Question: answer in red is wrong Carrying Value of Bonds $ 2234253 2226821 2218571 2209414 2199250 Prepare the journal entry to record the issuance of the





answer in red is wrong
Carrying Value of Bonds \$ 2234253 2226821 2218571 2209414 2199250 Prepare the journal entry to record the issuance of the bonds on January 1,2024 . (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places, e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Kingbird Co. is building a new hockey arena at a cost of $2,560,000. It received a downpayment of $450,000 from local businesses to support the project, and now needs to borrow $2,110,000 to complete the project. It therefore decides to issue $2,110,000 of 12.0%,10-year bonds. These bonds were issued on January 1,2024 , and pay interest annually on each January 1 . The bonds yield 11%. Prepare a bond amortization schedule up to and including January 1, 2028, using the effective-interest method. (Round presen value factor to 5 decimal places, e.g. 1.24356 and final answers to 0 decimal places, e.g. 38,548.) Assume that on July 1,2027 , Kingbird Co. redeems half of the bonds at a cost of $1,110,800 plus accrued interest. Prepare the journal entry to record this redemption. (Round present value factor to 5 decimal places, e.g. 1.24356 and final answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
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