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Intermediate Accounting 1: The Dec. 31, 2016 balance sheet of Farnell Imports includes the following items:...
The balance sheet accounts of Rockwall Corporation at the beginning and end of 2016 are: 31-Dec-16...
The balance sheet accounts of Rockwall Corporation at the beginning and end of 2016 are: 31-Dec-16 1-Jan-16 Cash $99,435 $110,700 Accounts Receivable $424,600 $380,900 Inventory $635,740 $576,475 Prepaid Expenses $20,000 $12,000 Investment in subsidiary $200,000 $0 Held to Maturity Debt Securities $16,460 $14,850 Land $100,000 $100,000 Buildings $525,000 $400,000 Equipment $381,000 $290,000 Patents $86,000 $70,000 Trademarksb $25,000 $35,000 Bond Discount and issue costs $1,165 $6,075 Total Debits $2,514,400 $1,996,000 Accounts payable $534,000 $508,000 Income Taxes payable $68,000 $34,500 Salaries and...
Exercise 14.5 Straight-Line: Recording b。nd issuance and discount amortization LO PI, P2 Dobbs Company issues 996,...
Exercise 14.5 Straight-Line: Recording b。nd issuance and discount amortization LO PI, P2 Dobbs Company issues 996, two-year bonds, on December 31, 2015, with a par value of $109,000 and semiannual interest payments miannual Period- Unamortizecd Carrying Value $102,820 104,365 105,910 107,455 109,000 End Discount (0) 12/31/2015 (1) 6/30/2016 (2) 12/31/2016 (3) 6/30/2017 (4) 12/31/2017 $ 6,180 4,635 3,090 1,545 0 Use the above straight-line bond amortization table and prepare journal entries for the following Required (a)The issuance of bonds on...
Bonds Payable Journal Entries; Effective Interest Amortization On December 31, 2017, Blair Company issued $600,000 of...
Bonds Payable Journal Entries; Effective Interest Amortization On December 31, 2017, Blair Company issued $600,000 of 20‑year, 11 percent bonds payable for $554,861, yielding an effective interest rate of 12 percent. Interest is payable semiannually on June 30 and December 31. Prepare journal entries to reflect (a) the issuance of the bonds, (b) the semiannual interest payment and discount amortization (effective interest method) on June 30, 2018, and (c) the semiannual interest payment and discount amortization on December 31, 2018....
On January 1, 2015, Lenore, Inc. issued $800,000, 6% bonds when the market rate was 7%....
On January 1, 2015, Lenore, Inc. issued $800,000, 6% bonds when the market rate was 7%. Interest is payable semiannually on December 31 and June 30 with bonds maturing on December 31, 2024. The bonds are callable at 103. On December 31, 2018, Lenore retired $400,000 of the bonds at the call price. At the time they retired the bonds, they also paid the accused interest for those bonds retired. Required: a. Prepare the journal entry to record the issuance...
The following information is taken from Ayayai Corp's balance sheet at December 31, 2016. Current liabilities...
The following information is taken from Ayayai Corp's balance sheet at December 31, 2016. Current liabilities Interest payable $ 86,000 Long-term liabilities Bonds payable (4%, due January 1, 2027) $2,640,000 Less: Discount on bonds payable 26,400 2,613,600 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Ayayai uses straight-line amortization for any bond premium or discount. From December 31, 2016, the bonds will be outstanding for an additional 10 years (120 months). (a)...
Paulson Company issues 10%, four-year bonds, on December 31, 2017, with a par value of $102,000...
Paulson Company issues 10%, four-year bonds, on December 31,
2017, with a par value of $102,000 and semiannual interest
payments. Semiannual Period-End Unamortized Discount Carrying Value
(0) 12/31/2017 $ 6,773 $ 95,227 (1) 6/30/2018 5,926 96,074 (2)
12/31/2018 5,079 96,921 Use the above straight-line bond
amortization table and prepare journal entries for the following.
(a) The issuance of bonds on December 31, 2017. (b) The first
interest payment on June 30, 2018. (c) The second interest payment
on December 31,...
Sylvestor Company issues 12%, five-year bonds, on December 31, 2016, with a par value of $110,000...
Sylvestor Company issues 12%, five-year bonds, on December 31, 2016, with a par value of $110,000 and semiannual interest payments Semiannual Period - End (2) 12/31/2016 (1) 6/30/2017 (2) 12/31/2017 Unamortized Discount $ 7,300 6,570 5,840 Carrying Value $102,700 103,430 104,160 Use the above bond amortization table and prepare journal entries to record (a) the issuance of bonds on December 31, 2016; (b) the first interest payment on June 30, 2017 and (c) the second interest payment on December 31,...
Business Course * Return to course ! My Subscriptions Yosimar Huerta Question 4 Partially correct Mark...
Business Course * Return to course ! My Subscriptions Yosimar Huerta Question 4 Partially correct Mark 18.00 out of 24.00 P Flag question Bonds Payable Journal Entries; Effective Interest Amortization On December 31, 2017, Karen Company issued $400,000 of 10-year, ten percent bonds payable for $454,361, yielding an effective interest rate of eight percent. Interest is payable semiannually on June 30 and December 31. Prepare journal entries to reflect (a) the issuance of the bonds, (b) the semiannual interest payment...
Date Account Debit Credit Year 1 July 1 Oct. 1 Dec. 31-Note Dec. 31-Bond Year 2...
Date
Account
Debit
Credit
Year 1
July 1
Oct. 1
Dec. 31-Note
Dec. 31-Bond
Year 2
June 30
Sept. 30
Dec. 31-Note
Dec. 31-Bond
Year 3
June 30
Sept. 30
2. Indicate the amount of the interest expense
in (a) Year 1 and (b) Year 2.
a. Year 1 $
b. Year 2 $
3. Determine the carrying amount of the bonds
as of December 31, Year 2.
$
Entries for Bonds Payable and Installment Note Transactions The following transactions...
On January 1, 2017, Arbor Corp issued $800,000 of 20-year, 11% bonds at market yield of 12% p.a. Interest is payable sem...
On January 1, 2017, Arbor Corp issued $800,000 of 20-year, 11% bonds at market yield of 12% p.a. Interest is payable semiannually on June 30 and December 31. Compute the issue price of the bonds. Show the financial statements effects using the template for the following: 1) bond issuance, 2) semiannual interest payment and discount amortization on June 30, 2017, and 3) semiannual interest payment and discount amortization on December 31, 2017
Exercise 14.5 Straight-Line: Recording b。nd issuance and discount amortization LO PI, P2 Dobbs Company issues 996, two-year bonds, on December 31, 2015, with a par value of $109,000 and semiannual interest payments miannual Period- Unamortizecd Carrying Value $102,820 104,365 105,910 107,455 109,000 End Discount (0) 12/31/2015 (1) 6/30/2016 (2) 12/31/2016 (3) 6/30/2017 (4) 12/31/2017 $ 6,180 4,635 3,090 1,545 0 Use the above straight-line bond amortization table and prepare journal entries for the following Required (a)The issuance of bonds on...
The following information is taken from Ayayai Corp's balance sheet at December 31, 2016. Current liabilities Interest payable $ 86,000 Long-term liabilities Bonds payable (4%, due January 1, 2027) $2,640,000 Less: Discount on bonds payable 26,400 2,613,600 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Ayayai uses straight-line amortization for any bond premium or discount. From December 31, 2016, the bonds will be outstanding for an additional 10 years (120 months). (a)...
Paulson Company issues 10%, four-year bonds, on December 31,
2017, with a par value of $102,000 and semiannual interest
payments. Semiannual Period-End Unamortized Discount Carrying Value
(0) 12/31/2017 $ 6,773 $ 95,227 (1) 6/30/2018 5,926 96,074 (2)
12/31/2018 5,079 96,921 Use the above straight-line bond
amortization table and prepare journal entries for the following.
(a) The issuance of bonds on December 31, 2017. (b) The first
interest payment on June 30, 2018. (c) The second interest payment
on December 31,...
Sylvestor Company issues 12%, five-year bonds, on December 31, 2016, with a par value of $110,000 and semiannual interest payments Semiannual Period - End (2) 12/31/2016 (1) 6/30/2017 (2) 12/31/2017 Unamortized Discount $ 7,300 6,570 5,840 Carrying Value $102,700 103,430 104,160 Use the above bond amortization table and prepare journal entries to record (a) the issuance of bonds on December 31, 2016; (b) the first interest payment on June 30, 2017 and (c) the second interest payment on December 31,...
Business Course * Return to course ! My Subscriptions Yosimar Huerta Question 4 Partially correct Mark 18.00 out of 24.00 P Flag question Bonds Payable Journal Entries; Effective Interest Amortization On December 31, 2017, Karen Company issued $400,000 of 10-year, ten percent bonds payable for $454,361, yielding an effective interest rate of eight percent. Interest is payable semiannually on June 30 and December 31. Prepare journal entries to reflect (a) the issuance of the bonds, (b) the semiannual interest payment...
Date
Account
Debit
Credit
Year 1
July 1
Oct. 1
Dec. 31-Note
Dec. 31-Bond
Year 2
June 30
Sept. 30
Dec. 31-Note
Dec. 31-Bond
Year 3
June 30
Sept. 30
2. Indicate the amount of the interest expense
in (a) Year 1 and (b) Year 2.
a. Year 1 $
b. Year 2 $
3. Determine the carrying amount of the bonds
as of December 31, Year 2.
$
Entries for Bonds Payable and Installment Note Transactions The following transactions...
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