Homework Answers
Journal entries
| date | account and explanation | Debit | Credit |
| Jan 1 | Cash | 1225000 | |
| Discount on bonds payable | 75000 | ||
| Bonds payable | 1300000 | ||
| Dec 31 | Interest expense | 120750 | |
| Discount on bonds payable (75000/20) | 3750 | ||
| Interest payable (1300000*9%) | 117000 | ||
| Jan 1 | Interest payable | 117000 | |
| Cash | 117000 | ||
| Jan 1 | Bonds payable | 1300000 | |
| Loss on redemption of bonds payable | 45250 | ||
| Discount on bonds payable (75000-3750) | 71250 | ||
| Cash (1300000*.98) | 1274000 | ||
Add Answer to:
3. On January 1, 2021 Clayton Co. issued $1,300,000 of 20-year, 9% bonds, for $1,225,000. Interest...
3. On January 1, 2021 Clayton Co. issued $1,300,000 of 20-year, 9% bonds, for $1,225,000. Interest...
3. On January 1, 2021 Clayton Co. issued $1,300,000 of 20-year, 9% bonds, for $1,225,000. Interest is payable annually on January 1. The company uses the straight-line method to amortization any bond discount or premium REQUIRED (16 points) Prepare journal entries to record the following (round to nearest dollar.) Jan 1, 2021 Issuance of the bonds on January 1, 2021 Dec 31, 2021 Recorded accrued interest Jan 1, 2022 Payment of interest Jan 1, 2022 After payment of interest on...
3. On January 1, 2021 Clayton Co. issued $1,300,000 of 20-year, 9% bonds, for $1,225,000. Interest...
3. On January 1, 2021 Clayton Co. issued $1,300,000 of 20-year, 9% bonds, for $1,225,000. Interest is payable annually on January 1. The company uses the straight-line method to amortization any bond discount or premium REQUIRED (16 points) Prepare journal entries to record the following (round to nearest dollar.) Jan 1, 2021 Issuance of the bonds on January 1, 2021 Dec 31, 2021 Recorded accrued interest Jan 1, 2022 Payment of interest Jan 1, 2022 After payment of interest on...
3. On January 1, 2021 Clayton Co. issued $1,300,000 of 20-year, 9% bonds, for $1,225,000. Interest...
3. On January 1, 2021 Clayton Co. issued $1,300,000 of 20-year, 9% bonds, for $1,225,000. Interest is payable annually on January 1. The company uses the straight-line method to amortization any bond discount or premium REQUIRED (16 points) Prepare joumal entries to record the following (round to nearest dollar.) Jan 1, 2021 Issuance of the bonds on January 1, 2021 Dec 31, 2021 Recorded accrued interest Jan 1, 2022 Payment of interest Jan 1, 2022 After payment of interest on...
3. On January 1, 2021 Clayton Co. issued $1,300,000 of 20-year, 9% bonds, for $1,225,000. Interest...
3. On January 1, 2021 Clayton Co. issued $1,300,000 of 20-year, 9% bonds, for $1,225,000. Interest is payable annually on January 1. The company uses the straight-line method to amortization any bond discount or premium REQUIRED (16 points) Prepare journal entries to record the following (round to nearest dollar.) Jan 1, 2021 Issuance of the bonds on January 1, 2021 Dec 31, 2021 Recorded accrued interest Jan 1, 2022 Payment of interest Jan 1, 2022 After payment of interest on...
3. On January 1, 2021 Clayton Co. issued $1,300,000 of 20-year, 9% bonds, for $1,225,000. Interest...
3. On January 1, 2021 Clayton Co. issued $1,300,000 of 20-year, 9% bonds, for $1,225,000. Interest is payable annually on January 1. The company uses the straight-line method to amortization any bond discount or premium REQUIRED (16 points) Prepare journal entries to record the following (round to nearest dollar.) Jan 1, 2021 Issuance of the bonds on January 1, 2021 Dec 31, 2021 Recorded accrued interest Jan 1, 2022 Payment of interest Jan 1, 2022 After payment of interest on...
3. On January 1, 2021 Clayton Co. issued $1,300,000 of 20-year, 9 % bonds , for...
3. On January 1, 2021 Clayton Co. issued $1,300,000 of 20-year, 9 % bonds , for $1,225,000. Interest is payable annually on January 1. The company uses the straight-line method to amortization any bond discount or premium. REQUIRED (16 points) Prepare journal entries to record the following (round to nearest dollar.) Jan 1, 2021 Issuance of the bonds on January 1, 2021 Dec 31, 2021 Recorded accrued interest Jan 1, 2022 Jan 1, 2022 Payment of interest After payment of...
Wildhorse Co. issued $480,000, 9%, 30-year bonds on January 1, 2022, at 105. Interest is payable...
Wildhorse Co. issued $480,000, 9%, 30-year bonds on January 1, 2022, at 105. Interest is payable annually on January 1. Wildhorse uses straight-line amortization for bond premium or discount. Prepare the journal entries to record the following events. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The issuance of the bonds. (b) The accrual of interest and the premium amortization on December 31, 2022. (c) The payment of interest on January 1, 2023....
Wildhorse Co. issued $513,000,7%, 30-year bonds on January 1, 2022, at 105. Interest is payable annually...
Wildhorse Co. issued $513,000,7%, 30-year bonds on January 1, 2022, at 105. Interest is payable annually on January 1. Wildhorse uses straight line amortization for bond premium or discount Prepare the journal entries to record the following events. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) (b) (c) (d) The issuance of the bonds The accrual of interest and the premium amortization on December 31, 2022. The payment of interest on January 1,...
Wildhorse Co. issued $513,000, 7%, 30-year bonds on January 1, 2022, at 105. Interest is payable...
Wildhorse Co. issued $513,000, 7%, 30-year bonds on January 1, 2022, at 105. Interest is payable annually on January 1. Wildhorse uses straight-line amortization for bond premium or discount. Prepare the journal entries to record the following events. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The issuance of the bonds. The accrual of interest and the premium amortization on December 31, 2022 (b) (c) The payment of interest on January 1, 2023....
Exercise 10-25 Sandhill Co. issued $510,000, 9%, 30-year bonds on January 1, 2022, at 105. Interest...
Exercise 10-25 Sandhill Co. issued $510,000, 9%, 30-year bonds on January 1, 2022, at 105. Interest is payable annually on January 1. Sandhill uses straight-line amortization for bond premium or discount. Prepare the journal entries to record the following events. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) (b) (c) (d) The issuance of the bonds. The accrual of interest and the premium amortization on December 31, 2022. The payment of interest on...
3. On January 1, 2021 Clayton Co. issued $1,300,000 of 20-year, 9% bonds, for $1,225,000. Interest is payable annually on January 1. The company uses the straight-line method to amortization any bond discount or premium REQUIRED (16 points) Prepare journal entries to record the following (round to nearest dollar.) Jan 1, 2021 Issuance of the bonds on January 1, 2021 Dec 31, 2021 Recorded accrued interest Jan 1, 2022 Payment of interest Jan 1, 2022 After payment of interest on...
3. On January 1, 2021 Clayton Co. issued $1,300,000 of 20-year, 9% bonds, for $1,225,000. Interest is payable annually on January 1. The company uses the straight-line method to amortization any bond discount or premium REQUIRED (16 points) Prepare journal entries to record the following (round to nearest dollar.) Jan 1, 2021 Issuance of the bonds on January 1, 2021 Dec 31, 2021 Recorded accrued interest Jan 1, 2022 Payment of interest Jan 1, 2022 After payment of interest on...
3. On January 1, 2021 Clayton Co. issued $1,300,000 of 20-year, 9% bonds, for $1,225,000. Interest is payable annually on January 1. The company uses the straight-line method to amortization any bond discount or premium REQUIRED (16 points) Prepare joumal entries to record the following (round to nearest dollar.) Jan 1, 2021 Issuance of the bonds on January 1, 2021 Dec 31, 2021 Recorded accrued interest Jan 1, 2022 Payment of interest Jan 1, 2022 After payment of interest on...
3. On January 1, 2021 Clayton Co. issued $1,300,000 of 20-year, 9% bonds, for $1,225,000. Interest is payable annually on January 1. The company uses the straight-line method to amortization any bond discount or premium REQUIRED (16 points) Prepare journal entries to record the following (round to nearest dollar.) Jan 1, 2021 Issuance of the bonds on January 1, 2021 Dec 31, 2021 Recorded accrued interest Jan 1, 2022 Payment of interest Jan 1, 2022 After payment of interest on...
3. On January 1, 2021 Clayton Co. issued $1,300,000 of 20-year, 9% bonds, for $1,225,000. Interest is payable annually on January 1. The company uses the straight-line method to amortization any bond discount or premium REQUIRED (16 points) Prepare journal entries to record the following (round to nearest dollar.) Jan 1, 2021 Issuance of the bonds on January 1, 2021 Dec 31, 2021 Recorded accrued interest Jan 1, 2022 Payment of interest Jan 1, 2022 After payment of interest on...
3. On January 1, 2021 Clayton Co. issued $1,300,000 of 20-year, 9 % bonds , for $1,225,000. Interest is payable annually on January 1. The company uses the straight-line method to amortization any bond discount or premium. REQUIRED (16 points) Prepare journal entries to record the following (round to nearest dollar.) Jan 1, 2021 Issuance of the bonds on January 1, 2021 Dec 31, 2021 Recorded accrued interest Jan 1, 2022 Jan 1, 2022 Payment of interest After payment of...
Wildhorse Co. issued $480,000, 9%, 30-year bonds on January 1, 2022, at 105. Interest is payable annually on January 1. Wildhorse uses straight-line amortization for bond premium or discount. Prepare the journal entries to record the following events. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The issuance of the bonds. (b) The accrual of interest and the premium amortization on December 31, 2022. (c) The payment of interest on January 1, 2023....
Wildhorse Co. issued $513,000,7%, 30-year bonds on January 1, 2022, at 105. Interest is payable annually on January 1. Wildhorse uses straight line amortization for bond premium or discount Prepare the journal entries to record the following events. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) (b) (c) (d) The issuance of the bonds The accrual of interest and the premium amortization on December 31, 2022. The payment of interest on January 1,...
Wildhorse Co. issued $513,000, 7%, 30-year bonds on January 1, 2022, at 105. Interest is payable annually on January 1. Wildhorse uses straight-line amortization for bond premium or discount. Prepare the journal entries to record the following events. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The issuance of the bonds. The accrual of interest and the premium amortization on December 31, 2022 (b) (c) The payment of interest on January 1, 2023....
Exercise 10-25 Sandhill Co. issued $510,000, 9%, 30-year bonds on January 1, 2022, at 105. Interest is payable annually on January 1. Sandhill uses straight-line amortization for bond premium or discount. Prepare the journal entries to record the following events. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) (b) (c) (d) The issuance of the bonds. The accrual of interest and the premium amortization on December 31, 2022. The payment of interest on...
Most questions answered within 3 hours.
-
Kyle, a 95.0 kg football player, leaps straight up into the air
(with no horizontal velocity)...
asked 20 minutes ago -
Which of the following is a measure of profitability?
A.
Quick (acid-test) ratio
B.
Net sales...
asked 23 minutes ago -
Find the total pressure exerted by 2 grams of ethane and 3 grams
of CO2 contained...
asked 24 minutes ago -
A fireman standing on a 5.2 m high ladder operates a water hose
with a round...
asked 21 minutes ago -
A cream formulation is studied for accelerated stability study.
Creaming was observed when formulation was tested...
asked 24 minutes ago -
A 1,150 lumen light bulb is placed 37 cm in front of a mirrored
wall, whose...
asked 34 minutes ago -
Given that z is a standard normal random variable, compute the
following probabilities (to 4 decimals)....
asked 40 minutes ago -
You begin preparation of the calibration curve to measure
absorbance vs concentration of FeSCN2+. To do...
asked 58 minutes ago -
When you speak after breathing helium, in which the speed of
sound is much greater than...
asked 50 minutes ago -
3. Stock Valuation: You are the CEO of Under Armour, Inc. and
are thinking about how...
asked 55 minutes ago -
Choose a brand. Critique the brand in terms of its brand
positioning, brand identity and brand...
asked 57 minutes ago -
A vertical curve has grades G1 = 2.8% (downgrade) and
G2 = 2.2 (upgrade) Assume design...
asked 58 minutes ago