Hillside issues $2,100,000 of 5%, 15-year bonds dated January 1, 2021, that pay interest semiannually on...
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Hillside issues $2,100,000 of 5%, 15-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $2,570,390. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. 2(a) For each semiannual period, complete the table below to calculate the cash payment. 2(b) For each semiannual period, complete the table below to calculate the straight-line premium amortization. 2(c) For each semiannual period, complete the table below to calculate the bond interest expense. 3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 4. Prepare the first two years of a straight-line amortization table. 5. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Req 1 Req 2A to 2C Req 3 Req 4 Req 5 Prepare the January 1 journal entry to record the bonds' issuance. Prepare the January 1 journal entry to record the bonds' issuance. View transaction list Journal entry worksheet 1 Record the issue of bonds with a par value of $2,100,000 on January 1, 2021 at an issue price of $2,570,390. Note: Enter debits before credits. Date January 01 General Journal Debit Credit 3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 4. Prepare the first two years of a straight-line amortization table. 5. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Req 1 Req 2A to 2C Req 3 Req 4 Req 5 For each semiannual period, compute (a) the cash payment, (b) the straight-line premium amortization, and (c) the bond interest expense. (Round your final answers to the nearest whole dollar.) Par (maturity) value 2(a) Annual Rate Bond price Par (maturity value) 2(b) 2(c) Semiannual cash payment Premium amortization = Year Semiannual cash interest payment Premium on Semiannual periods Bonds Payable Bond interest expense II = Straight-line premium amortization 1. Prepare the January 1 journal entry to record the bonds' issuance. 2(a) For each semiannual period, complete the table below to calculate the cash payment. 2(b) For each semiannual period, complete the table below to calculate the straight-line premium amortization. 2(c) For each semiannual period, complete the table below to calculate the bond interest expense. 3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 4. Prepare the first two years of a straight-line amortization table. 5. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Req 1 Req 2A to 2C Req 3 Req 4 Req 5 Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. Total bond interest expense over life of bonds: Amount repaid: Total repaid payments of Par value at maturity Less amount borrowed Total bond interest expense 2(a) For each semiannual period, complete the table below to calculate the cash payment. 2(b) For each semiannual period, complete the table below to calculate the straight-line premium amortization. 2(c) For each semiannual period, complete the table below to calculate the bond interest expense. 3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 4. Prepare the first two years of a straight-line amortization table. 5. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Req 1 Req 2A to 2C Req 3 Req 4 Req 5 Req 5 Prepare the first two years of a straight-line amortization table. (Round your intermediate and final answers to the nearest whole dollar.) Semiannual Period- Unamortized Carrying End Premium Value 01/01/2021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 Journal entry worksheet 1 2 Record the first interest payment on June 30. Note: Enter debits before credits. Date June 30 General Journal Debit Credit View general journal Record entry Clear entry > Journal entry worksheet > 1 2 Record the second interest payment on December 31. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Legacy issues $650,000 of 5.0%, four-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. They are issued at $584,361 when the market rate is 8%. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. View transaction list Journal entry worksheet 1 Record the issue of bonds with a par value of $650,000 on January 1, 2021 at an issue price of $584,361. Note: Enter debits before credits. Date January 01 General Journal Debit Credit > Legacy issues $650,000 of 5.0%, four-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. They are issued at $584,361 when the market rate is 8%. 2. Determine the total bond interest expense to be recognized over the bonds' life. Total bond interest expense over life of bonds: Amount repaid: Total repaid payments of Par value at maturity Less amount borrowed Total bond interest expense Legacy issues $650,000 of 5.0%, four-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. They are issued at $584,361 when the market rate is 8%. 3. Prepare a straight-line amortization table for the bonds' first two years. (Round your intermediate and final answers to the nearest whole dollar.) Semiannual Period-End 01/01/2021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 Unamortized Discount Carrying Value Legacy issues $650,000 of 5.0%, four-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. They are issued at $584,361 when the market rate is 8%. 4. Prepare the journal entries to record the first two interest payments. View transaction list Journal entry worksheet 1 2 Record the interest payment and amortization on June 30. Note: Enter debits before credits. Date June 30 General Journal Debit Credit G > Legacy issues $650,000 of 5.0%, four-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. They are issued at $584,361 when the market rate is 8%. 4. Prepare the journal entries to record the first two interest payments. View transaction list Journal entry worksheet < 1 2 Record the interest payment and amortization on December 31. Note: Enter debits before credits. Date December 31 General Journal Debit Credit > On January 1, 2021, Norwood borrows $510,000 cash from a bank by signing a five-year installment note bearing 9% interest. The note requires equal payments of $131,116 each year on December 31. Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (a) Norwood borrows $510,000 cash by signing a five-year, 9% installment note. (b) Record the first installment payment on December 31, 2021. (c) Record the second installment payment on December 31, 2022. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Complete an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount.) Period Ending Date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Total Beginning Balance Debit Interest Expense Debit Notes Payable Credit Cash Ending Balance Req 1 Req 2 Prepare journal entries to record the note's issuance and each of the first two payments. View transaction list Journal entry worksheet 1 2 3 Norwood borrows $510,000 cash by signing a five-year, 9% installment note. Note: Enter debits before credits. Date January 01, 2021 General Journal Debit Credit > Req 1 Req 2 Prepare journal entries to record the note's issuance and each of the first two payments. View transaction list Journal entry worksheet > 2 3 Record the first installment payment on December 31, 2021. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit Req 1 Req 2 Prepare journal entries to record the note's issuance and each of the first two payments. View transaction list Journal entry worksheet < 1 2 3 Record the second installment payment on December 31, 2022. Note: Enter debits before credits. Date December 31, 2022 General Journal Debit Credit > Hillside issues $2,100,000 of 5%, 15-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $2,570,390. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. 2(a) For each semiannual period, complete the table below to calculate the cash payment. 2(b) For each semiannual period, complete the table below to calculate the straight-line premium amortization. 2(c) For each semiannual period, complete the table below to calculate the bond interest expense. 3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 4. Prepare the first two years of a straight-line amortization table. 5. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Req 1 Req 2A to 2C Req 3 Req 4 Req 5 Prepare the January 1 journal entry to record the bonds' issuance. Prepare the January 1 journal entry to record the bonds' issuance. View transaction list Journal entry worksheet 1 Record the issue of bonds with a par value of $2,100,000 on January 1, 2021 at an issue price of $2,570,390. Note: Enter debits before credits. Date January 01 General Journal Debit Credit 3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 4. Prepare the first two years of a straight-line amortization table. 5. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Req 1 Req 2A to 2C Req 3 Req 4 Req 5 For each semiannual period, compute (a) the cash payment, (b) the straight-line premium amortization, and (c) the bond interest expense. (Round your final answers to the nearest whole dollar.) Par (maturity) value 2(a) Annual Rate Bond price Par (maturity value) 2(b) 2(c) Semiannual cash payment Premium amortization = Year Semiannual cash interest payment Premium on Semiannual periods Bonds Payable Bond interest expense II = Straight-line premium amortization 1. Prepare the January 1 journal entry to record the bonds' issuance. 2(a) For each semiannual period, complete the table below to calculate the cash payment. 2(b) For each semiannual period, complete the table below to calculate the straight-line premium amortization. 2(c) For each semiannual period, complete the table below to calculate the bond interest expense. 3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 4. Prepare the first two years of a straight-line amortization table. 5. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Req 1 Req 2A to 2C Req 3 Req 4 Req 5 Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. Total bond interest expense over life of bonds: Amount repaid: Total repaid payments of Par value at maturity Less amount borrowed Total bond interest expense 2(a) For each semiannual period, complete the table below to calculate the cash payment. 2(b) For each semiannual period, complete the table below to calculate the straight-line premium amortization. 2(c) For each semiannual period, complete the table below to calculate the bond interest expense. 3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 4. Prepare the first two years of a straight-line amortization table. 5. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Req 1 Req 2A to 2C Req 3 Req 4 Req 5 Req 5 Prepare the first two years of a straight-line amortization table. (Round your intermediate and final answers to the nearest whole dollar.) Semiannual Period- Unamortized Carrying End Premium Value 01/01/2021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 Journal entry worksheet 1 2 Record the first interest payment on June 30. Note: Enter debits before credits. Date June 30 General Journal Debit Credit View general journal Record entry Clear entry > Journal entry worksheet > 1 2 Record the second interest payment on December 31. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Legacy issues $650,000 of 5.0%, four-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. They are issued at $584,361 when the market rate is 8%. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. View transaction list Journal entry worksheet 1 Record the issue of bonds with a par value of $650,000 on January 1, 2021 at an issue price of $584,361. Note: Enter debits before credits. Date January 01 General Journal Debit Credit > Legacy issues $650,000 of 5.0%, four-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. They are issued at $584,361 when the market rate is 8%. 2. Determine the total bond interest expense to be recognized over the bonds' life. Total bond interest expense over life of bonds: Amount repaid: Total repaid payments of Par value at maturity Less amount borrowed Total bond interest expense Legacy issues $650,000 of 5.0%, four-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. They are issued at $584,361 when the market rate is 8%. 3. Prepare a straight-line amortization table for the bonds' first two years. (Round your intermediate and final answers to the nearest whole dollar.) Semiannual Period-End 01/01/2021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 Unamortized Discount Carrying Value Legacy issues $650,000 of 5.0%, four-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. They are issued at $584,361 when the market rate is 8%. 4. Prepare the journal entries to record the first two interest payments. View transaction list Journal entry worksheet 1 2 Record the interest payment and amortization on June 30. Note: Enter debits before credits. Date June 30 General Journal Debit Credit G > Legacy issues $650,000 of 5.0%, four-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. They are issued at $584,361 when the market rate is 8%. 4. Prepare the journal entries to record the first two interest payments. View transaction list Journal entry worksheet < 1 2 Record the interest payment and amortization on December 31. Note: Enter debits before credits. Date December 31 General Journal Debit Credit > On January 1, 2021, Norwood borrows $510,000 cash from a bank by signing a five-year installment note bearing 9% interest. The note requires equal payments of $131,116 each year on December 31. Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (a) Norwood borrows $510,000 cash by signing a five-year, 9% installment note. (b) Record the first installment payment on December 31, 2021. (c) Record the second installment payment on December 31, 2022. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Complete an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount.) Period Ending Date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Total Beginning Balance Debit Interest Expense Debit Notes Payable Credit Cash Ending Balance Req 1 Req 2 Prepare journal entries to record the note's issuance and each of the first two payments. View transaction list Journal entry worksheet 1 2 3 Norwood borrows $510,000 cash by signing a five-year, 9% installment note. Note: Enter debits before credits. Date January 01, 2021 General Journal Debit Credit > Req 1 Req 2 Prepare journal entries to record the note's issuance and each of the first two payments. View transaction list Journal entry worksheet > 2 3 Record the first installment payment on December 31, 2021. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit Req 1 Req 2 Prepare journal entries to record the note's issuance and each of the first two payments. View transaction list Journal entry worksheet < 1 2 3 Record the second installment payment on December 31, 2022. Note: Enter debits before credits. Date December 31, 2022 General Journal Debit Credit >
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