On January 1, 2017, a foundation made a pledge to pay $28,000 per year at the...
On January 1, 2017, a foundation made a pledge to pay $28,000 per year at the end of each of the next five years to the Cancer Research Center, a nonprofit voluntary health and welfare organization, as a salary supplement for a well-known researcher. On December 31, 2017, the first payment of $28,000 was received and paid to the researcher.
- On the books of the Cancer Research Center, record the pledge on January 1 in the temporarily restricted asset class, assuming the appropriate discount rate is 5 percent on an annual basis. The appropriate discount factor is 4.33.
- Record the increase in the present value of the receivable in the temporarily restricted net asset class as of December 31.
- Record the receipt of the first $28,000 on December 31 and the payment to the researcher. Indicate in which asset class (unrestricted, temporarily restricted) each account is recorded.
(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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On January 1, 2017, a foundation made a pledge to pay $28,000
per year at the...
On January 1, 2017, a foundation made a pledge to pay $28,000 per year at the end of each of the ...
On January 1, 2017, a foundation made a pledge to pay $28,000 per year at the end of each of the next five years to the Cancer Research Center, a nonprofit voluntary health and welfare organization, as a salary supplement for a well-known researcher. On December 31, 2017, the first payment of $28,000 was received and paid to the researcher. On the books of the Cancer Research Center, record the pledge on January 1 in the temporarily restricted asset class,...
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2. In January 2016, the Free Cancer Foundation accepted an endowment of $500,000, the income from...
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Legacy issues $550,000 of 9.5%, four-year bonds dated January 1,
2017, that pay interest semiannually on June 30 and December 31.
They are issued at $507,301 and their market rate is 12% at the
issue date.
Required:
1. Prepare the January 1, 2017, journal entry
to record the bonds' issuance.
2. Complete the below table to calculate the total
bond interest expense to be recognized over the bonds' life.
3. Prepare an effective interest amortization
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