Homework Answers
Journal entry
| Transaction | General Journal | Debit | Credit |
| 1 | Bonds payable | 72800 | |
| Premium on bonds payable (74985-72800) | 2185 | ||
| Gain on retirement of bonds | 4185 | ||
| Cash | 70800 | ||
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Pizza Pier retires its 6% bonds for $70,800 before their scheduled maturity. At the time, the...
Pizza Pier retires its 7% bonds for $71,000 before their scheduled maturity. At the time, the...
Pizza Pier retires its 7% bonds for $71,000 before their scheduled maturity. At the time, the bonds have a face value of $73,000 carrying value of $74,965. Record the early retirement of the bonds. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the early retirement of bonds. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry...
Pizza Pier retires its 7% bonds for $70,600 before their scheduled maturity. At the time, the...
Pizza Pier retires its 7% bonds for $70,600 before their scheduled maturity. At the time, the bonds have a face value of $72,600 carrying value of $74,940. Record the early retirement of the bonds. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Pizza Pier retires its 8% bonds for $70,300 before their scheduled maturity. At the time, the...
Pizza Pier retires its 8% bonds for $70,300 before their
scheduled maturity. At the time, the bonds have a face value of
$72,300 carrying value of $74,950.
Record the early retirement of the bonds. (If no entry is
required for a particular transaction/event, select "No Journal
Entry Required" in the first account field.)
Record the early retirement of the bonds.
2,
Stealth Fitness Center issues 5%, 6-year bonds with a face
amount of $100,000. The market interest rate for bonds...
Question 30 2 pts Pizza Pier retires its 7% bonds for $68,000 before their scheduled maturity....
Question 30 2 pts Pizza Pier retires its 7% bonds for $68,000 before their scheduled maturity. At the time, the bonds have a face value of $70,000 carrying value of $74,937. Pizza Pier should record: A loss of $9,637 Again of $8,793 Oo oo Again of $6,937 Aloss of $7,035
Acompanyret ed $85million of its 5% bonds at 104 $88.4 million) before their scheduled maturity. At...
Acompanyret ed $85million of its 5% bonds at 104 $88.4 million) before their scheduled maturity. At the time, the bonds had a remaining discount of $3 million. the journal entry to record the redemption of the bonds. (Enter your answers in millions rounded to 1 decimal place(i.e. should be entered as 5.5). If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the redemption of...
Presented below is a partial amortization schedule for Discount Pizza. in Carrying Cash Paid for Interest...
Presented below is a partial amortization schedule for Discount
Pizza.
in Carrying Cash Paid for Interest $1,625 1,625 Interest Expense Period Issue date Value Carrying Value $57,488 57,588 57,691 $1,725 1,728 $100 103 Required: 1. & 2. Record the bond issue and first interest payment assuming the face amount of bonds payable is $65,000. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record...
Check my work Presented below is a partial amortization schedule for Discount Pizza. (1) (5) (2)...
Check my work Presented below is a partial amortization schedule for Discount Pizza. (1) (5) (2) Cash Paid for Interest (4) Increase in Carrying Value Interest Expense Period Issue date carrying Value $54,834 54,929 55,027 $95 $1,550 1,550 $1,645 1,648 98 Required: 1. & 2. Record the bond issue and first interest payment assuming the face amount of bonds payable is $62,000. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account...
On January 1, Innovative Solutions, Inc., issued $210,000 in bonds at face value. The bonds have a stated intere...
On January 1, Innovative Solutions, Inc., issued $210,000 in bonds at face value. The bonds have a stated interest rate of 7 percent. The bonds mature in 10 years and pay interest once per year on December 31 Required: 1,2 & 3. Prepare the required journal entries to record the bond issuance, interest payment on December 31, early retirement of the bonds. Assume the bonds were retired immediately after the first interest payment at a quoted price of 102 (if...
On January 1, 2013, Loop de Loop Raceway issued 550 bonds, each with a face value...
On January 1, 2013, Loop de Loop Raceway issued 550 bonds, each with a face value of $1,000, a stated interest rate of 5 percent paid annually on December 31, and a maturity date of December 31, 2015. On the issue date, the market interest rate was 6 percent, so the total proceeds from the bond issue were $535,288. Loop de Loop uses the straight-line bond amortization method Required: 1. Prepare a bond amortization schedule. Changes During the Period Period...
On January 1, 2013, Loop de Loop Raceway issued 700 bonds, each with a face value...
On January 1, 2013, Loop de Loop Raceway issued 700 bonds, each with a face value of $1,000, a stated interest rate of 6 percent paid annually on December 31, and a maturity date of December 31, 2015. On the issue date, the market interest rate was 7 percent, so the total proceeds from the bond issue were $681,631. Loop de Loop uses the straight-line bond amortization method. Required: 1. Prepare a bond amortization schedule. Changes During the Period Period...
Pizza Pier retires its 7% bonds for $71,000 before their scheduled maturity. At the time, the bonds have a face value of $73,000 carrying value of $74,965. Record the early retirement of the bonds. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the early retirement of bonds. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry...
Pizza Pier retires its 8% bonds for $70,300 before their
scheduled maturity. At the time, the bonds have a face value of
$72,300 carrying value of $74,950.
Record the early retirement of the bonds. (If no entry is
required for a particular transaction/event, select "No Journal
Entry Required" in the first account field.)
Record the early retirement of the bonds.
2,
Stealth Fitness Center issues 5%, 6-year bonds with a face
amount of $100,000. The market interest rate for bonds...
Question 30 2 pts Pizza Pier retires its 7% bonds for $68,000 before their scheduled maturity. At the time, the bonds have a face value of $70,000 carrying value of $74,937. Pizza Pier should record: A loss of $9,637 Again of $8,793 Oo oo Again of $6,937 Aloss of $7,035
Acompanyret ed $85million of its 5% bonds at 104 $88.4 million) before their scheduled maturity. At the time, the bonds had a remaining discount of $3 million. the journal entry to record the redemption of the bonds. (Enter your answers in millions rounded to 1 decimal place(i.e. should be entered as 5.5). If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the redemption of...
Presented below is a partial amortization schedule for Discount
Pizza.
in Carrying Cash Paid for Interest $1,625 1,625 Interest Expense Period Issue date Value Carrying Value $57,488 57,588 57,691 $1,725 1,728 $100 103 Required: 1. & 2. Record the bond issue and first interest payment assuming the face amount of bonds payable is $65,000. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record...
Check my work Presented below is a partial amortization schedule for Discount Pizza. (1) (5) (2) Cash Paid for Interest (4) Increase in Carrying Value Interest Expense Period Issue date carrying Value $54,834 54,929 55,027 $95 $1,550 1,550 $1,645 1,648 98 Required: 1. & 2. Record the bond issue and first interest payment assuming the face amount of bonds payable is $62,000. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account...
On January 1, Innovative Solutions, Inc., issued $210,000 in bonds at face value. The bonds have a stated interest rate of 7 percent. The bonds mature in 10 years and pay interest once per year on December 31 Required: 1,2 & 3. Prepare the required journal entries to record the bond issuance, interest payment on December 31, early retirement of the bonds. Assume the bonds were retired immediately after the first interest payment at a quoted price of 102 (if...
On January 1, 2013, Loop de Loop Raceway issued 550 bonds, each with a face value of $1,000, a stated interest rate of 5 percent paid annually on December 31, and a maturity date of December 31, 2015. On the issue date, the market interest rate was 6 percent, so the total proceeds from the bond issue were $535,288. Loop de Loop uses the straight-line bond amortization method Required: 1. Prepare a bond amortization schedule. Changes During the Period Period...
On January 1, 2013, Loop de Loop Raceway issued 700 bonds, each with a face value of $1,000, a stated interest rate of 6 percent paid annually on December 31, and a maturity date of December 31, 2015. On the issue date, the market interest rate was 7 percent, so the total proceeds from the bond issue were $681,631. Loop de Loop uses the straight-line bond amortization method. Required: 1. Prepare a bond amortization schedule. Changes During the Period Period...
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