Alpine Company issues $2 million, 10-year, 7% bonds at 99, with interest payable on December 31. The
Question:
(a) Prepare the journal entry' to record the sale of these bonds on January 1, 2017.
(b) Prepare the journal entry to record interest expense and bond discount amortization on December 31, 2017, assuming no previous accrual of interest.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
a Jan 1 Cash 99 X 2000000 1980000 Discount on Bonds Pay...View the full answer
Answered By
Shem Ongek
I am a professional who has the highest levels of self-motivation. Additionally, I am always angled at ensuring that my clients get the best of the quality work possible within the deadline. Additionally, I write high quality business papers, generate quality feedback with more focus being on the accounting analysis. I additionally have helped various students here in the past with their research papers which made them move from the C grade to an A-grade. You can trust me 100% with your work and for sure I will handle your papers as if it were my assignment. That is the kind of professionalism that I swore to operate within. I think when rating the quality of my work, 98% of the students I work for always come back with more work which therefore makes me to be just the right person to handle your paper.
4.80+
174+ Reviews
426+ Question Solved
Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Question Posted:
Students also viewed these Cost Accounting questions
-
The dye dilution method is used to measure cardiac output with 8 mg of dye. The dye concentrations, in mg/L, are modeled by c(t) = t(12 t), 0 < t < 12, where is measured in seconds. Find the...
-
The dye dilution method is used to measure cardiac output with 6 mg of dye. The dye concentrations, in mg/L, are modeled by c(t) = 20te-0.6t, 0 t 10, , where is measured in seconds. Find the...
-
The balance sheet (computer aging) method is used to estimate the balance of the Allowance for Doubtful Accounts account for the end of each quarter. The program has analyzed all accounts receivable...
-
Sarah is confused about the difference between the perimeter and the area of a polygon. Explain the two concepts and the distinction between them.
-
Rogal and Associates Legal Services hires full- and part-time professional employees. Full-time experienced staff can be hired for a salary of $60,000 per year; fringe benefit costs for each...
-
Here are the 2013 and 2014 (incomplete) balance sheets for Newble Oil Corp. a. What was owners' equity at the end of 2013 and 2014? b. If Newble paid dividends of $100 in 2014 and made no stock...
-
State the different types of pulleys used in power transmission and define the velocity ratio of pulleys.
-
Sally Saia operates Double S Riding Academy, Inc. The academys primary sources of revenue are riding fees and lesson fees, which are provided on a cash basis. Sally also boards horses for owners, who...
-
A helium-filled balloon, whose envelope has a mass of 0.29 kg, is tied to a 3.8-m long, 0.054-kg string. The balloon is spherical with a radius of 0.40 m. When released, it lifts a length h of the...
-
Ms. Mist is employed as an internal auditor by Universal Imports Limited (UIL), a Canadian-controlled private corporation. To drive to UILs locations, as required in her employment, UIL provides her...
-
Presented here are liability items for O'Brian Inc. at December 31, 2017. Prepare the liabilities section of O'Brians balance sheet. Accounts payable Notes payable $157000 FICA taxes payable 7,800...
-
Harvard Inc. issues $4 million, 5-year, 8% bonds at 102, with interest payable on January 1. The straight-line method is used to amortize bond premium. (a) Prepare the journal entry to record the...
-
Louis Becker is the Chief Operating Officer at Union Hospital in Newark, New Jersey. She is analyzing the hospital's overhead costs but is not sure whether nursing hours or the number of patient days...
-
A child pushes a merry - go - round 1 . 0 m from the center, with a force of 1 0 0 N in the tangential direction. If the merry - go - round starts at rest and completes the first turn in 1 0 s , what...
-
The maximum allowed IRA (Individual Retirement Account) contribution for retirement in 2023 is $6,500 if you're below 50 years old and $7,500 if you're 50 or older.Assume these contribution limits...
-
Consider that you are the Manager of a boutique hotel on the island of Kauai, Hawaii that retains, over 60 employees. What would be your communication strategy and what do you hope to achieve?
-
Marlie's supervisor was told by the company's HR office that he was no longer going to be part of the department's management team. They informed him that he would be returning to his former Tech III...
-
One problem and one solution for each: A barrier to communication you removed. A technique you applied top resolve a communication challenge The technique you used to resolve a conflict. An example...
-
At the beginning of 2019, Penman Company had the following (normal) account balances in its financial records: Accounts receivable ................................................. $122,000 Allowance...
-
The purpose of this case is to come up with a contingency plan[s] in order to sustain the program Move With Me, a program that serves thousands of community members throughout Lower Manhattan. The...
-
Pegasus Corporation purchased debt investments for $40,800 on January 1, 2012. On July 1, 2012, Pegasus received cash interest of $1,660. Journalize the purchase and the receipt of interest. Assume...
-
On August 1, Jewel Company buys 1,000 shares of ABC common stock for $35,000 cash plus brokerage fees of $600. On December 1, the stock investments are sold for $38,000 in cash. Journalize the...
-
Faye Company owns 25% of Trish Company. For the current year, Trish reports net income of $150,000 and declares and pays a $60,000 cash dividend. Record Fayes equity in Trishs net income and the...
-
S&J Catering is a small catering business operating in Western Sydney. Business partners, Jack and Simon, established the business a year ago. To start up the business, the partners contributed...
-
In 20X1, Lee was hurt in the course of his employment with Foster Farms. In 20X1, Lee was paid the following amounts from Foster Farms' worker's compensation insurance company: $30,000 for a physical...
-
Briefly describe tax administrative matters including: Tax collection and withholding mechanisms (PAYG withholding, PAYG instalments).
Study smarter with the SolutionInn App