Homework Answers
Solution
| Account Titles and Explanation | Debit | Credit |
| Bonds payable | $ 500,000.00 | |
| Premium on bonds payable | $ 15,000.00 | |
| Gain on redemption of bonds | $ 20,000.00 | |
| Cash | $ 495,000.00 | |
| (To record redemption of bond) |
For the incorrect potion indicated with red highlights, the correct account name is gain on redemption on bonds and correct amount is $20,000.
.Working
| Face value of bond | $ 5,00,000.00 |
| Premium unamortized | $ 15,000.00 |
| Redeemabvle value of bond (500000/100 x 99) | $ 4,95,000.00 |
| Loss on redemption (500000+15000-495000) | $ 20,000.00 |
Add Answer to:
On January 1, 2020, Henderson Corporation redeemed $500,000 of bonds at 99. At the time of...
On January 1, 2017, Henderson Corporation redeemed $500,000 of bonds at 99. At the time of...
On January 1, 2017, Henderson Corporation redeemed $500,000 of
bonds at 99. At the time of redemption, the unamortized premium was
$15,000.
Prepare the corporation’s journal entry to record the reacquisition
of the bonds. (If no entry is required, select "No
Entry" for the account titles and enter 0 for the amounts. Credit
account titles are automatically indented when the amount is
entered. Do not indent manually. Round intermediate calculations to
6 decimal places, e.g. 1.251247 and final answer to...
On January 1, 2017, Culver Corporation redeemed $600,000 of bonds at 99. At the time of...
On January 1, 2017, Culver Corporation redeemed $600,000 of bonds at 99. At the time of redemption, the unamortized premium was $18,000. Prepare the corporation’s journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0...
Need help on the last entry. On January 1, 2020, Novak Corporation redeemed $470,000 of bonds...
Need help on the last entry.
On January 1, 2020, Novak Corporation redeemed $470,000 of bonds at 99. At the time of redemption, the unamortized premium was $14,100 Prepare the corporation's journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247...
14-9 On January 1, 2017, Skysong Corporation redeemed $600,000 of bonds at 99. At the time...
14-9 On January 1, 2017, Skysong Corporation redeemed $600,000
of bonds at 99. At the time of redemption, the unamortized premium
was $18,000.
Prepare the corporation’s journal entry to record the reacquisition
of the bonds. (If no entry is required, select "No
Entry" for the account titles and enter 0 for the amounts. Credit
account titles are automatically indented when amount is entered.
Do not indent manually. Round intermediate calculations to 6
decimal places, e.g. 1.251247 and final answer to...
On January 1, 2017, Marin Corporation redeemed $400,000 of bonds at 96. At the time of...
On January 1, 2017, Marin Corporation redeemed $400,000 of bonds at 96. At the time of redemption, the unamortized premium was $12,000. Prepare the corporation's journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0...
Brief Exercise 14-09 On January 1, 2020, Cullumber Corporation redeemed $450,000 of bonds at 97. At...
Brief Exercise 14-09 On January 1, 2020, Cullumber Corporation redeemed $450,000 of bonds at 97. At the time of redemption, the unamortized premium was $13,500. Prepare the corporation's journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final...
Brief Exercise 14-09 On January 1, 2020, Cullumber Corporation redeemed $450,000 of bonds at 97. At...
Brief Exercise 14-09 On January 1, 2020, Cullumber Corporation redeemed $450,000 of bonds at 97. At the time of redemption, the unamortized premium was $13,500. Prepare the corporation's journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final...
Brief Exercise 14-9 On January 1, 2017, Buffalo Corporation redeemed $470,000 of bonds at 99. At...
Brief Exercise 14-9 On January 1, 2017, Buffalo Corporation redeemed $470,000 of bonds at 99. At the time of redemption, the unamortized premium was $14,100. Prepare the corporation's journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automatically entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final Account Titles and Explanation...
On January 1, 2017, Sandhill Company redeemed $380,000 of bonds at 102. At the time of...
On January 1, 2017, Sandhill Company redeemed $380,000 of bonds at 102. At the time of redemption, the unamortized discount was $15,600 and unamortized bond issue costs were $3,200. Prepare the Sandhill's journal entry to record the reacquisition of the bonds. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit
Entries and Loss of Redemption On January 2, 2015, Oriole Corporation issued $1,450,000 of 10% bonds...
Entries and Loss of Redemption
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...
On January 1, 2017, Henderson Corporation redeemed $500,000 of
bonds at 99. At the time of redemption, the unamortized premium was
$15,000.
Prepare the corporation’s journal entry to record the reacquisition
of the bonds. (If no entry is required, select "No
Entry" for the account titles and enter 0 for the amounts. Credit
account titles are automatically indented when the amount is
entered. Do not indent manually. Round intermediate calculations to
6 decimal places, e.g. 1.251247 and final answer to...
Need help on the last entry.
On January 1, 2020, Novak Corporation redeemed $470,000 of bonds at 99. At the time of redemption, the unamortized premium was $14,100 Prepare the corporation's journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247...
14-9 On January 1, 2017, Skysong Corporation redeemed $600,000
of bonds at 99. At the time of redemption, the unamortized premium
was $18,000.
Prepare the corporation’s journal entry to record the reacquisition
of the bonds. (If no entry is required, select "No
Entry" for the account titles and enter 0 for the amounts. Credit
account titles are automatically indented when amount is entered.
Do not indent manually. Round intermediate calculations to 6
decimal places, e.g. 1.251247 and final answer to...
On January 1, 2017, Marin Corporation redeemed $400,000 of bonds at 96. At the time of redemption, the unamortized premium was $12,000. Prepare the corporation's journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0...
Brief Exercise 14-09 On January 1, 2020, Cullumber Corporation redeemed $450,000 of bonds at 97. At the time of redemption, the unamortized premium was $13,500. Prepare the corporation's journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final...
Brief Exercise 14-09 On January 1, 2020, Cullumber Corporation redeemed $450,000 of bonds at 97. At the time of redemption, the unamortized premium was $13,500. Prepare the corporation's journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final...
Brief Exercise 14-9 On January 1, 2017, Buffalo Corporation redeemed $470,000 of bonds at 99. At the time of redemption, the unamortized premium was $14,100. Prepare the corporation's journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automatically entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final Account Titles and Explanation...
On January 1, 2017, Sandhill Company redeemed $380,000 of bonds at 102. At the time of redemption, the unamortized discount was $15,600 and unamortized bond issue costs were $3,200. Prepare the Sandhill's journal entry to record the reacquisition of the bonds. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit
Entries and Loss of Redemption
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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