1 2 January 1, 2022 at Celine Dion Company issued Jan 1, 22 3 Dion Company...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1 2 January 1, 2022 at Celine Dion Company issued Jan 1, 22 3 Dion Company uses the effective interest method of amortization for bond premium or discount. 4 Assume an effective yield of (market interest rate at issurance). 9.7775% 5 Instructions: 6 Prepare the journal entries to record the following. (Round to the nearest dollar.) 7 (a) The issuance of the bonds. 8 9 10 11 12 13 (b) The payment of interest and related amortization on July 1, 2020. 14 15 16 17 18 19 (c) The accrual of interest and the related amortization on December 31, 2020. 20 21 22 23 24 Jul 1, 22 $12,000,000 114.00 Dec 31, 22 of 12% 10 Interest is payable semiannually on July 1 and January 1. year bonds on 1 2 January 1, 2022 at Celine Dion Company issued Jan 1, 22 3 Dion Company uses the effective interest method of amortization for bond premium or discount. 4 Assume an effective yield of (market interest rate at issurance). 9.7775% 5 Instructions: 6 Prepare the journal entries to record the following. (Round to the nearest dollar.) 7 (a) The issuance of the bonds. 8 9 10 11 12 13 (b) The payment of interest and related amortization on July 1, 2020. 14 15 16 17 18 19 (c) The accrual of interest and the related amortization on December 31, 2020. 20 21 22 23 24 Jul 1, 22 $12,000,000 114.00 Dec 31, 22 of 12% 10 Interest is payable semiannually on July 1 and January 1. year bonds on
Expert Answer:
Answer rating: 100% (QA)
Journal entries Date Particular Debit in Credit in 1 Jan 2017 Cash WN 1 1236000 Premium on bonds pay... View the full answer
Related Book For
Business Law and the Legal Environment
ISBN: 978-1111530600
6th Edition
Authors: Jeffrey F. Beatty, Susan S. Samuelson, Dean A. Bredeson
Posted Date:
Students also viewed these accounting questions
-
How are the United States Constitution and the constitutions of Oregon and Washington organized ?
-
After a thorough analysis of the existing culture at the dry-cleaning company and the definition of the desired values and culture for good customer service and growth, the leadership team realised...
-
A restaurant buys flour in 30 pound bag. The restaurant uses an average an average of 5240 bags a year. Preparing an order and receiving a shipment of flour involves a cost of $ 10 per order. Annual...
-
In the OKR goal-setting framework, what is the difference between objectives and key results? Objectives deal with measurable aspects of a company's processes, while key results deal with...
-
What is dual dating in terms of the audit report? Assume the following facts: The original audit report is dated March 18, 2013. The company entered into a definitive agreement to discontinue a...
-
Use critical values to test the null hypothesis H0: 1 2 = 20 versus the alternative hypothesis H0: 1 2 20 by setting a equal to .10, .05, .01, and .001. How much evidence is there that the...
-
Use the Hawkeye Gymnastics data in Exercise 16-22 to compute a. New borrowing or payment of long-term notes payable, with Hawkeye having only one long-term note payable transaction during the year b....
-
The following occurred during June at Youngs Professional Counseling. INSTRUCTIONS Analyze each transaction. Use T accounts to record these transactions and be sure to put the name of the account on...
-
A company is considering either buying a new machine or overhauling an old machine. Information about the alternative machines follows. The company requires a 12% rate of return on its investments....
-
Angus Walker, CFA, is reviewing the defined benefit pension plan of Acme Industries. Based in London, Acme has operations in North America, Japan, and several European countries. Next month, the...
-
For 2 of the following managerial accounting practices, please provide: 1.adefinition(1 mark) 2.anexample(2 marks) 3.anexplanationof how it adds business value when applied well (2 marks)...
-
Using the FAIR test, evaluate Tim Cooks open letter to customers (published as A Message to Our Customers on February 16, 2016, on the Apple website: www.apple.com/customer-letter/). Address each...
-
Respond to the items below as you assess your emotional intelligence and develop a plan to raise your EQ. Ideally, choose situations from work or school. You may want to use Table 2.2 from the...
-
Look at Table 2.16 in the chapter and think about various types of incivility: ignoring others, treating others without courtesy, disrespecting the time of others, disrespecting the privacy of...
-
A. You must apply for this credit card offer by July 1. B. You must apply for this credit card offer by July 1 2020. C. You must apply for this credit card offer by July 1 2020 in order to be...
-
Analyze the Better Horizons flyer in the following ways: A. Which psychological tools of influence (consistency, reciprocation, social proof, authority, liking, scarcity) does it use? Provide...
-
Doppler ultrasound is used to measure the speed of blood flow. The reflected sound interferes with the emitted sound, producing beats. If the speed of red blood cells is 0.100 m/s, the ultrasound...
-
You continue to work in the corporate office for a nationwide convenience store franchise that operates nearly 10,000 stores. The per- store daily customer count (i.e., the mean number of customers...
-
Asher and Stephen formed a corporation named Ampersand to produce plays. Both men were employed by the corporation. Stephen decided to write Phillys Beat, focusing on the history of rock and roll in...
-
Herbert, an artist, entered into an agreement with Randy for the reproduction and distribution of his paintings. Herbert was to receive 50 percent of the gross sales revenues. Randy was responsible...
-
Did Hessler cover reasonably? The facts are provided in the chapter opening. The trial court awarded Hessler $29,853; representing the difference between his contract with Crystal Lake and the sum he...
-
Show from combination of the equation for current and the flux expression that the conductivity of an electrolyte solution is given by \[\kappa=\frac{F^{2}}{R_{\mathrm{G}} T} \sum_{i}^{N} D_{i}...
-
Verify by inputting the various constants that \(R_{\mathrm{G}} T / F\) is equal to \(k_{\mathrm{B}} T / e\).
-
Consider an uncharged membrane of thickness \(100 \mu \mathrm{m}\) with concentrations of \(1 \mathrm{M} \mathrm{HCl}\) on one side and \(0.1 \mathrm{M} \mathrm{HCl}\) on the other side. Assume that...
Study smarter with the SolutionInn App