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.
(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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,...
The Ombudsman Foundation is a private not-for-profit organization providing training in dispute resolution and conflict management. The Foundation had the following preclosing trial balance at December 31, 2017, the end of its fiscal year: Trial Balance—December 31, 2017 Debits Credits Accounts payable $ 23,900 Accounts receivable (net) $ 45,800 Accrued interest receivable 15,800 Accumulated depreciation 3,313,400 Cash 111,100 Contributed services—unrestricted 25,500 Contributions—unrestricted 2,346,000 Contributions—temporarily restricted 796,000 Contributions—permanently restricted 2,704,000 Current pledges receivable (net) 76,500 Education program expenses 1,535,100 Fund-raising expense...
1 Exercise 10-10 The Ombudsman Foundation is a private not-for-profit organization providing training in dispute resolution and conflict management The Foundation had the following preclosing trial balance at December 31, 2017, the end of Its fiscal year 10 polnts Credits 25,300 Debits Trial Balance-December 31, 2817 Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation Cash $ 48,608 16,700 eBook 3,502, 288 117,408 27,188 2,492,e0e 846,e08 2,872,e08 Contributed services-unrestricted Contributions-unrestricted Contributions-temporarily restricted Contributions-permanently restricted Currer Ask pledges receivable (net)...
The Association of Women in Government established an Educational Foundation to raise money to support scholarship and other education initiatives. The Educational Foundation is a private not-for-profit. Members of the Association of Women in Government periodically make donations to the Educational Foundation. With the exception of the gift described below, these are unrestricted. In December 2016, a donor established a permanent endowment with an initial payment of $100,000 and a pledge to provide $10,000 per year for 3 years, beginning...
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
table for the bonds' first...
On January 1, 2017, Brussels Enterprises issues bonds at par dated January 1, 2017, that have a $3,400 000 par value, mature in 4 years, and pay 9% interest semiannually on June 30 and December 31. 1. Record the entry for the issuance of bonds for cash on January 1, 2017. 2. Record the entry for the first semiannual interest payment on June 30, 2017. 3. Record the entry for the second semiannual interest payment on December 31, 2017. 4....
my Hillside issues $1,700,000 of 8% , 15- year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $1,468,990. Required: 1. Prepare the January 1, 2017, journal entry to record the bonds' issuance 2(a) For each semiannual period, complete the table below to calculate the cash payment. 2(b) For each semiannual period, complete the table below to calculate the straight-line discount amortization. 2(c) For each semiannual...
Hillside issues $1,800,000 of 7%, 15-year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $1,555,401 Required: 1. Prepare the January 1, 2017, journal entry to record the bonds' issuance. 2(a) For each semiannual period, complete the table below to calculate the cash payment. 2(b) For each semiannual period, complete the table below to calculate the straight-line discount amortization 2(c) For each semiannual period, complete the...
On January 1, 2017, Eagle borrows $31,000 cash by signing a four-year, 8% installment note.. The note requires four equal payments of $9,360, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Round your intermediate calculations and finel answers to the nearest dollar amount.) Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017, through December 31, 2020. View transaction list...
Hillside issues $4,000,000 of 6% , 15-year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31 The bonds are issued at a price of $3,456,448. Required: 1. Prepare the January 1, 2017, journal entry to record the bonds' issuance. 2d For each semiannual period, complete the table below to calculate the cash payment. 2( For each semiannual period, complete the table below to calculate the straight-line discount amortization. 20 For each semiannual period, complete...