E11.7 on page 11-31, but replace the Instructions with the following:

1. Prepare the journal entry to receive the funds on 31 December 2020.
2. Jernigan has an annual accounting period ending on 30 April. Prepare the AJE required on 30 April 2021.
3. Prepare the journal entry for the first instalment payment due on 31 December 2021. Recall that each instalment payment is part interest, part principal.
4. Prepare the AJE required on 30 April 2022. Round to two decimal places.
5. Prepare the portion of Jernigans liability section of its Balance Sheet on 30 April 2021 that shows how the mortgage and interest should be reported.

b. Assume that on January 1, 2020, after paying interest, Ohlman calls bonds having a face value of HK$6,000,000. The call price is 103. Record the redemption of the bonds. Prepare the entry to record the accrual of interest on December 31, 2020. C. ble on any interest date. a. Journalize the payment of the bond interest on January 1, 2020. E11.6 (LO 2) Presented below are two independent situations. 1. Longbine plc redeemed 130,000 face value, 12% bonds on June 30, 2020, at 102. The carrying value of the bonds at the redemption date was 117,500. The bonds pay annual interest, and the interest payment due on June 30, 2020, has been made and recorded. 2. Tastove Ltd. redeemed 150,000 face value, 12.5% bonds on June 30, 2020, at 98. The carrying value of the bonds at the redemption date was 151,000. The bonds pay annual interest, and the interest payment due on June 30, 2020, has been made and recorded. Prepare entries for re of bonds. Instructions Prepare the appropriate journal entry for the redemption of the bonds in each situation. Prepare entries note and paym E11.7 (LO 3) Scanigan Co. receives 240,000 when it issues a 240,000, 6%, mortgage note payable to finance the construction of a building at December 31, 2020. The terms provide for annual installment payments of 33,264 on December 31. Instructions Prepare the journal entries to record the mortgage loan and the first two payments. Compare tu financing- shares vs. i E11.8 (LO 4) Global Car Rental is considering two alternatives for the financing of a purchase of a fleet of cars. These two alternatives are: 1. Issue 60,000 ordinary shares at 40 per share. (Cash dividends have not been paid nor is the pay- ment of any contemplated.) 2. Issue 7% 10-year bonds at face value for 2,400,000