Teal Company issued $ 576,000
of 10%, 20-year bonds on January 1, 2017,
at 102. Interest is payable semiannually...
Teal Company issued $ 576,000
of 10%, 20-year bonds on January 1, 2017,
at 102. Interest is payable semiannually on July 1 and
January 1. Teal 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 titles and
enter...
Culver Company issued $396,000 of 10%, 20-year bonds on January
1, 2017, at 102. Interest is...
Culver Company issued $396,000 of 10%, 20-year bonds on January
1, 2017, at 102. Interest is payable semiannually on July 1 and
January 1. Culver 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...
On January 1, 2021, Sheridan Satellites issued $1,200,000,
10-year bonds. The bonds pay semi-annual interest on...
On January 1, 2021, Sheridan Satellites issued $1,200,000,
10-year bonds. The bonds pay semi-annual interest on July 1 and
January 1, and Sheridan has a December 31 year end. A partial bond
amortization schedule is presented below:
Semi-Annual
Interest Period
Interest
Payment
Interest
Expense
Amortization
Bond
Amortized Cost
Jan. 1, 2021
$1,114,726
July 1, 2021
$ [1]
$ [2]
$3,015
1,117,741
Jan. 1, 2022
36,000
39,121
3,121
1,120,862
July 1, 2022
36,000
39,230
[3]
1,124,092
Jan. 1, 2023
36,000
39,343...
Oriole Company issued $640,000, 10%, 10-year bonds on December
31, 2019, for $570,000. Interest is payable...
Oriole Company issued $640,000, 10%, 10-year bonds on December
31, 2019, for $570,000. Interest is payable annually on December
31. Oriole Company uses the straight-line method to amortize bond
premium or discount.
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
Dec. 31, 2019
Prepare the journal entry to record the payment of interest and
the discount...
Blossom Company issued $579,000 of 9%, 10-year bonds on January
1, 2020, at face value. Interest...
Blossom Company issued $579,000 of 9%, 10-year bonds on January
1, 2020, at face value. Interest is payable annually on January
1.
Your answer is incorrect. Try again.
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, 2020
LINK TO TEXT
Your answer is partially correct. Try again.
Prepare the journal entry to record the...
On August 1, 2022, Bramble Corp. issued $482,400, 8%, 10-year
bonds at face value. Interest is...
On August 1, 2022, Bramble Corp. issued $482,400, 8%, 10-year
bonds at face value. Interest is payable annually on August 1.
Bramble’s year-end is December 31.
(a) 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
Aug. 1
enter an account title to record the issuance of the bonds on
August 1
enter a debit amount
enter...
On January 1, 2019, Metlock, Inc. issued $554,500, 14%, 10-year
bonds at face value. Interest is...
On January 1, 2019, Metlock, Inc. issued $554,500, 14%, 10-year
bonds at face value. Interest is payable annually on January
1.
(a)
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
(b)
Prepare the journal entry to record the accrual of interest on
December 31, 2019. (Credit account titles are
automatically indented when amount is...
On January 1, 2019, Metlock, Inc. issued $554,500, 14%, 10-year
bonds at face value. Interest is...
On January 1, 2019, Metlock, Inc. issued $554,500, 14%, 10-year
bonds at face value. Interest is payable annually on January
1.
(a)
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
(b)
Prepare the journal entry to record the accrual of interest on
December 31, 2019. (Credit account titles are
automatically indented when amount is...
On January 1, 2017, Tamarisk Inc. issued $490,000 of 6%, 5-year
bonds at par. Interest is...
On January 1, 2017, Tamarisk Inc. issued $490,000 of 6%, 5-year
bonds at par. Interest is payable semiannually on July 1 and
January 1.
Prepare journal entries to record the following.
(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 0 for
the amounts. Record journal entries in the order presented in the
problem.)
(a)
The issuance of the bonds....
Lorance Corporation issued $808,000, 8%, 10-year bonds on
January 1, 2015, for $755,444. This price resulted...
Lorance Corporation issued $808,000, 8%, 10-year bonds on
January 1, 2015, for $755,444. This price resulted in an
effective-interest rate of 9% on the bonds. Interest is payable
semiannually on July 1 and January 1. Lorance uses the
effective-interest method to amortize bond premium or discount.
Prepare the journal entry to
record the issuance of the bonds. (Round answers to 0
decimal places, e.g. 15,250. Credit account titles are
automatically indented when amount is entered. Do not indent
manually.)
Date...