Assume the same information as in IFRS14-5, except that the bonds were issued at 84.95 to yield
Question:
Instructions
Prepare the journal entries to record the following. (Round to the nearest dollar.)
(a) The issuance of the bonds.
(b) The payment of interest and related amortization on July 1, 2012.
(c) The accrual of interest and the related amortization on December 31, 2012.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (10 reviews)
a 1112 Cash 800000 X 08495 679600 Bonds Payable 679600 b ...View the full answer
Answered By
Amit Choudhary
I'm new in this profession regarding online teaching but previously i used to teach students near my college. I am teaching on online platform since last year and got good support from the students. I'm teaching on platforms like chegg and vedantu and also at my home in free time.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Accounting questions
-
Assume the same information as in E17-19B for Thomlin Company. In addition, assume that the investment in the Tiger Inc. stock was sold during 2015 for $278,000. At December 31, 2015, the following...
-
Assume the same information as in E1412. Minor Inc. sells 10% bonds having a maturity value of $3 million for $2,783,724. The bonds are dated January 1, 2011, and mature on January 1, 2016. Interest...
-
Assume the same information as in P21-4. Instructions (Round all numbers to the nearest cent.) (a) Assuming the lessors accounting period ends on September 30, answer the following questions with...
-
Pritchett Company reported the following year-end data: Cash $ 25,000 8,000 Short-term investments Accounts receivable (current) Inventory 19,500 27,500 Prepaid (current) assets 11,000 Total current...
-
On the first day of the fiscal year, a company issues a $2,500,000, 4%, five-year bond that pays semiannual interest of $50,000 ($2,500,000 4% ), receiving cash of $2,400,000. Journalize the bond...
-
Why would accounting law convergence across nations be a valuable achievement?
-
An irreversible machine is also called self-locking machine. True or False
-
Alice Guth operates a low-impact aerobics studio. Alice has been in business for three years and has always had her financial statements prepared on a cash basis. This year, Alices accountant has...
-
Prepare a cost of production report for December. Round your cost per equivalent unit amounts to two decimal places. Round all other amounts to the nearest dollar. If an amount value is zero enter...
-
A 1.2 2.4-Ã m sheet of plywood is temporarily held by nails at D and E and by two wooden braces nailed at A, B, and C. Wind is blowing on the hidden face of the plywood sheet, and it is...
-
Foreman Company issued $800,000 of 10%, 20-year bonds on January 1, 2012, at 119.792 to yield 8%. Interest is payable semiannually on July 1 and January 1. Instructions Prepare the journal entries to...
-
Wie Company has been operating for just 2 years, producing specialty golf equipment for women golfers. To date, the company has been able to finance its successful operations with investments from...
-
Flinch, Inc., a U.S. corporation, operates a manufacturing branch in Mexico and a sales branch in Canada. The Mexican branch uses the peso for all of its activities, and the Canadian branch uses the...
-
A capacitor connected to a battery initially holds a charge of \(+q\) on its positive plate and \(-q\) on its negative plate. The electric field between the plates is initially \(\vec{E}\). A...
-
Suppose two capacitor plates have an area of \(1 \mathrm{~cm}^{2}\) and are initially separated by \(2 \mathrm{~mm}\). Each plate holds \(5 \mu \mathrm{C}\) of charge. How much energy is required to...
-
A piece of wool is used to charge two plastic spheres of negligible radius. When the spheres are held \(20 \mathrm{~mm}\) apart, they repel each other with \(16 \mathrm{~N}\) of force. If the wool...
-
Waste gases at a flowrate of \(15 \mathrm{~kg} / \mathrm{min}\) leave a plant through a chimney stack \(120 \mathrm{~m}\) high. The outer diameter of the chimney is \(1.5 \mathrm{~m}\) and the walls...
-
Suppose a certain battery has an internal emf of \(15 \mathrm{~V}\) but the potential difference across its terminals is only \(80 \%\) of that value. If that battery is connected to a \(47 \mu...
-
Consider a parking lot with length 50 m and slope 0.005 . The effective Mannings coefficient of the parking lot is 0.020 . Determine the runoff hydrograph for a constant rainfall excess rate equal to...
-
Refer to Example 9.15. Add the following functionality to this program: Allow the user to enter the cost of a gallon of gas on each trip and use a function, Cost() to calculate the cost of purchasing...
-
When perpetrators are convicted of fraud, they often serve jail sentences and/or pay fines. (True/False)
-
Classification of Income Statement Items As audit partner for Grupo and Rijo, you are in charge of reviewing the classification of unusual items that have occurred during the current year. The...
-
Classification of Income Statement Items As audit partner for Grupo and Rijo, you are in charge of reviewing the classification of unusual items that have occurred during the current year. The...
-
Comprehensive Income Willie Nelsen. Jr, controller for Jenkins Corporation, is preparing the companys financial statements at year-end. Currently, he is focusing on the income statement and...
-
Electric energy units are often expressed in "kilowatt-hours." (a) Show that one kilowatt-hour (k Wh) is equal to 3.6 x 10 J. (b) If a typical family of four uses electric energy at an average rate...
-
What are the ethical and safety implications of deadlocks in critical infrastructure systems, such as power grids or medical devices, and what measures can be taken to ensure high reliability and...
-
Discuss the economic rationale for fiscal decentralisation with reference to the Tiebout model. How would you characterise the empirical support for the model's implications?
Study smarter with the SolutionInn App