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CALORADOR PRINR VRSON Brief Exercise 17-1 DACK NEXT Stellar Company purchased, on January 1, 2017, as...
Brief Exercise 17-1 Skysong Company purchased, on January 1, 2017, as a held-to-maturity investment, $65,000 of...
Brief Exercise 17-1 Skysong Company purchased, on January 1, 2017, as a held-to-maturity investment, $65,000 of the 10%, 5-year bonds of Chester Corporation for $60,314, which provides an 12% return. Prepare Skysong's journal entries for (a) the purchase of the investment, and (b) the receipt of annual interest and discount amortization. Assume effective-interest amortization is used (Round answers to o decimal places, e.g. 1,225. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
Brief Exercise 17-1 Monty Company purchased, on January 1, 2017, as a held-to-maturity investment, $85,000 of...
Brief Exercise 17-1 Monty Company purchased, on January 1, 2017, as a held-to-maturity investment, $85,000 of the 10%, 5- year bonds of Chester Corporation for $78,873, which provides an 12% return. Prepare Monty's journal entries for (a) the purchase of the investment, and (b) the receipt of annual interest and discount amortization. Assume effective-interest amortization is used. (Round answers to 0 decimal places, e.g. 1,225. Credit account titles are automatically indented when amount is entered. Do not indent manually. If...
Brief Exercise 17-2 Culver Company purchased, on January 1, 2017, as an available-for-sale security, $74,000 of...
Brief Exercise 17-2 Culver Company purchased, on January 1, 2017, as an available-for-sale security, $74,000 of the 1196, 5-year bonds of Chester Corporation for $68,794, which provides an 13% Prepare Culver's journal entries for (a) the purchase of the investment, (b) the receipt of annual interest and discount amortization, and (c) the year-end fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.) The bonds have a year-end fair value of $70,300. (Round answers to 0 decimal...
Brief Exercise 17-2 Swifty Company purchased, on January 1, 2017, as an available-for-sale security, $87,000 of...
Brief Exercise 17-2 Swifty Company purchased, on January 1, 2017, as an available-for-sale security, $87,000 of the 10%, 5-year bonds of Chester Corporation for $80,728, which provides an 12% return. Prepare Swifty’s journal entries for (a) the purchase of the investment, (b) the receipt of annual interest and discount amortization, and (c) the year-end fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.) The bonds have a year-end fair value of $82,650. (Round answers to 0...
Carla Company purchased, on January 1, 2017, as a held-to-maturity investment, $66,000 of the 8%, 5-year...
Carla Company purchased, on January 1, 2017, as a
held-to-maturity investment, $66,000 of the 8%, 5-year bonds of
Chester Corporation for $60,996, which provides an 10%
return.
Prepare Carla’s journal entries for (a) the purchase of the
investment, and (b) the receipt of annual interest and discount
amortization. Assume effective-interest amortization is used.
(Round answers to 0 decimal places, e.g. 1,225. Credit
account titles are automatically indented when amount is entered.
Do not indent manually. If no entry is required,...
Question 11 Wildhorse Company purchased, on January 1, 2017, as a held-to-maturity investment, $68,000 of the...
Question 11 Wildhorse Company purchased, on January 1, 2017, as a held-to-maturity investment, $68,000 of the 10%, 5-year bonds of Chester Corporation for $63,098, which provides an 12% return. Prepare Wildhorse's journal entries for (a) the purchase of the investment, and (b) the receipt of annual interest and discount amortization. Assume effective-interest amortization is used. (Round answers to 0 decimal places, e.g. 1,225. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry...
Brief Exercise 14-4 The Stellar Company issued $250,000 of 11% bonds on January 1, 2017. The...
Brief Exercise 14-4 The Stellar Company issued $250,000 of 11% bonds on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1 and January 1. The bonds were issued at 101. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Stellar Company records straight-line amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account...
The following are selected 2020 transactions of Stellar Corporation. Sept. 1 Purchased inventory from Encino Company...
The following are selected 2020 transactions of Stellar
Corporation.
Sept. 1
Purchased inventory from Encino Company on account for $47,400.
Stellar records purchases gross and uses a periodic inventory
system.
Oct. 1
Issued a $47,400, 12-month, 8% note to Encino in payment of
account.
Oct. 1
Borrowed $47,400 from the Shore Bank by signing a 12-month,
zero-interest-bearing $52,040 note.
Part 1 Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account...
Exercise 21-7 On January 1, 2017, Stellar Company leased equipment to Pearl Corporation. The following information pertains to this lease. 1 The term of the noncancelable lease is 6 years, with n...
Exercise 21-7 On January 1, 2017, Stellar Company leased equipment to Pearl Corporation. The following information pertains to this lease. 1 The term of the noncancelable lease is 6 years, with no renenal option. The equipment reverts to the lessor at the termination of the lease. Equal rental payments are due on January 1 of each yeas, beginning in 2017 The fair value of the equipment on January 1, 2017, is $160,000, and ies cost is $128,000. The equipment has...
Stellar Company issued $468,000 of 10%, 20-year bonds on January 1, 2017, at 102. Interest is...
Stellar Company issued $468,000 of 10%, 20-year bonds on January 1, 2017, at 102. Interest is payable semiannually on July 1 and January 1. Stellar Company uses the effective-interest method of amortization for bond premium or discount. Assume an effective yield of 9.7705%. Prepare the journal entries to record the following. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account...
Brief Exercise 17-1 Skysong Company purchased, on January 1, 2017, as a held-to-maturity investment, $65,000 of the 10%, 5-year bonds of Chester Corporation for $60,314, which provides an 12% return. Prepare Skysong's journal entries for (a) the purchase of the investment, and (b) the receipt of annual interest and discount amortization. Assume effective-interest amortization is used (Round answers to o decimal places, e.g. 1,225. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
Brief Exercise 17-1 Monty Company purchased, on January 1, 2017, as a held-to-maturity investment, $85,000 of the 10%, 5- year bonds of Chester Corporation for $78,873, which provides an 12% return. Prepare Monty's journal entries for (a) the purchase of the investment, and (b) the receipt of annual interest and discount amortization. Assume effective-interest amortization is used. (Round answers to 0 decimal places, e.g. 1,225. Credit account titles are automatically indented when amount is entered. Do not indent manually. If...
Brief Exercise 17-2 Culver Company purchased, on January 1, 2017, as an available-for-sale security, $74,000 of the 1196, 5-year bonds of Chester Corporation for $68,794, which provides an 13% Prepare Culver's journal entries for (a) the purchase of the investment, (b) the receipt of annual interest and discount amortization, and (c) the year-end fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.) The bonds have a year-end fair value of $70,300. (Round answers to 0 decimal...
Carla Company purchased, on January 1, 2017, as a
held-to-maturity investment, $66,000 of the 8%, 5-year bonds of
Chester Corporation for $60,996, which provides an 10%
return.
Prepare Carla’s journal entries for (a) the purchase of the
investment, and (b) the receipt of annual interest and discount
amortization. Assume effective-interest amortization is used.
(Round answers to 0 decimal places, e.g. 1,225. Credit
account titles are automatically indented when amount is entered.
Do not indent manually. If no entry is required,...
Question 11 Wildhorse Company purchased, on January 1, 2017, as a held-to-maturity investment, $68,000 of the 10%, 5-year bonds of Chester Corporation for $63,098, which provides an 12% return. Prepare Wildhorse's journal entries for (a) the purchase of the investment, and (b) the receipt of annual interest and discount amortization. Assume effective-interest amortization is used. (Round answers to 0 decimal places, e.g. 1,225. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry...
Brief Exercise 14-4 The Stellar Company issued $250,000 of 11% bonds on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1 and January 1. The bonds were issued at 101. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Stellar Company records straight-line amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account...
The following are selected 2020 transactions of Stellar
Corporation.
Sept. 1
Purchased inventory from Encino Company on account for $47,400.
Stellar records purchases gross and uses a periodic inventory
system.
Oct. 1
Issued a $47,400, 12-month, 8% note to Encino in payment of
account.
Oct. 1
Borrowed $47,400 from the Shore Bank by signing a 12-month,
zero-interest-bearing $52,040 note.
Part 1 Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account...
Exercise 21-7 On January 1, 2017, Stellar Company leased equipment to Pearl Corporation. The following information pertains to this lease. 1 The term of the noncancelable lease is 6 years, with no renenal option. The equipment reverts to the lessor at the termination of the lease. Equal rental payments are due on January 1 of each yeas, beginning in 2017 The fair value of the equipment on January 1, 2017, is $160,000, and ies cost is $128,000. The equipment has...
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