Can someone please help me with this problem. I'm having a hard time
Homework Answers
(a) Indicate whether the bonds were issued at a premium or a discount.
Answer: The bonds were issued at a discount. The discount is equal to $7063.
Explanation
In the year 1/1/2011 the carrying value is $117,937, which is less than the maturity value in the year 2020 (i.e) 125,000.
(b) Indicate whether the amortization schedule is based on the straight-line method or the effective-interest method.
Answer: The amortization schedule is based on the effective-interest method.
(c) Determine the stated interest rate and the effective-interest rate.
The stated interest rate is 11% and
The effective-interest rate is 12%
Explanation
(d) On the basis of the schedule above, prepare the journal entry to record the issuance of the bonds on January 1, 2011.
Answer:
(e) On the basis of the schedule above, prepare the journal entry to reflect the bond transactions and accruals for 2011.
Answer:
(f) On the basis of the schedule above, prepare the journal entries to reflect the bond transactions and accruals for 2018. Carla Corporation does not use reversing entries.
Answer:
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Can someone please help me with this problem. I'm having a hard time We were unable...
*Problem 14-1 Your answer is partially correct. Try again. The following amortization and interest schedule reflects...
*Problem 14-1 Your answer is partially correct. Try again. The following amortization and interest schedule reflects the issuance of 10-year bonds by Riverbed Corporation on January 1, 2011, and the subsequent interest payments and charges. The company's year-end is December 31, and financial statements are prepared once yearly. Amortization Schedule Amount Unamortized Year Cash Interest 1/1/2011 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 $13,695 13,695 13,695 13,695 13,695 13,695 13,695 13,695 13,695 13,695 $14,096 14,144 14,198 14,258...
Problem 14-1 The following amortization and interest schedule reflects the issuance of 10-year bonds by Bridgeport...
Problem 14-1 The following amortization and interest schedule reflects the issuance of 10-year bonds by Bridgeport Corporation on January 1, 2011, and the subsequent interest payments and charges. The company's year-end is December 31, and financial statements are prepared once yearly Amortization Schedule Amount Unamortized Carrying Value Year Cash Interest 1/1/2011 2011 $18,070 2012 2013 2014 2015 2016 2017 2018 2019 2020 18,070 18,070 18,070 18,070 18,070 18,070 18,070 18,070 18,070 $20,303 20,638 21,023 21,466 21,976 22,562 23,235 24,010 24,901...
I'm having a hard time to answer the ammortizafion table. Someone help me pls On January...
I'm having a hard time to answer the ammortizafion table.
Someone help me pls
On January 1, 2020, Flounder Corporation issued $553,000 7% bonds that are due in 11 years. The bonds were issued for $597,066 and pay interest each July 1 and January 1. The company uses the effective interest method. Assume an effective rate of 6% (a) Your answer is correct Prepare Flounder Corporation's journal entry for the January 1 issuance. (Credit account titles are automatically indented when...
We were unable to transcribe this imageWe were unable to transcribe this imagePrepare the journal entry...
We were unable to transcribe this imageWe were unable to transcribe this imagePrepare the journal entry to record interest received and interest income for 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to 2 decimal places, e.g. 52.75.) Date Account Titles and Explanation Debit Credit Dec 31, 2017 Prepare the journal entry...
Problem 14-01 The following amortization and interest schedule reflects the issuance of 10-year bonds by Sheffield...
Problem 14-01 The following amortization and interest schedule reflects the issuance of 10-year bonds by Sheffield Corporation on January 1, 2014, and the subsequent interest payments and charges. The company's year-end is December 31, and financial statements are prepared once yearly. Year 1/1/2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Amortization Schedule Amount Cash Interest Unamortized $24,211 $13,266 $14,458 23,019 13,266 14,637 21,648 13,266 14,843 20,071 13,266 15,079 18,258 13,266 15,351 16,173 13,266 15,664 13,775 13,266 16,024...
We were unable to transcribe this imagePrepare the journal entry at the end of the first...
We were unable to transcribe this imagePrepare the journal entry at the end of the first year to record the payment of principal and interest, assuming that the company uses the effective interest method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round final answers to 0 decimal places, e.g. 5,275.) Account Titles and Explanation...
The following amortization and interest schedule reflects the issuance of 10-year bonds by Pronghorn Corporation on...
The following amortization and interest schedule reflects the issuance of 10-year bonds by Pronghorn Corporation on January 1, 2014, and the subsequent interest payments and charges. The company's year-end is December 31, and financial statements are prepared once yearly. Amortization Schedule Amount Unamortized Carrying Value Year Interest 1/1/2014 $28,354 $ 222,546 2014 $25,090 $26,706 26,738 224,162 2015 25,090 26,899 24,929 225,971 2016 25,090 27,117 22,902 227,998 2017 25,090 27,360 20,632 230,268 2018 25,090 27,632 18,090 232,810 2019 25,090 27,937 15,243...
Amortization Schedule Year Cash Interest Amount Unamortized Carrying Value 1/1/2014 $54,103 $ 161,497 2014 $21,560 $24,225...
Amortization Schedule Year Cash Interest Amount Unamortized Carrying Value 1/1/2014 $54,103 $ 161,497 2014 $21,560 $24,225 51,438 164,162 2015 21,560 24,624 48,374 167,226 2016 21,560 25,084 44,850 170,750 2017 21,560 25,613 40,797 174,803 2018 21,560 26,220 36,137 179,463 2019 21,560 26,919 30,778 184,822 2020 21,560 27,723 24,615 190,985 2021 21,560 28,648 17,527 198,073 2022 21,560 29,711 9,376 206,224 2023 21,560 30,936 215,600 (c) Determine the stated interest rate and the effective-interest rate. (Round answers to 0 decimal places, e.g. 18%.)...
how can I solve these two questions? View Policies and Current Attempt in Progress Carla Company...
how can I solve these two questions?
View Policies and Current Attempt in Progress Carla Company sold $9,390 of its specialty shelving to Elkins Office Supply Co. on account. Prepare the entries when (a) Carla makes the sale. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account tities are automatically indented when the amount is entered. Do not indent manually.) ort Account Titles and Explanation Debit Credit (b) Carla...
Question 3 of 5 -11 View Policies Current Attempt in Progress The following amortization and interest...
Question 3 of 5 -11 View Policies Current Attempt in Progress The following amortization and interest schedule reflects the issuance of 10-year bonds by Riverbed Corporation on January 1, 2014, and the subsequent interest payments and charges. The company's year-end is December 31, and financial statements are prepared once yearly. Amortization Schedule Cash Interest Year 1/1/2014 2014 2015 2016 Amount Unamortized $21.234 20,024 18,669 Carrying Value $ 166,666 167,876 $20,000 20,145 2017 2018 2019 2020 2021 2022 $18,790 18,790 18,790...
*Problem 14-1 Your answer is partially correct. Try again. The following amortization and interest schedule reflects the issuance of 10-year bonds by Riverbed Corporation on January 1, 2011, and the subsequent interest payments and charges. The company's year-end is December 31, and financial statements are prepared once yearly. Amortization Schedule Amount Unamortized Year Cash Interest 1/1/2011 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 $13,695 13,695 13,695 13,695 13,695 13,695 13,695 13,695 13,695 13,695 $14,096 14,144 14,198 14,258...
Problem 14-1 The following amortization and interest schedule reflects the issuance of 10-year bonds by Bridgeport Corporation on January 1, 2011, and the subsequent interest payments and charges. The company's year-end is December 31, and financial statements are prepared once yearly Amortization Schedule Amount Unamortized Carrying Value Year Cash Interest 1/1/2011 2011 $18,070 2012 2013 2014 2015 2016 2017 2018 2019 2020 18,070 18,070 18,070 18,070 18,070 18,070 18,070 18,070 18,070 $20,303 20,638 21,023 21,466 21,976 22,562 23,235 24,010 24,901...
I'm having a hard time to answer the ammortizafion table.
Someone help me pls
On January 1, 2020, Flounder Corporation issued $553,000 7% bonds that are due in 11 years. The bonds were issued for $597,066 and pay interest each July 1 and January 1. The company uses the effective interest method. Assume an effective rate of 6% (a) Your answer is correct Prepare Flounder Corporation's journal entry for the January 1 issuance. (Credit account titles are automatically indented when...
We were unable to transcribe this imageWe were unable to transcribe this imagePrepare the journal entry to record interest received and interest income for 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to 2 decimal places, e.g. 52.75.) Date Account Titles and Explanation Debit Credit Dec 31, 2017 Prepare the journal entry...
Problem 14-01 The following amortization and interest schedule reflects the issuance of 10-year bonds by Sheffield Corporation on January 1, 2014, and the subsequent interest payments and charges. The company's year-end is December 31, and financial statements are prepared once yearly. Year 1/1/2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Amortization Schedule Amount Cash Interest Unamortized $24,211 $13,266 $14,458 23,019 13,266 14,637 21,648 13,266 14,843 20,071 13,266 15,079 18,258 13,266 15,351 16,173 13,266 15,664 13,775 13,266 16,024...
We were unable to transcribe this imagePrepare the journal entry at the end of the first year to record the payment of principal and interest, assuming that the company uses the effective interest method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round final answers to 0 decimal places, e.g. 5,275.) Account Titles and Explanation...
The following amortization and interest schedule reflects the issuance of 10-year bonds by Pronghorn Corporation on January 1, 2014, and the subsequent interest payments and charges. The company's year-end is December 31, and financial statements are prepared once yearly. Amortization Schedule Amount Unamortized Carrying Value Year Interest 1/1/2014 $28,354 $ 222,546 2014 $25,090 $26,706 26,738 224,162 2015 25,090 26,899 24,929 225,971 2016 25,090 27,117 22,902 227,998 2017 25,090 27,360 20,632 230,268 2018 25,090 27,632 18,090 232,810 2019 25,090 27,937 15,243...
how can I solve these two questions?
View Policies and Current Attempt in Progress Carla Company sold $9,390 of its specialty shelving to Elkins Office Supply Co. on account. Prepare the entries when (a) Carla makes the sale. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account tities are automatically indented when the amount is entered. Do not indent manually.) ort Account Titles and Explanation Debit Credit (b) Carla...
Question 3 of 5 -11 View Policies Current Attempt in Progress The following amortization and interest schedule reflects the issuance of 10-year bonds by Riverbed Corporation on January 1, 2014, and the subsequent interest payments and charges. The company's year-end is December 31, and financial statements are prepared once yearly. Amortization Schedule Cash Interest Year 1/1/2014 2014 2015 2016 Amount Unamortized $21.234 20,024 18,669 Carrying Value $ 166,666 167,876 $20,000 20,145 2017 2018 2019 2020 2021 2022 $18,790 18,790 18,790...
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