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, 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, 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...
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...
Question 6
On December 31, 2019, Sunland Inc. borrowed $3,120,000 at 12%
payable annually to finance...
Question 6
On December 31, 2019, Sunland Inc. borrowed $3,120,000 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, $374,400; June 1, $624,000; July 1, $1,560,000;
December 1, $1,560,000. 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
$4,160,000
6-year, 10% note, dated December 31, 2017,...
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...
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...
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...