Mahalo Boat Adventure Inc. has a July 31 year-end. It showed the following partial amortization schedules...
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Mahalo Boat Adventure Inc. has a July 31 year-end. It showed the following partial amortization schedules regarding two bond is Bond Issue A Period Ending June 1/20 Dec. 1/20 ⠀ Dec. 1/26 June 1/27 Dec. 1/27 June 1/28 Dec. 1/28 June 1/29 Totals (A) Cash Interest Paid $770,000 x 8.0% × 6/12 $ 30,800 A 30,800 30,800 30,800 30,800 30,800 30,800 $ 554,400 View transaction list < Total bond interest expense $ 399,035 1 (B) Period Interest Expense (E) x 7.0% x 6/12 $ 28,727 27,668 27,558 2 27,445 27,328 27,206 27,080 f. Show how bond A would appear on the balance sheet under non-current liabilities at July 31, 2026. (Enter all amounts as po values.) Balance Sheet (Partial) Journal entry worksheet 3,594 3,720 $503,620 $50,780 Note: Enter debits before credits. Date December 01, 2027 Non-current liabilities Bonds payable, 11.0%, due June 1, 2029 Add: Premium on bonds payable 16,221 $ 786,221 g. Calculate the total bond A interest expense that would appear on the income statement for the year ended July 31, 2027. (C) Amort. (A) (B) $ 2,073 : 3,132 3,242 3,355 3,472 h. Independent of (a) through (g), assume bond A issues were retired on December 1, 2027, at 97. Record the entries Record the payment of interest on bonds. $ 770,000 (D) Unamortized Balance $50,780 48,707 17,383 14,141 10,786 7,314 3,720 0 General Journal (E) Carrying Value $770,000 + (D) $ 820,780 818,707 787,383 784,141 780,786 777,314 773,720 770,000 Debit Credit > Mahalo Boat Adventure Inc. has a July 31 year-end. It showed the following partial amortization schedules regarding two bond is Bond Issue A Period Ending June 1/20 Dec. 1/20 ⠀ Dec. 1/26 June 1/27 Dec. 1/27 June 1/28 Dec. 1/28 June 1/29 Totals (A) Cash Interest Paid $770,000 x 8.0% × 6/12 $ 30,800 A 30,800 30,800 30,800 30,800 30,800 30,800 $ 554,400 View transaction list < Total bond interest expense $ 399,035 1 (B) Period Interest Expense (E) x 7.0% x 6/12 $ 28,727 27,668 27,558 2 27,445 27,328 27,206 27,080 f. Show how bond A would appear on the balance sheet under non-current liabilities at July 31, 2026. (Enter all amounts as po values.) Balance Sheet (Partial) Journal entry worksheet 3,594 3,720 $503,620 $50,780 Note: Enter debits before credits. Date December 01, 2027 Non-current liabilities Bonds payable, 11.0%, due June 1, 2029 Add: Premium on bonds payable 16,221 $ 786,221 g. Calculate the total bond A interest expense that would appear on the income statement for the year ended July 31, 2027. (C) Amort. (A) (B) $ 2,073 : 3,132 3,242 3,355 3,472 h. Independent of (a) through (g), assume bond A issues were retired on December 1, 2027, at 97. Record the entries Record the payment of interest on bonds. $ 770,000 (D) Unamortized Balance $50,780 48,707 17,383 14,141 10,786 7,314 3,720 0 General Journal (E) Carrying Value $770,000 + (D) $ 820,780 818,707 787,383 784,141 780,786 777,314 773,720 770,000 Debit Credit >
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a Cash interest paid on Bond A for the period ending June 120 Bond A principal amount 778000 Bond A ... View the full answer
Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1259066511
14th Canadian Edition
Authors: Larson Kermit, Jensen Tilly
Posted Date:
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