On January 1, 2020, Shamrock Incorporated redeemed bonds prior to their maturity date of January 1,...
On January 1, 2020, Shamrock Incorporated redeemed bonds prior to their maturity date of January 1, 2021. The face value of the bonds was $400,000, and the redemption was performed at 99. As at the redemption date, the unamortized premium was $9,790. Prepare the corporation’s journal entry to record the redemption of the bonds.
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Account Titles and Explanation |
Debit |
Credit |
|---|---|---|
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enter an account title |
enter a debit amount |
enter a credit amount |
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enter an account title |
enter a debit amount |
enter a credit amount |
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enter an account title |
enter a debit amount |
enter a credit amount |
Homework Answers
| Date |
Account Titles and Explanation |
Debit |
Credit |
|---|---|---|---|
| January 1, 2020 | Bonds Payable | $400,000 | |
| Premium on Bonds Payable | $9,790 | ||
| Cash ($400,000 x 99%) | $396,000 | ||
| Gain on redemption of bonds | $13,760 | ||
| (To record the redemption of the bonds) |
Add Answer to:
On January 1, 2020, Shamrock Incorporated redeemed bonds prior
to their maturity date of January 1,...
On January 1, 2020, Shamrock Incorporated redeemed bonds prior to their maturity date of January 1,...
On January 1, 2020, Shamrock Incorporated redeemed bonds prior to their maturity date of January 1, 2021. The face value of the bonds was $400,000, and the redemption was performed at 99. As at the redemption date, the unamortized premium was $9,790. Prepare the corporation’s journal entry to record the redemption 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...
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...
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...
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...
On January 1, 2020, Henderson Corporation redeemed $500,000 of bonds at 99. At the time of...
On January 1, 2020, 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 o 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...
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...
On January 1, 2020, Stellar Company purchased 12% bonds, having a maturity value of $312,000 for...
On January 1, 2020, Stellar Company purchased 12% bonds, having
a maturity value of $312,000 for $335,654.22. 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. Stellar 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....
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
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...
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...
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...
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...
On January 1, 2020, 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 o 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...
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...
On January 1, 2020, Stellar Company purchased 12% bonds, having
a maturity value of $312,000 for $335,654.22. 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. Stellar 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....
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
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...
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