 1, 2017, Grouper Company purchased 12% bonds, having a maturity value of $278,000, for $299,076.51. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2017, effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale category. The fair value of the bonds at December 31 of each year-end is as follows. 2017 2018 2019 $296,600 $287,300 $286,200 2020 2021 $288,200 $278,000 (a) (b) (c) Prepare the journal...
On January 1, 2017, Kingbird Company purchased at par 8% bonds having a maturity value of...
On January 1, 2017, Kingbird Company purchased at par 8% bonds having a maturity value of $290,000. They are dated January 1, 2017, and mature January 1, 2022, with interest received on January 1 of each year. The bonds are classified in the held-to-maturity category. (a) Prepare the journal entry at the date of the bond purchase. (b) Prepare the journal entry to record the interest revenue on December 31, 2017. (c) Prepare the journal entry to record the interest...
On January 1, 2020, Larkspur Company purchased at par 6% bonds having a maturity value of...
On January 1, 2020, Larkspur Company purchased at par 6% bonds having a maturity value of $390,000. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. The bonds are classified in the held-to-maturity category. (a) Prepare the journal entry at the date of the bond purchase. (b) Prepare the journal entry to record the interest revenue on December 31, 2020. (c) Prepare the journal entry to record the interest...
Exercise 17-3 (Part Level Submission) On January 1, 2017, Marin Company purchased 10% bonds having a...
Exercise 17-3 (Part Level Submission) On January 1, 2017, Marin Company purchased 10% bonds having a maturity value of $220,000, for $237,567.22. The bonds provide the bondholders with a 8% yield. They are dated January 1, 2017, and mature January 1, 2022, with interest receivable January 1 of each year. Ma discount or premium. The bonds are classified in the held-to-maturity category. (a) Your answer is correct. Prepare the journal entry at the date of the bond purchase. (Enter answers...
Brief Exercise 14-2 Your answer is partially correct. Try again. The Waterway Company issued $310,000 of...
Brief Exercise 14-2 Your answer is partially correct. Try again. The Waterway Company issued $310,000 of 13% bonds on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1 and January 1. The bonds are issued at face value. Prepare Waterway's journal entries for (a) the January issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. (If no entry is required, select "No Entry" for the account titles and...
On January 1, 2017, Concord Company purchased 12% bonds having a maturity value of $390,000, for $419,567.77. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2017, and m...
On January 1, 2017, Concord Company purchased 12% bonds having a maturity value of $390,000, for $419,567.77. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2017, and mature January 1, 2022, with interest receivable January 1 of each year. Concord 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...
Your answer is partially correct. Try again. On January 1, 2017, Cheyenne Company purchased 11% bonds, having a maturity value of $301,000, for $324,415.24. The bonds provide the bondholders with a 9% yield. They are dated January 1, 2017, and mature January 1, 2022, with interest received on January 1 of each year. Cheyenne Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale category. The fair value of the bonds at December...
On January 1, 2020, Sheffield Company purchased 12% bonds having a maturity value of $430,000, for $462,600.36. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. Sheffield 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...
Exercise 17-3 On January 1, 2017, Bonita Company purchased 9% bonds having a maturity value of $200,000, for $303,599.66. The bonds provide the bondholders with a 6% yield. They are dated January 1, 2017, and mature January 1, 2022, with interest receivable January 1 of each year. Bonita Company uses the effective interest method to allocate uramortized discount or premium. The bonds are dassified in the held-to-returity category. Prepare the journal entry at the date of the bond purchase. (Enter...
On January 1, 2017, Swifty Company purchased 11% bonds, having a maturity value of $328,000, for $353.515.61. The bonds provide the bondholders with a 9% yield. They are dated January 1, 2017, and mature January 1, 2022, with interest received on January 1 of each year. Swifty Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale category. The fair value of the bonds at December 31 of each year-end is as follows....
Exercise 17-4 On January 1, 2017, Grouper Company purchased 12% bonds, having a maturity value of $278,000, for $299,076.51. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2017, effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale category. The fair value of the bonds at December 31 of each year-end is as follows. 2017 2018 2019 $296,600 $287,300 $286,200 2020 2021 $288,200 $278,000 (a) (b) (c) Prepare the journal...
On January 1, 2020, Larkspur Company purchased at par 6% bonds having a maturity value of $390,000. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. The bonds are classified in the held-to-maturity category. (a) Prepare the journal entry at the date of the bond purchase. (b) Prepare the journal entry to record the interest revenue on December 31, 2020. (c) Prepare the journal entry to record the interest...
Exercise 17-3 (Part Level Submission) On January 1, 2017, Marin Company purchased 10% bonds having a maturity value of $220,000, for $237,567.22. The bonds provide the bondholders with a 8% yield. They are dated January 1, 2017, and mature January 1, 2022, with interest receivable January 1 of each year. Ma discount or premium. The bonds are classified in the held-to-maturity category. (a) Your answer is correct. Prepare the journal entry at the date of the bond purchase. (Enter answers...
Brief Exercise 14-2 Your answer is partially correct. Try again. The Waterway Company issued $310,000 of 13% bonds on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1 and January 1. The bonds are issued at face value. Prepare Waterway's journal entries for (a) the January issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. (If no entry is required, select "No Entry" for the account titles and...
On January 1, 2017, Concord Company purchased 12% bonds having a maturity value of $390,000, for $419,567.77. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2017, and mature January 1, 2022, with interest receivable January 1 of each year. Concord 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...
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