On December 31, 2019, Coronado Inc. borrowed $4,260,000 at 12%
payable annually to finance the construction...
On December 31, 2019, Coronado Inc. borrowed $4,260,000 at 12%
payable annually to finance the construction of a new building. In
2020, the company made the following expenditures related to this
building: March 1, $511,200; June 1, $852,000; July 1, $2,130,000;
December 1, $2,130,000. The building was completed in February
2021. Additional information is provided as follows.
1.
Other debt outstanding
10-year, 13% bond, December 31, 2013, interest payable
annually
$5,680,000
6-year, 10% note, dated December 31, 2017, interest payable...
On December 31, 2019, Culver Inc. borrowed $4,320,000 at 13%
payable annually to finance the construction...
On December 31, 2019, Culver Inc. borrowed $4,320,000 at 13%
payable annually to finance the construction of a new building. In
2020, the company made the following expenditures related to this
building: March 1, $518,400; June 1, $864,000; July 1, $2,160,000;
December 1, $2,160,000. The building was completed in February
2021. Additional information is provided as follows.
1.
Other debt outstanding
10-year, 14% bond, December 31, 2013, interest payable
annually
$5,760,000
6-year, 11% note, dated December 31, 2017, interest payable...
On December 31, 2019, Sheffield Inc. borrowed $3,240,000 at 13%
payable annually to finance the construction...
On December 31, 2019, Sheffield Inc. borrowed $3,240,000 at 13%
payable annually to finance the construction of a new building. In
2020, the company made the following expenditures related to this
building: March 1, $388,800; June 1, $648,000; July 1, $1,620,000;
December 1, $1,620,000. The building was completed in February
2021. Additional information is provided as follows.
1.
Other debt outstanding
10-year, 14% bond, December 31, 2013, interest payable
annually
$4,320,000
6-year, 11% note, dated December 31, 2017, interest payable...
Exercise 10-08
On December 31, 2019, Blue Inc. borrowed $4,260,000 at 12% payable
annually to finance...
Exercise 10-08
On December 31, 2019, Blue Inc. borrowed $4,260,000 at 12% payable
annually to finance the construction of a new building. In 2020,
the company made the following expenditures related to this
building: March 1, $511,200; June 1, $852,000; July 1, $2,130,000;
December 1, $2,130,000. The building was completed in February
2021. Additional information is provided as follows.
1.
Other debt outstanding
10-year, 13% bond, December 31, 2013, interest payable
annually
$5,680,000
6-year, 10% note, dated December 31, 2017,...
On December 31, 2019, Sandhill Inc. borrowed $3,060,000 at 13%
payable annually to finance the construction...
On December 31, 2019, Sandhill Inc. borrowed $3,060,000 at 13%
payable annually to finance the construction of a new building. In
2020, the company made the following expenditures related to this
building: March 1, $367,200; June 1, $612,000; July 1, $1,530,000;
December 1, $1,530,000. The building was completed in February
2021. Additional information is provided as follows.
1.
Other debt outstanding
10-year, 14% bond, December 31, 2013, interest payable
annually
$4,080,000
6-year, 11% note, dated December 31, 2017, interest payable...
On December 31, 2019, Ayayai Inc. borrowed $3,720,000 at 13%
payable annually to finance the construction...
On December 31, 2019, Ayayai Inc. borrowed $3,720,000 at 13%
payable annually to finance the construction of a new building. In
2020, the company made the following expenditures related to this
building: March 1, $446,400; June 1, $744,000; July 1, $1,860,000;
December 1, $1,860,000. The building was completed in February
2021. Additional information is provided as follows. 1. Other debt
outstanding 10-year, 14% bond, December 31, 2013, interest payable
annually $4,960,000 6-year, 11% note, dated December 31, 2017,
interest payable...
10-08
On December 31, 2019, Sheffield Inc. borrowed $4,200,000 at 13%
payable annually to finance the...
10-08
On December 31, 2019, Sheffield Inc. borrowed $4,200,000 at 13%
payable annually to finance the construction of a new building. In
2020, the company made the following expenditures related to this
building: March 1, $504,000; June 1, $840,000; July 1, $2,100,000;
December 1, $2,100,000. The building was completed in February
2021. Additional information is provided as follows.
1.
Other debt outstanding
10-year, 14% bond, December 31, 2013, interest payable
annually
$5,600,000
6-year, 11% note, dated December 31, 2017, interest...
Exercise 10-8 (Part Level Submission) On December 31, 2013, Main
Inc. borrowed $5,340,000 at 13% payable...
Exercise 10-8 (Part Level Submission) On December 31, 2013, Main
Inc. borrowed $5,340,000 at 13% payable annually to finance the
construction of a new building. In 2014, the company made the
following expenditures related to this building: March 1, $640,800;
June 1, $1,068,000; July 1, $2,670,000; December 1, $2,670,000. The
building was completed in February 2015. Additional information is
provided as follows. 1. Other debt outstanding 10-year, 12% bond,
December 31, 2007, interest payable annually $7,120,000 6-year, 11%
note, dated...
On December 31, 2012, Cia Company borrowed $400,000 from First
Bank with interest payable annually at...
On December 31, 2012, Cia Company borrowed $400,000 from First
Bank with interest payable annually at 10% maturing on December 31,
2015 in order to provide funds for the construction of a building
to use as its corporate headquarters. On January 1, 2013, Cia
Company started the construction. The project was completed and
ready for occupancy on December 31, 2013. Cia incurred the
following expenditures related to construction during 2013: January
1 $400,000 April 1 350,000 October 31 900,000 December...
On December 31, 2020, the Company
issued $600,000 of 10 year, 6% bonds payable for
$624,000,...
On December 31, 2020, the Company
issued $600,000 of 10 year, 6% bonds payable for
$624,000, yielding an effective
interest rate of 5.75%. Interest is payable annually on
December
31st of each year. Show the
entry for the issuance of the bonds, and the annual payment of
interest on December 21, 2021.