Can I please have some assistance getting the right answer and a step by step guide.
Homework Answers
| Issuance of bond for cash on January 1, 2019 | |||
| Date | Description | Debit | Credit |
| 01 January 2019 | Cash | $ 87,77,020.00 | |
| Premium on Bonds Payable ($8777020 cash – $8000000 bond) | $ 7,77,020.00 | ||
| Bonds Payable ($8000000 bond amount) | $ 80,00,000.00 | ||
| Accrual of interest on Dec 31, 2019 | |||
| Date | Description | Debit | Credit |
| 31 December 2019 | Bond Interest Expense(0.06*8777020) | $ 5,26,621.20 | |
| Bonds Payable(560000-526621.20) | $ 33,378.80 | ||
| Bonds Interest Payable(0.07*8000000) | $ 5,60,000.00 | ||
| Payment of interest on January 1, 2020 | |||
| Date | Description | Debit | Credit |
| Jan-01 | Bond Interest Expense(0.06*8777020) | $ 5,26,621.20 | |
| Bonds Payable(560000-526621.20) | $ 33,378.80 | ||
| Cash | $ 5,60,000.00 | ||
| Accrual of interest on Dec 31, 2020 | |||
| Date | Description | Debit | Credit |
| 31 December 2020 | Bond Interest Expense(0.06*8777020) | $ 5,26,621.20 | |
| Bonds Payable(560000-526621.20) | $ 33,378.80 | ||
| Bonds Interest Payable(0.07*8000000) | $ 5,60,000.00 | ||
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Can I please have some assistance getting the right answer and a
step by step guide....
Can I please have some assistance getting the right answer and a step by step guide....
Can I please have some assistance getting the right answer and a
step by step guide.
SECTION 1 (4 points) Gold Corporation issued $9,000,000, 15 yeal bends at a discount. On April 1st of 2020, prior to maturity, when the carrying value of the bonds is $8,454,000, the company retires the bonds at 102. Required: On the journal page below, prepare (in good form) the April 1st journal entry for the retirement of the bonds. Be sure to include the...
Can I please have some assistance getting the right answer and a step by step guide....
Can I please have some assistance getting the right answer and a
step by step guide.
Harrison Corporation borrowed $2,750,000 on December 31, 2019 by issuing a $2,750,000, 6% mortgage note payable. The terms call for annual installment payments of $442,849 on December 31" Required: On the journal page below, prepare (in good form) the journal entries to record the mortgage loan on December 31, 2019 and the first two installment payments on December 31, 2020 and December 31, 2021....
Can I please have some assistance getting the right answer and a step by step guide....
Can I please have some assistance getting the right answer and a
step by step guide.
Not sure what not able to read it properly means? Do
you mean it's blurry or what?
SECTION 2 (30 points) Martin Corporation began operations on January 1, 2020. The company was authorized to issue up to 3 million shares of $4 par value common stock. The following transactions occurred in 2020. January 1 Issued 60,000 shares of common stock for $27 cash per...
Can I please have some assistance getting the right answer and a step by step guide....
Can I please have some assistance getting the right answer and a
step by step guide.
SECTION 6 (6 points) Ayantee Corporation has 50,000 shares of 4%, $100 par value preferred stock outstanding at December 31, 2019. At December 31, 2019, the company declared a $750,000 cash dividend. The company did not pay cash dividends in the previous two years (2017 and 2018). Required: (1) On the lines below, list total amounts of the cash dividends for preferred stockholders and...
Please I need help with this!! Problem 10-12A On January 1, 2019, Sunland Company issued $3,980,000...
Please I need help with this!!
Problem 10-12A On January 1, 2019, Sunland Company issued $3,980,000 face value, 7%, 10-year bonds at $3,712,939. This price resulted in an effective-interest rate of 8% on the bonds. Sunland uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest on January 1. Prepare the journal entry to record the issuance of the bonds on January 1, 2019. (Credit account titles are automatically indented when amount is entered. Do...
Please I NEED help with this question!! Problem 10-13A On January 1, 2019, Cheyenne Corp. issued...
Please I NEED help with this question!!
Problem 10-13A On January 1, 2019, Cheyenne Corp. issued $2,920,000 face value, 8%, 10-year bonds at $3,125,089. This price resulted in an effective-interest rate of 7% on the bonds. Cheyenne uses the amortize bond premium or discount. The bonds pay annual interest on each January 1 effective-interest method Prepare the journal entries to record the following transactions. (Round answers to 0 decimal places, e.g. 15,250. Credit account titles are automatically indented when amount...
On January 1, 2019, Wildhorse Co. issued $2,360,000 face value, 7%, 10-year bonds at $2,201,642. This...
On January 1, 2019, Wildhorse Co. issued $2,360,000 face value,
7%, 10-year bonds at $2,201,642. This price resulted in an
effective-interest rate of 8% on the bonds. Wildhorse uses the
effective-interest method to amortize bond premium or discount. The
bonds pay annual interest on January 1.
Prepare the journal entry to record the issuance of the bonds
on January 1, 2019. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation...
Please help me complete this. I have been struggling for quite some time, and mainly I...
Please help me complete this.
I have been struggling for quite some time, and mainly I need
the answer.
Thank you !
9) Darla's Cookie Emporium borrowed money by issuing $200,000 of bonds for $192,000 on January 1, 2019. The bonds pay interest on January 1 and July 1. The stated rate of interest is 5% and the bonds mature in 10 years. Any discount or premium is amortized using the straight-line method. (2 pts) Required: Prepare journal entries on...
On January 1, 2019, Novak Corp. issued $3,020,000 face value, 9%, 10-year bonds at $3,222,644. This...
On January 1, 2019, Novak Corp. issued $3,020,000 face value,
9%, 10-year bonds at $3,222,644. This price resulted in an
effective-interest rate of 8% on the bonds. Novak uses the
effective-interest method to amortize bond premium or discount. The
bonds pay annual interest on each January 1.
Prepare the journal entries to record the following
transactions. (Round answers to 0 decimal places, e.g.
15,250. Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
(1)
The...
i am struggling with these any help would be appreciated. please also leave step by step...
i am struggling with these any
help would be appreciated. please also leave step by step solutions
for learning purposes
Presented below are two independent situations. (a) Sage Co. sold $2,080,000 of 12%, 10-year bonds at 105 on January 1, 2020. The bonds were dated January 1, 2020, and pay interest on July 1 and January 1. If Sage uses the straight-line method to amortize bond premium or discount, determine the amount of interest expense to be reported on July...
Can I please have some assistance getting the right answer and a
step by step guide.
SECTION 1 (4 points) Gold Corporation issued $9,000,000, 15 yeal bends at a discount. On April 1st of 2020, prior to maturity, when the carrying value of the bonds is $8,454,000, the company retires the bonds at 102. Required: On the journal page below, prepare (in good form) the April 1st journal entry for the retirement of the bonds. Be sure to include the...
Can I please have some assistance getting the right answer and a
step by step guide.
Harrison Corporation borrowed $2,750,000 on December 31, 2019 by issuing a $2,750,000, 6% mortgage note payable. The terms call for annual installment payments of $442,849 on December 31" Required: On the journal page below, prepare (in good form) the journal entries to record the mortgage loan on December 31, 2019 and the first two installment payments on December 31, 2020 and December 31, 2021....
Can I please have some assistance getting the right answer and a
step by step guide.
Not sure what not able to read it properly means? Do
you mean it's blurry or what?
SECTION 2 (30 points) Martin Corporation began operations on January 1, 2020. The company was authorized to issue up to 3 million shares of $4 par value common stock. The following transactions occurred in 2020. January 1 Issued 60,000 shares of common stock for $27 cash per...
Can I please have some assistance getting the right answer and a
step by step guide.
SECTION 6 (6 points) Ayantee Corporation has 50,000 shares of 4%, $100 par value preferred stock outstanding at December 31, 2019. At December 31, 2019, the company declared a $750,000 cash dividend. The company did not pay cash dividends in the previous two years (2017 and 2018). Required: (1) On the lines below, list total amounts of the cash dividends for preferred stockholders and...
Please I need help with this!!
Problem 10-12A On January 1, 2019, Sunland Company issued $3,980,000 face value, 7%, 10-year bonds at $3,712,939. This price resulted in an effective-interest rate of 8% on the bonds. Sunland uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest on January 1. Prepare the journal entry to record the issuance of the bonds on January 1, 2019. (Credit account titles are automatically indented when amount is entered. Do...
Please I NEED help with this question!!
Problem 10-13A On January 1, 2019, Cheyenne Corp. issued $2,920,000 face value, 8%, 10-year bonds at $3,125,089. This price resulted in an effective-interest rate of 7% on the bonds. Cheyenne uses the amortize bond premium or discount. The bonds pay annual interest on each January 1 effective-interest method Prepare the journal entries to record the following transactions. (Round answers to 0 decimal places, e.g. 15,250. Credit account titles are automatically indented when amount...
On January 1, 2019, Wildhorse Co. issued $2,360,000 face value,
7%, 10-year bonds at $2,201,642. This price resulted in an
effective-interest rate of 8% on the bonds. Wildhorse uses the
effective-interest method to amortize bond premium or discount. The
bonds pay annual interest on January 1.
Prepare the journal entry to record the issuance of the bonds
on January 1, 2019. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation...
Please help me complete this.
I have been struggling for quite some time, and mainly I need
the answer.
Thank you !
9) Darla's Cookie Emporium borrowed money by issuing $200,000 of bonds for $192,000 on January 1, 2019. The bonds pay interest on January 1 and July 1. The stated rate of interest is 5% and the bonds mature in 10 years. Any discount or premium is amortized using the straight-line method. (2 pts) Required: Prepare journal entries on...
On January 1, 2019, Novak Corp. issued $3,020,000 face value,
9%, 10-year bonds at $3,222,644. This price resulted in an
effective-interest rate of 8% on the bonds. Novak uses the
effective-interest method to amortize bond premium or discount. The
bonds pay annual interest on each January 1.
Prepare the journal entries to record the following
transactions. (Round answers to 0 decimal places, e.g.
15,250. Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
(1)
The...
i am struggling with these any
help would be appreciated. please also leave step by step solutions
for learning purposes
Presented below are two independent situations. (a) Sage Co. sold $2,080,000 of 12%, 10-year bonds at 105 on January 1, 2020. The bonds were dated January 1, 2020, and pay interest on July 1 and January 1. If Sage uses the straight-line method to amortize bond premium or discount, determine the amount of interest expense to be reported on July...
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