Question: A 3year $1,000,000, 10% bond issue was authorized for Mega Corporation on April 1, 2019. Interest is payable on March 31 and September 30. The

A 3year $1,000,000, 10% bond issue was authorized for Mega Corporation on April 1, 2019. Interest is payable on March 31 and September 30. The yearend of the Corporation is December 31. Required: Consider the following independent cases:

1. The Mega Corporation issued the bonds on April 1, 2019, at 97. Prepare the journal entries required on April 1, 2019, September 30, 2019, and December 31, 2019. Assume straightline amortization.

2. The bonds are issued at 106 on April 1, 2019. Prepare the journal entries to record the sale of the bonds on April 1, 2019, and entries required on September 30, 2019, and December 31, 2019

3. The bonds are not issued until December 1, 2020, at 103 plus accrued interest. Prepare the journal entries on December 1, 2020 and December 31, 2020 (yearend). Assume straightline.

Note: I only need help with the question number 3. The bonds are not issued until December 1, 2020, at 103 plus accrued interest. Prepare the journal entries on December 1, 2020 and December 31, 2020 (yearend). Assume straightline.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

The Barking Lot is a dog day care center. Design a flowchart or pseudocode for following: a. A program that accepts data for an ID number of a dogs owner, and the name, breed, age, and weight of the...

P 106 A 3year $1,000,000, 10% bond issue was authorized for Mega Corporation on April 1, 2019. Interest is payable on March 31 and September 30. The yearend of the Corporation is December 31....

P 10-6 A 3?year $1,000,000, 10% bond issue was authorized for Mega Corporation on April 1, 2019. Interest is payable on March 31 and September 30. The year?end of the Corporation is December 31. R...

The following is the capital structure and partial liabilities of Waterton Waffles Watermelon and Worcestershire Co. at December 31, 2020: Current Liabilities: Notes Payable Other various current...

ACC 112 Project 1D Following are independent situations Nicholas Ram Corporation have a 2,100,000 bond issue dated March 1, 2016 de 15 answ 7. Interest is payable March 1 and September 1. On August...

Income statement and statement of comprehensive income for Hansenpheet plc. AC330 - Financial Accounting, Analysis and Valuation Class Exercise Pack 2012-13 Lent Term 2013 Professor Richard Macve The...

I need help on the 1065 partnership return. Its the one with Bilco Products. Thank you for whoever does. :) 2012 Edition Individuals', Corporation, Partnership, and Fiduciary Fact Patterns and Blank...

Can you please help with the problems in these word documents? Thank you AC301 Unit 3 Problem 12-2 Your answer is incorrect. Try again. Fields Laboratories holds a valuable patent (No. 758-6002-1A)...

You are nearing completion of your first year at Brandybuck, Gamgee & Took, a mid-size accounting firm that specializes in small business consulting. With multiple projects and assignments completed...

In an Excel Document, each question on different tabs/sheets. Part One: Carrying value, Aug. 31, Year 2: $256,937.50 BONDS ISSUED AT A PREMIUM Wang Corporation issued the following bonds at a...

This wave is linearly polarized in the y direction What is the wavelength of the wave described in the problem introduction? What is the period I of the wave described in the problem introduction?...

11. I + A. The Hick-Hyman Law. B. The Base Rate Fallacy. C. Sunk Cost Bias. D. As-If Heuristic. E. Overconfidence Bias F. Gambler's Fallacy. Fit to page Page view A Read aloud John wears black...

A construction company buys raw materials like cement and steel rods from BuildMart. What type of intermediary function is BuildMart mainly performing? Distributor Retailer Wholesater Agent

Following the previous question, prove that the most precise unbiased estimate is obtained by setting w 1 = w 2 = . Minimise V(w 1 x 1 + w 2 x 2 ) with respect to w 1 after substituting w 2 = 1 w 1...

A mixture of n-hexane vapor and air leaves a solvent recovery unit and flows through a 70-cm diameter duct at a velocity of 3.00 m/s. At a sampling point in the duct the temperature is 40C, the...

Read Frank Abagnales book, Catch Me If You Can. Prepare a report on the nature and level of complexity of his fraudulent schemes. What, in your opinion, made them so successful?

Is there a relationship between a students GPA and the number of pencils in his or her backpack? Jordynn and Angie decided to find out by selecting a random sample of students from their high school....

2 Which of the following statements regarding the use of evaluation of policies and procedures? Multiple Choice 0 1 : 0 9 : 4 2 evaluations need to occur when there is evidence that formerly...

Explain key approaches to implementing LMD

Understand how LMD can be used with leaders and managers in small and medium-sized enterprises

Explain various models of leadership and management for development purposes