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Sheridan Company issued its 7% 25-year mortgage bonds in the principal amount of $3,140,000 on January 2, 2003, at...
Cheyenne Company issued its 9%, 25-year mortgage bonds in the principal amount of $2,970,000 on January 2, 2003, at a discount of $150,000, which it proceeded to amortize by charges to expense over the life of the issue on a straight-line basis. The indenture securing the issue provided that the bonds could be called for redemption in total but not in part at any time before maturity at 104% of the principal amount, but it did not provide for any...
Sandhill Company issued its 7%, 25-year mortgage bonds in the principal amount of $3,230,000 on January 2, 2006, at a discount of $135,000, which it proceeded to amortize by charges to expense over the life of the issue on a straight-line basis. The indenture securing the issue provided that the bonds could be called for redemption in total but not in part at any time before maturity at 105% of the principal amount, but it did not provide for any...
Problem 14-04 Grouper Company issued its 9%, 25-year mortgage bonds in the principal amount of $2,740,000 on January 2, 2006, at a discount of $139,000, which it proceeded to amortize by charges to expense over the life of the issue on a straight-line basis. The indenture securing the issue provided that the bonds could be called for redemption in total but not in part at any time before maturity at 105% of the principal amount, but it did not provide...
Problem 14-04 Monty Company issued its 7%, 25-year mortgage bonds in the principal amount of $3,270,000 on January 2, 2006, at a discount of $154,000, which it proceeded to amortize by charges to expense over the life of the issue on a straight-line basis. The indenture securing the issue provided that the bonds could be called for redemption in total but not in part at any time before maturity at 105% of the principal amount, but it did not provide...
Problem 14-04 Indigo Company issued its 7%, 25-year mortgage bonds in the principal amount of $3,090,000 on January 2, 2006, at a discount of $147,000, which it proceeded to amortize by charges to expense over the life of the issue on a straight-line basis. The indenture securing the issue provided that the bonds could be called for redemption in total but not in part at any time before maturity at 104% of the principal amount, but it did not provide...
CALCULATOR PRINTER VERSION BACK NEX Problem 14-04 Marigold Company issued its 8%, 25-year mortgage bonds in the principal amount of $3,040,000 on January 2, 2006, at a discount of $152,000, which it proceeded to amortize by charges to expense over the life of the issue on a straight-line basis. The Indenture securing the issue provided that the bonds could be called for redemption in total but not in part at any time before maturity at 105% of the principal amount,...
Blossom Company issued $ 516,000, 7%, 30-year bonds on January 1, 2017, at 103. Interest is payable annually on January 1. Blossom uses straight-line amortization for bond premium or discount. Prepare the journal entries to record the following events. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The issuance of the bonds. (b) The accrual of interest and the premium amortization on December 31, 2017. (c) The payment of interest on January 1, 2018. (d) The...
Exercise 10-17 Sandhill Co. issued $310,000 of 8%, 20-year bonds on January 1, 2022, at face value. Interest is payable annually on January 1. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2022 enter an account title to record the issuance of the bonds on January 1, 2017 enter a debit amount enter a...
On January 1, 2018, Irik Corporation issued $2,550,000 face value, 7%, 10-year bonds at $2.378,893. This price resulted in an effective- interest rate of 8% on the bonds. The bonds pay annual interest, each January 1. Prepare the journal entry to record the issue of the bonds on January 1, 2018. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Jan. 1, 2018 Prepare an amortization table through...
CALCULATOR PRINTER VERSION Exercise 15-05 a-c Sheridan Company issued $2,020,000 of bonds on January 1, 2020. Prepare the journal entry to record the issuance of the bonds if they are issued at (1) 100, (2) 99, and (3) 104. (Credit account titles are automatically indented when amot not indent manually.) No. Account Titles and Explanation Debit Credit (1) (2) (3) SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the journal entry to record the redemption of the bonds at maturity,...