The following is taken from the Colaw SA statement of financial position: Colaw Sa Statement of Financial Position (Partial) December 31, 2020 Non-current liabilities Bonds payable (face value $3,000,000), 7% Due January 1, 2031 $3,200,000 Current Lia
The following is taken from the Colaw SA statement of financial position:
Colaw Sa
Statement of Financial Position (Partial)
December 31, 2020
Non-current liabilities
Bonds payable (face value $3,000,000), 7%
Due January 1, 2031 $3,200,000
Current Liabilities
Interest payable (for 12 months from
January 1 to December 31) $210,000
Interest is payable annually on January 1. The bonds are callable on any annual
interest date. Colaw uses straight line amortization for any bond premium or
discount. From December 31, 2020, the bonds will be outstanding for an
additional 10 years (120 months).
Instructions
a. Journalize the payment of bond interest on January 1, 2021
b. Prepare the entry to amortize bond premium and to accrue the interest
due on December 31, 2021.
c. Assume that on January 1, 2022, after paying interest, Colaw calls bonds
having a face value of $1,200,000. The call price is 101. Record the
redemption of the bonds.
d. Prepare the adjusting entry at December 31, 2022 to amortize bond
premium and to accrue interest on the remaining bonds.
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The following is taken from the Colaw SA statement of financial position: Colaw Sa Statement of Financial Position (Partial) December 31, 2020 Non-current liabilities Bonds payable (face value $3,000,000), 7% Due January 1, 2031 $3,200,000 Current Lia
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