Roney issues $120,000 of 6%, 15-year bonds dated January 1, 2011, that pay interest semiannually on June
Question:
Required
1. Prepare the January 1, 2011, journal entry to record the bonds’ issuance.
2. Determine the total bond interest expense to be recognized over the life of the bonds.
3. Prepare a straight-line amortization table like the one in Exhibit 14.7 for the bonds’ first two years.
4. Prepare the journal entries to record the first two interest payments.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 61% (13 reviews)
Part 1 2011 Jan 1 Cash 99247 Discount on Bonds Payable 20753 Bonds Payable 120000 Sold bonds ...View the full answer
Answered By
Aysha Ali
my name is ayesha ali. i have done my matriculation in science topics with a+ . then i got admission in the field of computer science and technology in punjab college, lahore. i have passed my final examination of college with a+ also. after that, i got admission in the biggest university of pakistan which is university of the punjab. i am studying business and information technology in my university. i always stand first in my class. i am very brilliant client. my experts always appreciate my work. my projects are very popular in my university because i always complete my work with extreme devotion. i have a great knowledge about all major science topics. science topics always remain my favorite topics. i am also a home expert. i teach many clients at my home ranging from pre-school level to university level. my clients always show excellent result. i am expert in writing essays, reports, speeches, researches and all type of projects. i also have a vast knowledge about business, marketing, cost accounting and finance. i am also expert in making presentations on powerpoint and microsoft word. if you need any sort of help in any topic, please dont hesitate to consult with me. i will provide you the best work at a very reasonable price. i am quality oriented and i have 5 year experience in the following field.
matriculation in science topics; inter in computer science; bachelors in business and information technology
_embed src=http://www.clocklink.com/clocks/0018-orange.swf?timezone=usa_albany& width=200 height=200 wmode=transparent type=application/x-shockwave-flash_
4.40+
11+ Reviews
14+ Question Solved
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Question Posted:
Students also viewed these Accounting questions
-
Harvard Research issues bonds dated January 1, 2011, that pay interest semiannually on June 30 and December 31. The bonds have a $45,000 par value, an annual contract rate of 6%, and mature in 6...
-
Lush Gardens Co. bought a new truck for $52,000. It paid $4,680 of this amount as a down payment and financed the balance at 4.56% compounded semi-annually. If the company makes payments of $1,800 at...
-
OBX Mufflers accepted a five-month, 7.5% interest, $2,400 note from ABD Motors on June 1, 2008. The entire balance is payable at the notes maturity. What will be the total payment on October 31, 2008?
-
For the transfer function below, find the constraints on K 1 and K 2 such that the function will have only two j poles. K1s + K2 T(s) = s4 + K1s + s? + K2s + 1
-
Jones (1999) looked at the distribution of functions of X and Y when X = R cos and Y = R sin, where ~ U{0, 2) and R is a positive random variable. Here are two of the many situations that he...
-
The Financial Crisis of 20079 hit Italy hard. It was one of the countries which faced problems with its deficit. By 2018, the situation had not improved a great deal. Elections in March 2018 failed...
-
This question is designed to test your knowledge of alpha and beta risks in estimation sampling for variables. Required: a. Compute the maximum planned beta risk to specify in a statistical test for...
-
1. Do Bill and Molly qualify for any other tax-advantaged saving vehicles? If so, which ones? To what extent? 2. Since Bill does not receive an employer match, should he invest the maximum amount in...
-
Ethnocentrism is the tendency of people toput their own culture at the center, and to use their culturalstandards to judge the behavior and beliefs of people of differentcultures. People who are...
-
The file McDonaldsStores contains the number of McDonalds stores located in each of the 50 U.S. states and the District of Columbia, as of December 31, 2016: Source: Data extracted from...
-
Refer to the bond details in Problem 14-4B. Required 1. Compute the total bond interest expense over the bonds life. 2. Prepare an effective interest amortization table like the one in Exhibit 14B.2...
-
Refer to the bond details in Problem 14-6B. Required 1. Prepare the January 1, 2011, journal entry to record the bonds issuance. 2. Determine the total bond interest expense to be recognized over the...
-
What are the general categories of stressors that can affect job stress? Give some examples of each.
-
Peak, Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6,000 rackets and sold 4,900. At year-end, the company reported the following income statement...
-
The partnership agreement of Archie and Jughead has the following provisions: The partners are to earn 10 percent on the average capital. Archie and Jughead are to earn salaries of $20,000 and...
-
Lance owns land held for investment purposes that has a basis of $250,000. He exchanges the land, plus $40,000 of cash, for a warehouse he will hold as rental property. The warehouse is worth...
-
Hair Supply, Inc. paid $1,600,000 to acquire all of the common stock of Family Hair Corp. on January 1, 2XX0. Family Hair's reported earnings for 2XX0 totaled $396,000, and it paid $132,000 in...
-
Tina Muzinga is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: She received $27,000 from the sale of Disney...
-
Suppose a single die is rolled. Find the probabilities. a. 6 , given that an odd number was rolled b. 5 , given that an odd number was rolled c. odd, given that the rolled number was a 6 d. odd,...
-
Evaluate each logarithm to four decimal places. log 0.257
-
If Larry cannot buy auto theft insurance, what is his expected wealth and his expected utility?
-
Listed below are certain costs (or discounts) incurred in the purchase or construction of new plant assets. (1) Indicate whether the costs should be expensed or capitalized (meaning they are included...
-
Listed below are certain costs (or discounts) incurred in the purchase or construction of new plant assets. (1) Indicate whether the costs should be expensed or capitalized (meaning they are included...
-
On January 2, 2015, the Matthews Band acquires sound equipment for concert performances at a cost of $65,800. The band estimates it will use this equipment for four years, during which time it...
-
(a) What is the kinetic energy in joules of a 1140-kg automobile traveling at 93 km/h? (b) How much work would have to be done to bring a 1140-kg automobile traveling at 93 km/h to a stop? 4. How...
-
A charging RC circuit controls the intermittent windshield wipers in a car. The emf is 12.0 V. The wipers are triggered when the voltage across the 120F capacitor reaches 12.0 V; then the capacitor...
-
A block of mass 2 kg is attached to a spring with a spring constant of 100 N/m. The block is released from rest and moves along a rough horizontal surface with a coefficient of friction of 0.2. How...
Study smarter with the SolutionInn App