Homework Answers
|
Date |
Account tittle and explanation n |
Debit |
credit |
|
January 01 2020 |
Cash (370000*96%) Discounts on bonds payable (370000- 355200) Bonds payable |
355200 14800 |
370000 |
|
Jun 30 200 |
Bond interest expense Discounts on bonds payable (14800/7) Cash (370000*3.5%) (to record interest on bonds) |
15064 |
2114 12950 |
|
December 31 2020 |
Bond interest expense Discount on bonds payable (14800/7) Cash (370000*3.5%) (to record interest on bond) |
15064 |
2114 12950 |
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Homework Chapter 14 Question 4 of 5 -/1 Current Attempt in Progress The Pronghorn Company issued...
{ Homework Chapter 14 Question 5 of 5 - /1 View Policies Current Attempt in Progress...
{ Homework Chapter 14 Question 5 of 5 - /1 View Policies Current Attempt in Progress On January 1, 2020, Blue Corporation issued $700,000 of 9% bonds, due in 8 years. The bonds were issued for $740,784, and pay interest each July 1 and January 1. The effective-interest rate is 8%. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Blue uses the effective-interest method....
W PONICS Current Attempt in Progress The Carla Company issued $230,000 of 12% bonds on January...
W PONICS Current Attempt in Progress The Carla Company issued $230,000 of 12% bonds on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1 and January 1. The bonds were issued at 103. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Carla Company records straight-line amortization semiannually. If no entry is required, select "No Entry" for the account titles and enter for the amounts....
Question 6 View Policies Current Attempt in Progress Crane Company issued $630,000, 10-year, 4% bonds at...
Question 6 View Policies Current Attempt in Progress Crane Company issued $630,000, 10-year, 4% bonds at 103. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 e Texthank and Media
PLEASE SHOW ALL WORK!! Brief Exercise 14-03 The Wildhorse Company issued $240,000 of 13% bonds on...
PLEASE SHOW ALL WORK!!
Brief Exercise 14-03 The Wildhorse Company issued $240,000 of 13% bonds on January 1, 2020. The bonds are due January 1, 2025, with interest payable each July 1 and January 1. The bonds were issued at 96. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Wildhorse Company records straight-line amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter 0 for...
View Policies Show Attempt History Current Attempt in Progress Sandhill Co. issued $310,000 of 8 %...
View Policies Show Attempt History Current Attempt in Progress Sandhill Co. issued $310,000 of 8 % , 20- year bonds on January 1, 2022, at face value. Interest is payable annually on January 1. (a) Prepare the journal entry to record the redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Date Debit...
Question 11 --/1 View Policies Current Attempt in Progress Blue Spruce Company purchases a patent for $312,000 on Janua...
Question 11 --/1 View Policies Current Attempt in Progress Blue Spruce Company purchases a patent for $312,000 on January 2, 2020. Its estimated useful life is 13 years. Prepare the journal entry to record amortization expense for the first year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit eTextbook and...
Wildhorse Co. issued $500,000 of 7%, 15-year bonds on January 1, 2017, at face value. Interest...
Wildhorse Co. issued $500,000 of 7%, 15-year bonds on January 1, 2017, at face value. Interest is payable annually on January 1. New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2017 eTextbook and Media...
On July 1, 2020 Pronghorn Limited issued bonds with a face value of $980,000 due in...
On July 1, 2020 Pronghorn Limited issued bonds with a face value of $980,000 due in 20 years, paying interest at a face rate of 10% on January 1 and July 1 each year. The bonds were issued to yield 11%. The company’s year-end was September 30. The company used the effective interest method of amortization. Using 1. factor Tables 2. a financial calculator, or 3. Excel function PV, calculate the premium or discount on the bonds. (Round factor values...
The Nash Company issued $370,000 of 7% bonds on January 1, 2017. The bonds are due...
The Nash Company issued $370,000 of 7% bonds on January 1, 2017.
The bonds are due January 1, 2022, with interest payable each July
1 and January 1. The bonds were issued at 101.
Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Nash Company records straight-line amortization semiannually. (If no entry is required, select '"No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically...
Question 24 The Marin Company issued $250,000 of 11% bonds on January 1, 2017. The bonds...
Question 24 The Marin Company issued $250,000 of 11% bonds on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1 and January 1. The bonds were issued at 96. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Marin Company records straight-line amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles...
{ Homework Chapter 14 Question 5 of 5 - /1 View Policies Current Attempt in Progress On January 1, 2020, Blue Corporation issued $700,000 of 9% bonds, due in 8 years. The bonds were issued for $740,784, and pay interest each July 1 and January 1. The effective-interest rate is 8%. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Blue uses the effective-interest method....
W PONICS Current Attempt in Progress The Carla Company issued $230,000 of 12% bonds on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1 and January 1. The bonds were issued at 103. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Carla Company records straight-line amortization semiannually. If no entry is required, select "No Entry" for the account titles and enter for the amounts....
Question 6 View Policies Current Attempt in Progress Crane Company issued $630,000, 10-year, 4% bonds at 103. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 e Texthank and Media
PLEASE SHOW ALL WORK!!
Brief Exercise 14-03 The Wildhorse Company issued $240,000 of 13% bonds on January 1, 2020. The bonds are due January 1, 2025, with interest payable each July 1 and January 1. The bonds were issued at 96. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Wildhorse Company records straight-line amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter 0 for...
View Policies Show Attempt History Current Attempt in Progress Sandhill Co. issued $310,000 of 8 % , 20- year bonds on January 1, 2022, at face value. Interest is payable annually on January 1. (a) Prepare the journal entry to record the redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Date Debit...
Question 11 --/1 View Policies Current Attempt in Progress Blue Spruce Company purchases a patent for $312,000 on January 2, 2020. Its estimated useful life is 13 years. Prepare the journal entry to record amortization expense for the first year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit eTextbook and...
The Nash Company issued $370,000 of 7% bonds on January 1, 2017.
The bonds are due January 1, 2022, with interest payable each July
1 and January 1. The bonds were issued at 101.
Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Nash Company records straight-line amortization semiannually. (If no entry is required, select '"No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically...
Question 24 The Marin Company issued $250,000 of 11% bonds on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1 and January 1. The bonds were issued at 96. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Marin Company records straight-line amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles...
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