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Teal Corp. owes $267,000 to Fint Trust. The debt is a 10 year, 12% note due...
Your answer is partially correct. Try again. Bonita Corp. Owes $258,000 to Windsor Trust. The debt...
Your answer is partially correct. Try again. Bonita Corp. Owes $258,000 to Windsor Trust. The debt is a 10 year, 12 note due December 31, 2020. Because Bonita Corp. in financial trouble, Windsor Trust agrees to extend the maturity date to December 31, 2022, reduce the principal to $203,000, and reduce the interest rate to payable annually on December 31 (a) Prepare the journal entries on Bonita's books on December 31, 2020, 2021 2022 (b) Prepare the journal entries on...
CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NER Exercise 14-27 Bonita Corp. owes $258,000...
CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NER Exercise 14-27 Bonita Corp. owes $258,000 to Windsor Trust. The debt is a 10-year, 124 note de December 31, 2020. Because Bonita Corp. is intencial trouble, Windsor Trust agrees to extend the maturity date to December 31, 2022, reduce the principal to $203,000, and reduce the interest rate to 7, payable annually on December 31. (a) Prepare the journal entries on Bonita's books on December 31, 2020 2021 2022. (b)...
Kifer Corp. owes P450,000 to First Trust. The debt is a 10-year, 12% note due December...
Kifer Corp. owes P450,000 to First Trust. The debt is a 10-year, 12% note due December 31, 2016. Because Kifer Corp. is in financial trouble, First Trust agrees to axtend the maturity date December 31, 2018, reduce the principal to P370,000 and reduce the interest rate of 5%, payable annually on December 31. Kifer's market rate of interest is 8%. Prepare the journal entries on Kifer's books on December 31, 2016, 2017, and 2018. Present value of restructured cash flows:_______,Present...
Tamarisk Corp. owes $251,000 to Vaughn Trust. The debt is a 10-year, 12% note due December 31, 2017. Because Tamarisk Co...
Tamarisk Corp. owes $251,000 to Vaughn Trust. The debt is a 10-year, 12% note due December 31, 2017. Because Tamarisk Corp. is in financial trouble, Vaughn Trust agrees to extend the maturity date to December 31, 2019, reduce the principal to $204,000, and reduce the interest rate to 7%, payable annually on December 31. (a) Prepare the journal entries on Tamarisk’s books on December 31, 2017, 2018, 2019. (b) Prepare the journal entries on Vaughn Trust’s books on December 31,...
Sarasota Corp. owes Ivanhoe Corp. a 10-year, 10% note in the amount of $349,800 plus $34,980...
Sarasota Corp. owes Ivanhoe Corp. a 10-year, 10% note in the amount of $349,800 plus $34,980 of accrued interest. The hote is due today, December 31, 2020. Because Sarasota Corp. is in financial trouble, Ivanhoe Corp. agrees to forgive the accrued interest $31,800 of the principal, and to extend the maturity date to December 31, 2023. Interest at 10% of revised principal will continue to be due on 12/31 each year. Assume the following present value factors for 3 periods....
Can someone help me with this problem and how they got the answer? Thanks in advance! On December 31, 2017, American Bank enters into a debt restructuring agreement with Teal Company, which is now ex...
Can someone help me with this problem and how they got the answer?
Thanks in advance!
On December 31, 2017, American Bank enters into a debt restructuring agreement with Teal Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $2,600,000 note receivable by the following modifications 1. Reducing the principal obligation from $2,600,000 to $1,720,000 2. Extending the maturity date from December 31, 2017, to January 1, 2021. 3. Reducing the interest...
Teal Inc. owns shares of Flint Corporation stock. At December 31, 2020, the securities were carried...
Teal Inc. owns shares of Flint Corporation stock. At December 31, 2020, the securities were carried in Teal's accounting records at their cost of $941,000, which equals their fair value. On September 21, 2021, when the fair value of the securities was $1,000,000, Teal declared a property dividend whereby the Flint securities are to be distributed on October 23, 2021, to stockholders of record on October 8, 2021. Prepare all journal entries necessary on those three dates. (Credit account titles...
PRINTER VERSION BACK NEXTH Your answer is partially correct. Try again. Marin Incorporated owes $126,000 to...
PRINTER VERSION BACK NEXTH Your answer is partially correct. Try again. Marin Incorporated owes $126,000 to Ontarlo Bank Inc. on a two-year, 10% note due on December 31, 2020. The note was issued at par. Because Marin is in financial trouble, Ontario Benk agrees to extend the maturity date of the note to December 31, 2022, reduce the principal to $94,500, and reduce the interest rate to 8%, payable annualily on December 31. Present value of the new debt is...
1. Teal Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts...
1. Teal Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts receivable Allowance for doubtful accounts Net sales Debit $49,900 7,790 $1,279,500 Teal Company estimates its bad debt expense to be 8% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense for 2020 2. An analysis and aging of Flint Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful...
Question 9 The Marigold Corp. uses the allowance method in accounting for uncollectible accounts. Past experience...
Question 9 The Marigold Corp. uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 5% of accounts receivable will eventually be uncollectible. Selected account balances at December 31, 2021, and December 31, 2022, appear below: Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 12/31/2021 12/31/2022 $401,000 $537,000 90,000 130,000 4,300 Record the following events in 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in...
Your answer is partially correct. Try again. Bonita Corp. Owes $258,000 to Windsor Trust. The debt is a 10 year, 12 note due December 31, 2020. Because Bonita Corp. in financial trouble, Windsor Trust agrees to extend the maturity date to December 31, 2022, reduce the principal to $203,000, and reduce the interest rate to payable annually on December 31 (a) Prepare the journal entries on Bonita's books on December 31, 2020, 2021 2022 (b) Prepare the journal entries on...
CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NER Exercise 14-27 Bonita Corp. owes $258,000 to Windsor Trust. The debt is a 10-year, 124 note de December 31, 2020. Because Bonita Corp. is intencial trouble, Windsor Trust agrees to extend the maturity date to December 31, 2022, reduce the principal to $203,000, and reduce the interest rate to 7, payable annually on December 31. (a) Prepare the journal entries on Bonita's books on December 31, 2020 2021 2022. (b)...
Sarasota Corp. owes Ivanhoe Corp. a 10-year, 10% note in the amount of $349,800 plus $34,980 of accrued interest. The hote is due today, December 31, 2020. Because Sarasota Corp. is in financial trouble, Ivanhoe Corp. agrees to forgive the accrued interest $31,800 of the principal, and to extend the maturity date to December 31, 2023. Interest at 10% of revised principal will continue to be due on 12/31 each year. Assume the following present value factors for 3 periods....
Can someone help me with this problem and how they got the answer?
Thanks in advance!
On December 31, 2017, American Bank enters into a debt restructuring agreement with Teal Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $2,600,000 note receivable by the following modifications 1. Reducing the principal obligation from $2,600,000 to $1,720,000 2. Extending the maturity date from December 31, 2017, to January 1, 2021. 3. Reducing the interest...
Teal Inc. owns shares of Flint Corporation stock. At December 31, 2020, the securities were carried in Teal's accounting records at their cost of $941,000, which equals their fair value. On September 21, 2021, when the fair value of the securities was $1,000,000, Teal declared a property dividend whereby the Flint securities are to be distributed on October 23, 2021, to stockholders of record on October 8, 2021. Prepare all journal entries necessary on those three dates. (Credit account titles...
PRINTER VERSION BACK NEXTH Your answer is partially correct. Try again. Marin Incorporated owes $126,000 to Ontarlo Bank Inc. on a two-year, 10% note due on December 31, 2020. The note was issued at par. Because Marin is in financial trouble, Ontario Benk agrees to extend the maturity date of the note to December 31, 2022, reduce the principal to $94,500, and reduce the interest rate to 8%, payable annualily on December 31. Present value of the new debt is...
1. Teal Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts receivable Allowance for doubtful accounts Net sales Debit $49,900 7,790 $1,279,500 Teal Company estimates its bad debt expense to be 8% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense for 2020 2. An analysis and aging of Flint Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful...
Question 9 The Marigold Corp. uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 5% of accounts receivable will eventually be uncollectible. Selected account balances at December 31, 2021, and December 31, 2022, appear below: Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 12/31/2021 12/31/2022 $401,000 $537,000 90,000 130,000 4,300 Record the following events in 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in...
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