FINANCIAL ACCOUNTING II Effective April 1, 2018, The Syracuse Corporation, which has a yearend of December 31st, authorized $1,500,000 of callable, mortgage bonds (which were secured by property and equipment with a market value of $2,200,000). The bonds
FINANCIAL ACCOUNTING II
Effective April 1, 2018, The Syracuse Corporation, which has a year-end of December 31st, authorized $1,500,000 of callable, mortgage bonds (which were secured by property and equipment with a market value of $2,200,000).
The bonds paid interest at a stated rate of eight percent and had an expected term of six years. Interest was due and payable, as appropriate, to bondholders each September 30th and March 31st .
On July 1, 2019, Syracuse issued 1,000 of the bonds and received a cash payment in the TOTAL amount of $906,000.
On October 1, 2021, Syracuse called the bonds and paid the current bondholders a TOTAL amount of $1,150,000 in cash.
Prepare the following journal entries:
• The entries related to the bonds that Syracuse entered into its records during the period April 1, 2018 through December 31, 2019.
• The journal entry that was recorded by Syracuse when the bonds were redeemed in October 2021. (Remember that the balance remaining in an unamortized premium or discount account must also be closed.)
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FINANCIAL ACCOUNTING II Effective April 1, 2018, The Syracuse Corporation, which has a yearend of December 31st, authorized $1,500,000 of callable, mortgage bonds (which were secured by property and equipment with a market value of $2,200,000). The bonds
FINANCIAL ACCOUNTING II Effective April 1, 2016, The Syracuse Corporation, which has a year- end of...
FINANCIAL ACCOUNTING II Effective April 1, 2016, The Syracuse Corporation, which has a year- end of December 31st, authorized $1,500,000 of callable, mortgage bonds (secured by $2,200,000 of property and equipment, at market value). The bonds paid interest at a rate of eight percent per year and had a term of six years. Interest was payable each September 30th and March 31st On July 1, 2017. Syracuse issued 1,000 of the bonds in exchange for cash in the total amount...
FINANCIAL ACCOUNTING II Effective April 1, 2016, The Syracuse Corporation, which has a year- end of...
FINANCIAL ACCOUNTING II Effective April 1, 2016, The Syracuse Corporation, which has a year- end of December 31st, authorized $1,500,000 of callable, mortgage bonds (secured by $2,200,000 of property and equipment, at market value). The bonds paid interest at a rate of eight percent per year and had a term of six years. Interest was payable each September 30th and March 31st cured by $2,200.000 authorized $1,500,000 oration, which has a yea On July 1, 2017, Syracuse issued 1,000 of...
FINANCIAL ACCOUNTING II Effective April 1, 2016. The Syracuse Corporation, which has a year- end of...
FINANCIAL ACCOUNTING II Effective April 1, 2016. The Syracuse Corporation, which has a year- end of December 31st, authorized $1,500,000 of callable, mortgage bonds (secured by $2,200,000 of property and equipment, at market value). The bonds paid interest at a rate of eight percent per year and had a term of six years. Interest was payable each September 30th and March 31. On July 1, 2017, Syracuse issued 1,000 of the bonds in exchange for cash in the total amount...
FINANCIAL ACCOUNTING II Effective April 1, 2016. The Syracuse Corporation, which has a year- end of...
FINANCIAL ACCOUNTING II Effective April 1, 2016. The Syracuse Corporation, which has a year- end of December 31st, authorized $1.500.000 of callable, mortgage bonds (secured by $2,200,000 of property and equipment, at market value). The bonds paid interest at a rate of eight percent per year and had a term of six years. Interest was payable each September 30th and March 31. On July 1, 2017, Syracuse issued 1,000 of the bonds in exchange for cash in the total amount...
Effective April 1, 2016. ABC Inc, which has a year-end of December 31st, authorized $1500000 of...
Effective April 1, 2016. ABC Inc, which has a year-end of December 31st, authorized $1500000 of callable, mortgage bonds (secured by 2200000 of property and equipment at market value ). The bond paid interest at a rate of 8% per year and had a term of 6 year. Interest way payable each September 30th and march 31st. On July 1, 2017 ABC INC issued 1000 of the bonds in exchange for cash in the total amount of $906000. On October...
FINANCIAL ACCOUNTING II William D. Kidd, Inc. authorized $300,000 of 6%, callable bonds on June 1,...
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*Problem 14-7 On April 1, 2017, Sarasota Company sold 16,200 of its 12%, 15-year, $1,000 face value bonds at 98, Interest payment dates are April 1 and October 1, and the company uses the straight-li...
*Problem 14-7 On April 1, 2017, Sarasota Company sold 16,200 of its 12%, 15-year, $1,000 face value bonds at 98, Interest payment dates are April 1 and October 1, and the company uses the straight-line method of bond discount amortization. On March 1, 2018, Sarasota took advantage of favorable prices of its stock to extinguish 7,500 of the bonds by issuing 247,500 shares of its $10 par value common stock. At this time, the accrued interest was paid in cash....
On April 1, 2017, Teal Company sold 13,500 of its 11%, 15-year, $1,000 face value bonds...
On April 1, 2017, Teal Company sold 13,500 of its 11%, 15-year,
$1,000 face value bonds at 97. Interest payment dates are April 1
and October 1, and the company uses the straight-line method of
bond discount amortization. On March 1, 2018, Teal took advantage
of favorable prices of its stock to extinguish 6,300 of the bonds
by issuing 207,900 shares of its $10 par value common stock. At
this time, the accrued interest was paid in cash. The company’s...
Journalize Entries 38 Points: 30 Minutes stock authorized. During Rowlands Corporation has 100,000 shares of $10 par value it had the following transactions related to its preferred stock. E...
Journalize Entries 38 Points: 30 Minutes stock authorized. During Rowlands Corporation has 100,000 shares of $10 par value it had the following transactions related to its preferred stock. Exercise 1 DATE a) issued 20,000 shares at $55 per share. a) issued 10,000 shares for equipment having a $850,000 asking price. The stock hada of $75 per share Journalize the transactions in the following page On January 1, 2019, the stockholders' stock (S5 par value) $1,500,000; paid-in capital in excess of...
FINANCIAL ACCOUNTING II Effective April 1, 2016, The Syracuse Corporation, which has a year- end of December 31st, authorized $1,500,000 of callable, mortgage bonds (secured by $2,200,000 of property and equipment, at market value). The bonds paid interest at a rate of eight percent per year and had a term of six years. Interest was payable each September 30th and March 31st On July 1, 2017. Syracuse issued 1,000 of the bonds in exchange for cash in the total amount...
FINANCIAL ACCOUNTING II Effective April 1, 2016, The Syracuse Corporation, which has a year- end of December 31st, authorized $1,500,000 of callable, mortgage bonds (secured by $2,200,000 of property and equipment, at market value). The bonds paid interest at a rate of eight percent per year and had a term of six years. Interest was payable each September 30th and March 31st cured by $2,200.000 authorized $1,500,000 oration, which has a yea On July 1, 2017, Syracuse issued 1,000 of...
FINANCIAL ACCOUNTING II Effective April 1, 2016. The Syracuse Corporation, which has a year- end of December 31st, authorized $1,500,000 of callable, mortgage bonds (secured by $2,200,000 of property and equipment, at market value). The bonds paid interest at a rate of eight percent per year and had a term of six years. Interest was payable each September 30th and March 31. On July 1, 2017, Syracuse issued 1,000 of the bonds in exchange for cash in the total amount...
FINANCIAL ACCOUNTING II Effective April 1, 2016. The Syracuse Corporation, which has a year- end of December 31st, authorized $1.500.000 of callable, mortgage bonds (secured by $2,200,000 of property and equipment, at market value). The bonds paid interest at a rate of eight percent per year and had a term of six years. Interest was payable each September 30th and March 31. On July 1, 2017, Syracuse issued 1,000 of the bonds in exchange for cash in the total amount...
FINANCIAL ACCOUNTING II William D. Kidd, Inc. authorized $300,000 of 6%, callable bonds on June 1, 2011. These securities would pay interest annually on each May 31", and they are scheduled to mature on May 31, 2020. On January 2, 2015, Kidd issued all of the bonds in exchange for a building with a fair value of $274,000. The debt was collateralized by machinery and equipment with a market value of $412,000. The bond investors paid all accrued interest in...
*Problem 14-7 On April 1, 2017, Sarasota Company sold 16,200 of its 12%, 15-year, $1,000 face value bonds at 98, Interest payment dates are April 1 and October 1, and the company uses the straight-line method of bond discount amortization. On March 1, 2018, Sarasota took advantage of favorable prices of its stock to extinguish 7,500 of the bonds by issuing 247,500 shares of its $10 par value common stock. At this time, the accrued interest was paid in cash....
On April 1, 2017, Teal Company sold 13,500 of its 11%, 15-year,
$1,000 face value bonds at 97. Interest payment dates are April 1
and October 1, and the company uses the straight-line method of
bond discount amortization. On March 1, 2018, Teal took advantage
of favorable prices of its stock to extinguish 6,300 of the bonds
by issuing 207,900 shares of its $10 par value common stock. At
this time, the accrued interest was paid in cash. The company’s...
Journalize Entries 38 Points: 30 Minutes stock authorized. During Rowlands Corporation has 100,000 shares of $10 par value it had the following transactions related to its preferred stock. Exercise 1 DATE a) issued 20,000 shares at $55 per share. a) issued 10,000 shares for equipment having a $850,000 asking price. The stock hada of $75 per share Journalize the transactions in the following page On January 1, 2019, the stockholders' stock (S5 par value) $1,500,000; paid-in capital in excess of...
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