Question: CAN SOMEONE HELP ME OUT WITH THIS??? Problem 10-9A Wempe Co. sold $3,113,000,9%,10-year bonds on January 1, 2014. The bonds were dated January 1, 2014,

CAN SOMEONE HELP ME OUT WITH THIS???

Problem 10-9A Wempe Co. sold $3,113,000,9%,10-year bonds on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually.

Warning

Don't show me this message again for the assignment

Ok Cancel

Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1)104and (2)97. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	1/1/14


2.	1/1/14

Warning

Don't show me this message again for the assignment

Ok Cancel

Show List of Accounts

Link to Text

Prepare amortization tables for issuance of the bonds sold at104for the first three interest payments.

Annual Interest Periods	Interest to Be Paid	Interest Expense to Be Recorded	Premium Amortization	Unamortized Premium	Bond Carrying Value
Issue date	$	$	$	$	$
1
2
3

Prepare amortization tables for issuance of the bonds sold at97for the first three interest payments.

Annual Interest Periods	Interest to Be Paid	Interest Expense to Be Recorded	Premium Amortization	Unamortized Premium	Bond Carrying Value
Issue date	$	$	$	$	$
1
2
3

Warning

Don't show me this message again for the assignment

Ok Cancel

Show List of Accounts

Link to Text

Prepare the journal entries to record interest expense for 2014 under both of the bond issuances assuming they sold at: (1)104and (2)97. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	12/31/14


2.	12/31/14

Warning

Don't show me this message again for the assignment

Ok Cancel

Show List of Accounts

Show the long-term liabilities balance sheet presentation for issuance of the bonds sold at104at December 31, 2014.

WEMPE Co. Balance Sheet (Partial) December 31, 2014
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
	$
LessAdd:		$

Show the long-term liabilities balance sheet presentation for issuance of the bonds sold at97at December 31, 2014.

WEMPE Co. Balance Sheet (Partial) December 31, 2014
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
	$
LessAdd:		$

Warning

Don't show me this message again for the assignment

Ok Cancel

Show List of Accounts

Link to Text Link to Text

Question Attempts:0 of 3 used

Save for later

Submit Answer

Tooltip JS-control [id=_intjsTooltip_1_]

Warning

Your instructor has reset your attempts for this question. The question will reload in the original state.

Click Continue to proceed with the question.

CONTINUE

< img height="1" width="1" alt="" src="//googleads.g.doubleclick.net/pagead/viewthroughconversion/944609404/?value=0&guid=ON&script=0"/>< /div>

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 structure consists of the hollow rectangular beam ABC to which is welded the circular bent bar BDE. Calculate the maximum bending stress in the structure. A a 500 b 15 kN E 500- Dimensions in mm...

I have 4 problems for Acc291, "University of Phoenix", I have some numbers and problems I am not able to figure out. Anyone can help me solve them? Files attached. If you can show me the math in...

please see attachment Problem 10-9A Wempe Co. sold $3,395,000,8%,10-year bonds on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on January 1. The company uses straight-line...

exercise 10-9a please see attachment for easier viewing....................thanks! Problem 10-9A Wempe Co. sold $3,119,000,9%,10-year bonds on January 1, 2014. The bonds were dated January 1, 2014,...

Looking for someone to actually get this question right. Problem 10-9A Wempe Co. sold $3,000,000, 8%, 10-year bonds on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on...

This is as far as I can get on this problem and I am not entirely sure that what i have is correct. PLease help Problem 10-9A Wempe Co. sold $3,217,000, 7%, 10-year bonds on January 1, 2014. The...

Problem 10-9A Wempe Co. sold $3,474,000, 10%, 10-year bonds on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on January 1. The company uses straight-line amortization on...

10-9A Problem 10-9A Wempe Co. sold $3,343,000,8%,10-year bonds on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on January 1. The company uses straight-line amortization on...

Problem 10-9A Wempe Co. sold $3,324,000,9%,10-year bonds on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on January 1. The company uses straight-line amortization on bond...

Problem 10-9A Wempe Co. sold $3,343,000,8%,10-year bonds on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on January 1. The company uses straight-line amortization on bond...

A useful mean in the physical sciences (such as voltage) is the quadratic mean (QM), which is found by taking the square root of the average of the squares of each value. The formula is The quadratic...

Accounting Assignment Problem One - 7 (Residency Of Individuals - 5 Cases) For each of the following individuals, determine their residehis children and his wife do not join him until June 30, 2020....

Find the limit , if it exists. ( If an answer does not exist, enter DNE. ) lim ( x , y , z ) - > ( 1 , 0 , 3 ) e xysin z 6

Ms. Kona owns a 10 percent interest in Carlton LLC. This year, the LLC generated $72,400 ordinary income. Ms. Konas marginal tax rate is 33 percent, and she does not pay SE tax on her LLC income. a....

Freedom Corporation reported these figures: Freedom Corporation has 2,500,000 shares of common stock outstanding. Its stock has traded recently at $32.90 per share. You would like to gain a better...

The J. Harris Corporation is considering selling one of its old assembly machines. The machine, purchased for $ 30,000 5 years ago, had an expected life of 10 years and an expected salvage value of...

Table P-8 contains a time series with 126 observations. Using a computer program for ARIMA modeling, obtain a plot of the data, the sample autocorrelations, and the sample partial autocorrelations....

Maize Company incurs a cost of $35 per unit, of which $20 is variable, to make a product that normally sells for $58. A foreign wholesaler offers to buy 6,000 units at $31 each. Maize will incur...

The Operations Manager for Shadyside Savings \& Loan orders cash from her home office for her very popular "BIG BUCKS" automated teller machine, which only dispenses $100 bills. She estimates that...

2. The purpose of the acquisition of the information.

1. What is the meaning of the information we are collecting?

3. How much information do we need to collect?