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Tran Company issued a $300,000, 7 percent mortgage on January 1, 2018, to purchase a building....
E9-20A (similar to) Question Help Space Corp. issued a $550,000, 8 percent mortgage on January 1,...
E9-20A (similar to) Question Help Space Corp. issued a $550,000, 8 percent mortgage on January 1, 2018, to purchase warehouses. Read the requirements Requirement 1. Complete the amortization schedule for Space Corp., assuming payments are made semiannually. (Round amounts to the nearest dollar.) Date Jan 1, 2018 Jun 30, 2018 Payment Interest Principal Loan Balance 550,000 $26,602 Requirements 1. Complete the amortization schedule for Space Corp., assuming payments are made semiannually. Round amounts to the nearest dollar. 2. Record the...
Kaman Company purchased a building and land with a fair market value of $575,000 (building, $300,000...
Kaman Company purchased a building and land with a fair market value of $575,000 (building, $300,000 and land, $275,000) on January 1, 2018. Kaman signed a 25-year, 15% mortgage payable. Kaman will make monthly payments of $7,364.78. Round to two decimal places. Explanations are not required for journal entries. Read the requirements. Requirement 1. Journalize the mortgage payable issuance on January 1, 2018. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit 2018 Jan....
Ari Goldstein issued $300,000 of 11%, five-year bonds payable on January 1, 2018. The market interest...
Ari Goldstein issued $300,000 of 11%, five-year bonds payable on January 1, 2018. The market interest rate at the date of issuance was 10%, and the bonds pay interest semiannually. Requirement 1. How much cash did the company receive upon issuance of the bonds payable? (Round to the nearest dollar.) (Use the factor tables provided with factors rounded to three decimal places. Round all currency amounts to the nearest dollar.) Upon issuance of the bonds payable, the company received $...
Scott Matthew, Inc. issued $300,000 of 15%, five-year bonds payable on January 1, 2018. The market...
Scott Matthew, Inc. issued $300,000 of 15%, five-year bonds payable on January 1, 2018. The market interest rate at the date of issuance was 12%, and the bonds pay interest semiannually. able.) i Requirements le.) 1. (Use the factor tables provided with factors rounded to How much cash did the company receive upon issuance of the bonds payable? (Round to the nearest dollar.) Prepare an amortization table for the bond using the effective-interest method, through the first two interest payments....
Matrix Consulting Agency signed a 10-year, 6.9%, $708,340 mortgage on June 30, 2017, to help finance...
Matrix Consulting Agency signed a 10-year, 6.9%, $708,340 mortgage on June 30, 2017, to help finance a new office building. The mortgage terms provide for semi-annual blended principal and interest payments of $49,614. Payments are due on December 31 and June 30. The company's year end is June 30. *(a) Prepare an instalment payment schedule for the first two years. (Round answers to the nearest whole dollar, e.g. 5,275.) Semi-annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal...
Effective Interest Amortization On January 1, 2018, Ranier, Inc., issued $300,000 of ten percent, 15‑year bonds...
Effective Interest Amortization On January 1, 2018, Ranier, Inc., issued $300,000 of ten percent, 15‑year bonds for $351,876, yielding an effective interest rate of 8 percent. Semiannual interest is payable on June 30 and December 31 each year. The firm uses the effective interest method to amortize the premium. Required a. Prepare an amortization schedule showing the necessary information for the first two interest periods. Round amounts to the nearest dollar. b. Prepare the journal entry for the bond issuance...
On January 1, 2018, Irik Corporation issued $2,550,000 face value, 7%, 10-year bonds at $2.378,893. This...
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...
On December 31, 2018, when the market interest rate is 10%, Kennedy Realty issues $300,000 of...
On December 31, 2018, when the market interest rate is 10%, Kennedy Realty issues $300,000 of 11.25%, 10-year bonds payable. The bonds pay interest semiannually. Kennedy Realty received $323,396 in cash at issuance. Requirements 1. Prepare an amortization table using the effective interest amortization method for the first two semiannual interest periods. (Round to the nearest dollar.) 2. Using the amortization table prepared in Requirement 1, journalize issuance of the bonds and the first two interest payments. Requirement 1. Prepare...
Sandhill Electronics issues a $640,000, 10-year, 10% mortgage note payable on December 31, 2017, to help...
Sandhill Electronics issues a $640,000, 10-year, 10% mortgage note payable on December 31, 2017, to help finance a plant expansion. The terms of the note provide for semi-annual blended payments of $51,355. Payments are due on June 30 and December 31. 1. Prepare an instalment payment schedule for the first two years. Semi-annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Dec 31 2017 Jun 30 2018 Dec 31 2018 Jun 30 2019 Dec 31 2019
6. On January 1, Wonder Water borrowed $300,000 for 5 years at 4.5% to finance expansion....
6. On January 1, Wonder Water borrowed $300,000 for 5 years at 4.5% to finance expansion. Fixed principal payments are to be made quarterly beginning Mar 1. Below is an instalment schedule for Wonder Water. (13 marks) WONDER WATER INSTALMENT PAYMENT SCHEDULE- FIXED PRINCIPAL PAYMENTS Interest Period Cash Pmt Interest Expense Reduction of Principal Principal Jan 1 300,000 Mar 1 ? 3,375 5,000 295,000 Jun 1 8,319 ? 5,000 ? Sep 1 ? 3,263 ? 285,000 Dec 1 ? ?...
E9-20A (similar to) Question Help Space Corp. issued a $550,000, 8 percent mortgage on January 1, 2018, to purchase warehouses. Read the requirements Requirement 1. Complete the amortization schedule for Space Corp., assuming payments are made semiannually. (Round amounts to the nearest dollar.) Date Jan 1, 2018 Jun 30, 2018 Payment Interest Principal Loan Balance 550,000 $26,602 Requirements 1. Complete the amortization schedule for Space Corp., assuming payments are made semiannually. Round amounts to the nearest dollar. 2. Record the...
Kaman Company purchased a building and land with a fair market value of $575,000 (building, $300,000 and land, $275,000) on January 1, 2018. Kaman signed a 25-year, 15% mortgage payable. Kaman will make monthly payments of $7,364.78. Round to two decimal places. Explanations are not required for journal entries. Read the requirements. Requirement 1. Journalize the mortgage payable issuance on January 1, 2018. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit 2018 Jan....
Scott Matthew, Inc. issued $300,000 of 15%, five-year bonds payable on January 1, 2018. The market interest rate at the date of issuance was 12%, and the bonds pay interest semiannually. able.) i Requirements le.) 1. (Use the factor tables provided with factors rounded to How much cash did the company receive upon issuance of the bonds payable? (Round to the nearest dollar.) Prepare an amortization table for the bond using the effective-interest method, through the first two interest payments....
Matrix Consulting Agency signed a 10-year, 6.9%, $708,340 mortgage on June 30, 2017, to help finance a new office building. The mortgage terms provide for semi-annual blended principal and interest payments of $49,614. Payments are due on December 31 and June 30. The company's year end is June 30. *(a) Prepare an instalment payment schedule for the first two years. (Round answers to the nearest whole dollar, e.g. 5,275.) Semi-annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal...
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...
On December 31, 2018, when the market interest rate is 10%, Kennedy Realty issues $300,000 of 11.25%, 10-year bonds payable. The bonds pay interest semiannually. Kennedy Realty received $323,396 in cash at issuance. Requirements 1. Prepare an amortization table using the effective interest amortization method for the first two semiannual interest periods. (Round to the nearest dollar.) 2. Using the amortization table prepared in Requirement 1, journalize issuance of the bonds and the first two interest payments. Requirement 1. Prepare...
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