Question: Journalize the adjusting entry on December 31 the company s year
Journalize the adjusting entry on December 31, the company’s year end, to amortize the premium resulting from the issuance on January 1 of $ 400,000 worth of 10-year bonds at 104.
Answer to relevant QuestionsOn January 1, Murphy, Inc., issues 7 percent, 20-year bonds with a face value of $ 650,000 at 96. Interest is payable on June 30 and December 31. Journalize the following entries: a. Issuance of the bonds b. Payment of ...Describe the entries in the following Taccounts:Nielson Bakers, Inc., completed the following selected transactions: Year 1 Mar. 1 Issued $ 1,040,000 worth of 20-year, 6 percent bonds, dated March 1 of this year, at 103. Interest is payable semiannually on September 1 and ...In which of the three categories listed on a statement of cash flows would each of the following appear? Also state for each item whether it represents a cash inflow or outflow. a. Cash purchase of land b. Cash payment of ...Tripp Triathlon Training Camp reported net income of $ 46,153 for 2013. The December 31 balances of select accounts follow.The following additional information was taken from the records of Tripp Triathlon Training Camp: a. ...
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