8 0 1 4 6 7 5 1 3 2 B D Date E Problem 2...
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8 0 1 4 6 7 5 1 3 2 B D Date E Problem 2 (9 marks) Hoppy Inc. issued $5,000,000 5% bonds on January 1, 2023 at 94. Interest is payable semi-annually on June 30 and December 31 of each year for 8 years and the entire principal amount is due on January 1, 2030. Hoppy Inc. reports uses the straight line method to amortize the bond and has a December 31-year end. F Instructions a) Provide all the journal entries associated with the bonds from January 1 through December 31, 2023. (6 marks) Debit Credit 31 32 b) Hoppy Inc. redeemed the entire bond issue on January 1, 2024 when the bonds were trading at 96. Prepare the journal entry to record the redemption. (3 marks) 33 34 35 36 37 38 39 40 41 Date Debit Credit 8 0 1 4 6 7 5 1 3 2 B D Date E Problem 2 (9 marks) Hoppy Inc. issued $5,000,000 5% bonds on January 1, 2023 at 94. Interest is payable semi-annually on June 30 and December 31 of each year for 8 years and the entire principal amount is due on January 1, 2030. Hoppy Inc. reports uses the straight line method to amortize the bond and has a December 31-year end. F Instructions a) Provide all the journal entries associated with the bonds from January 1 through December 31, 2023. (6 marks) Debit Credit 31 32 b) Hoppy Inc. redeemed the entire bond issue on January 1, 2024 when the bonds were trading at 96. Prepare the journal entry to record the redemption. (3 marks) 33 34 35 36 37 38 39 40 41 Date Debit Credit
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The questions relate to accounting journal entries for bond transactions a For the first part of the problem you need to provide all the journal entries associated with the bonds from January 1 throug... View the full answer
Related Book For
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
Posted Date:
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