ZuoTi.Pro
Question

Exercise 8-11 Crane Company issued $630,000 of 7%, 15-year bonds on January 1, 2017, at face value. Inter Prepare a tabular s

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1
Assets = Liabilities + Stockholder's equity
Retained earnings
Cash = Bonds Pay + Interest pay + Common Stock + Revenue - Expense - Dividend
a Jan 1,2017 630000 630000
b Dec 31,2017 44100 -44100 Interest expense
c Jan 1,2018 -44100 -44100
d Jan 1,2037 -630000 -630000
0 0
Add a comment
Know the answer?
Add Answer to:
Exercise 8-11 Crane Company issued $630,000 of 7%, 15-year bonds on January 1, 2017, at face value. Inter Prepare a tab...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Cullumber Company issued $640,000 of 9%, 15-year bonds on January 1, 2017, at face value. Interest...

    Cullumber Company issued $640,000 of 9%, 15-year bonds on January 1, 2017, at face value. Interest is payable annually on January 1. Prepare a tabular summary to record the following events. (a) The issuance of the bonds. (b) The accrual of interest on December 31, 2017. (c) The payment of interest on January 1, 2018. (d) The redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded. Liabilities Stockholders' Equity Retained Earnings...

  • On August 1, 2017, Ayayai Corp. issued $506,400, 7% , 10- year bonds at face value....

    On August 1, 2017, Ayayai Corp. issued $506,400, 7% , 10- year bonds at face value. Interest is payable annually on August 1. Ayayai's year-end is December 31. Prepare a tabular summary to record the following events (a) The issuance of the bonds. (Ь) The accrual of interest on December 31, 2017. stive (c) The payment of interest on August 1, 2018 (If a transaction causes a decrease in Assets, Liabilties or Stockholders' Equity, place a negative sign (or parentheses)...

  • Sheffield Corp. issued 2,500 5 % , 7- year , $1,000 bonds dated January 1, 2017,...

    Sheffield Corp. issued 2,500 5 % , 7- year , $1,000 bonds dated January 1, 2017, at face value. Interest is paid each January 1. Prepare a tabular summary to: (a) Record the sale of these bonds on January 1, 2017 (b) Adjust accounts on December 31, 2017, to record interest expense (c) Record interest paid on January 1,2018. Of a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of...

  • RCES Practice Exercise 3 On August 1, 2017, Flint Corporation issued $502,800, 7%, 10-year bonds at...

    RCES Practice Exercise 3 On August 1, 2017, Flint Corporation issued $502,800, 7%, 10-year bonds at face value. Interest is payable annually on August 1. December 31. Prepare a tabular summary to record the following events. tudy (a) (b) (c) The issuance of the bonds. The accrual of interest on December 31, 2017. The payment of interest on August 1, 2018. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses entered...

  • Blossom Company issued $620,000 of 8%, 15-year bonds on January 1, 2017, at face value. Interest...

    Blossom Company issued $620,000 of 8%, 15-year bonds on January 1, 2017, at face value. Interest is payable annually on January 1. Prepare a tabular summary to record the following events. (a) The issuance of the bonds. (b) The accrual of interest on December 31, 2017. (c) The payment of interest on January 1, 2018. (d) The redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded.

  • Blossom Company issued $620,000 of 8%, 15-year bonds on January 1, 2017, at face value. Interest...

    Blossom Company issued $620,000 of 8%, 15-year bonds on January 1, 2017, at face value. Interest is payable annually on January 1. Prepare a tabular summary to record the following events. (a) The issuance of the bonds. (b) The accrual of interest on December 31, 2017. (c) The payment of interest on January 1, 2018. (d) The redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded.

  • Pharoah Company issued $560,000 of 10%, 15-year bonds on January 1, 2017, at face value. Interest...

    Pharoah Company issued $560,000 of 10%, 15-year bonds on January 1, 2017, at face value. Interest is payable annually on January 1. Prepare a tabular summary to record the following events. (a) The issuance of the bonds. (b) The accrual of interest on December 31, 2017. (c) The payment of interest on January 1, 2018. (d) The redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded.

  • Blossom Company issued $ 516,000,  7%,  30-year bonds on January 1, 2017, at  103. Interest is payable annually on...

    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...

  • North Airlines Company issued $900,000 of 8%, 10- year bonds on January 1, 2017, at face...

    North Airlines Company issued $900,000 of 8%, 10- year bonds on January 1, 2017, at face value. Interest is payable annually on January 1. Prepare the journal entries to record the following events: The issuance of the bonds. The accrual of interest of December 31. The payment of interest on January 1, 2018. The redemption of bonds at maturity, assuming interest for the last interest period has been paid and recorded.

  • On January 1, 2017, Klosterman Company issued $400,000, 8%, 10-year bonds at face value. Interest is...

    On January 1, 2017, Klosterman Company issued $400,000, 8%, 10-year bonds at face value. Interest is payable annually on January 1. Question 1 On January 1, 2017, Klosterman Company issued $400,000, 8%, 10-year bonds at face value. Interest is payable annually on January 1. Prepare the journal entry to record the issuance of the bonds. (Credit account tities are automatically indented when amount is ent Date Account Titles and Explanation Debit Credit Jan. 1, 2017 SHOW LIST OF ACCOUNTS LINK...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT