On October 1, Eder Fabrication borrowed $56 million and issued a nine-month promissory note. Interest was...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On October 1, Eder Fabrication borrowed $56 million and issued a nine-month promissory note. Interest was discounted at issuance at a 6% discount rate. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31, the end of the reporting period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) Journal entry worksheet 1 2 Record the issuance of the note. Note: Enter debits before credits. Event General Journal Debit Credit 1 1 Record the appropriate adjusting entry for the note at December 31. Note: Enter debits before credits. Event General Journal Debit Credit 2. On October 1, Eder Fabrication borrowed $56 million and issued a nine-month promissory note. Interest was discounted at issuance at a 6% discount rate. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31, the end of the reporting period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) Journal entry worksheet 1 2 Record the issuance of the note. Note: Enter debits before credits. Event General Journal Debit Credit 1 1 Record the appropriate adjusting entry for the note at December 31. Note: Enter debits before credits. Event General Journal Debit Credit 2.
Expert Answer:
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
Students also viewed these accounting questions
-
On October 1, Eder Fabrication borrowed $60 million and issued a nine-month promissory note. Interest was discounted at issuance at a 12% discount rate. Prepare the journal entry for the issuance of...
-
Some silent mutations have been found to be associated with disease. Suggest a possible mechanism for this. How would you test this hypothesis?
-
Prepare the journal entry for a purchase of widgets that were bought at $7.45 per unit and have a standard cost of $7.15. The total amount owed to the vendor for this purchase is $33,525. For a...
-
Which of the following is not one of the techniques used in webmining? a. Content mining b. Structure mining c. Server mining d. Usage mining e. Data mining Which of the following would you use to...
-
A four input summing amplifier has R1 = R2 = R3 = R4 12k(. What value of feedback resistor is needed to make it an averaging amplifier?
-
For the given of Problem 11, indicate: (a) How much would an interest arbitrageur earn if the foreign currency were at a forward premium of 1 percent per year? (b) What would happen if the foreign...
-
Refer to Example 16.11. Let \(F(t)\) be the forward rate from 0 to \(t\). By the basic definition of the forward rate, we have the identity \[e^{-F(t) t}=P(r, 0, t)\] Find an explicit formula for...
-
Define each of the following terms: a. PV; i; INT; FVn; PVAn; FVAn; PMT; m; iNom b. FVIFi,n; PVIFi,n; FVIFAi,n; PVIFAi,n c. Opportunity cost rate d. Annuity; lump sum payment; cash flow; uneven cash...
-
Procedure: 1. Take a wooden block 2. Measure and note down the mass of the wooden block 3. Attach a string (~ 1 m) around the block and hang a 20g mass at the other end and let it fall over the table...
-
Determine the internal normal force, shear force, and moment at points E and F of the compound beam. Point E is located just to the left of 800 N force. 1200 N 800 N 400 N/m 3. A |E B F -1.5 m--1 m-2...
-
Oswald Ltd. has recently decided to go public and has hired you as their independent accountant. They wish to adhere to IFRS and know that they must provide a statement of cash flows. Their financial...
-
A \(25-\mathrm{kg}\) ladder of length \(5.0 \mathrm{~m}\) leans against a smooth wall and makes an angle of \(50^{\circ}\) with the ground. A \(75-\mathrm{kg}\) man starts to climb the ladder. If the...
-
Calculate the rotational inertia of a uniform solid rod of inertia \(m\) and length \(\ell\) about an axis perpendicular to the long axis of the rod and passing through its center.
-
A putty ball of inertia \(m\) moving at speed \(v_{\mathrm{i}}\) slides on a slick horizontal surface along a path that is perpendicular to the long axis of a rod of length \(\ell\) and inertia \(2...
-
Calculate the rotational inertia of a hoop of inertia \(m\) and radius \(R\) about an axis perpendicular to the plane of the hoop and passing through its center.
-
Your physics instructor has you sit on a chair that is free to rotate and hands you a spinning bicycle wheel (Figure P12.44). What happens when you flip the wheel over so that the end of the axle...
-
Describe two services provided by the Canadian government to assist Canadian exporters? Explain briefly
-
In the series connection below, what are the respective power consumptions of R, R2, and R3? R R www 4 V=6V P1-3 W; P2=3W; and P3= 3 W OP10.5 W; P2-1 W; and P3= 1.5 W P1=1.5 W; P2=1 W; and P3= 0.5 W...
-
The 2008 annual report of Hewlett-Packard Company reports zero-coupon notes issued at the end of its 1997 fiscal year. One billion, eight hundred million dollars face amount of 20-year debt sold for...
-
SkillSoft is a leading provider of content resources and complementary technologies for integrated enterprise learning. The company's fiscal year ends January 31, 2006, and it plans to file its...
-
Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as follows: Cash collected from customers, $340,000; Cash paid for rent, $40,000; Cash paid to employees...
-
For the HiTech example (17.1), find the risk-neutral probability of default. Example 17.1 (A leveraged firm) The HiTech firm currently has a value of $1 mil- lion and is financed in part by a 5-year...
-
Suppose that the adjustable-rate auto loan of Example 16.5 is modified by the provision of CAP that guarantees the borrower that the interest rate to be applied will never exceed \(11 \%\). What is...
-
Explain how you would find the value of a bond futures option.
Study smarter with the SolutionInn App