Note Computations and Entries (Straight Line) On January 1, 2024, Sisek Company borrowed $727,000 with a...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Note Computations and Entries (Straight Line) On January 1, 2024, Sisek Company borrowed $727,000 with a 10-year, 9.75% note, interest payable semiannually on June 30 and December 31. Cash in the amount of $719,800 was received when the note was issued. Required: 1. Prepare the necessary journal entry at January 1, 2024. If an amount box does not require an entry, leave it blank. 2024 Jan. 1 Cash Feedback Discount on Notes Payable Notes Payable Record issuance of notes at discount 719,800 7,200 727,000 Check My Work 1. When bonds are issued, any premium or discount is recorded in a separate valuation account. 2. Prepare the necessary journal entry at June 30, 2024. If an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar. 2024 June 30 Interest Expense Discount on Notes Payable Feedback Cash Record interest expense Check My Work 2. Any premium or discount is amortized to interest expense. 37,733 X 3. Prepare the necessary journal entry at December 31, 2024. If an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar. 2024 December 31 Interest Expense Discount on Notes Payable Cash Record interest expense. Alpha-numeric input field Feedback Check My Work 3. Any premium or discount is amortized to interest expense. 4. Determine the carrying amount of this note at the end of the fifth year (December 31, 2028). 770,400 X Note Computations and Entries (Straight Line) On January 1, 2024, Sisek Company borrowed $727,000 with a 10-year, 9.75% note, interest payable semiannually on June 30 and December 31. Cash in the amount of $719,800 was received when the note was issued. Required: 1. Prepare the necessary journal entry at January 1, 2024. If an amount box does not require an entry, leave it blank. 2024 Jan. 1 Cash Feedback Discount on Notes Payable Notes Payable Record issuance of notes at discount 719,800 7,200 727,000 Check My Work 1. When bonds are issued, any premium or discount is recorded in a separate valuation account. 2. Prepare the necessary journal entry at June 30, 2024. If an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar. 2024 June 30 Interest Expense Discount on Notes Payable Feedback Cash Record interest expense Check My Work 2. Any premium or discount is amortized to interest expense. 37,733 X 3. Prepare the necessary journal entry at December 31, 2024. If an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar. 2024 December 31 Interest Expense Discount on Notes Payable Cash Record interest expense. Alpha-numeric input field Feedback Check My Work 3. Any premium or discount is amortized to interest expense. 4. Determine the carrying amount of this note at the end of the fifth year (December 31, 2028). 770,400 X
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
The following data represent the prices in dollars of general admission tickets for the last 18 concerts at one venue. Use the given data to determine the stems for this stem-and-leaf plot. $50 $61...
-
Findit Company is an oil and gas exploration firm. During 2008, Findit engaged in 73 different exploratory projects, only 12 of which were successful. The total cost of this exploration effort was...
-
Argon in a light bulb is at 90 kPa and heated from 20oC to 60oC with electrical power. Do not consider any radiation, nor the glass mass. Find the total entropy generation per unit mass of argon.
-
If 1-in. metal Raschig rings are used instead of 2-in. rings in Example \(16-2\) : Example 16-2 Example 4-3 Example 16-1 a. Recalculate the flooding velocity and the required diameter. b. Recalculate...
-
In an advertisement for a Professional Employment Organization it was stated Outsourcing can be a cost effective alternative to the expense and administrative burden of a traditional...
-
H Construct the indicated confidence interval for the population mean using the t-distribution. Assume the population is normally distributed. c=0.95, x 14.2, s=2.0, n=10 OD (Round to one decimal...
-
Directions: Answer the following questions below. Explain. 1. Describe the current product (Google Glass)? 2. What can you say about its design? 3. Suggest improvements on the design of the product...
-
A 0 . 4 3 kg object connected to a light spring with a force constant of 2 0 . 8 N / m oscillates on a frictionless horizontal surface. If the spring is compressed 4 . 0 cm and released from rest. (...
-
(a) Draw a cross-section of the structure. Label the thickness and material for each layer. (b) how should the blanket be worn, or which side should face the body? Explain why. (c) assume the inside...
-
During August, 2020, Marigold's Supply Store generated net sales of $59200. The company's expenses were as follows: cost of goods sold of $36200 and operating expenses of $3800. The company also had...
-
Prepare a stock analyst for PepsiCo with a pitch book on how to invest in PepsiCo. In addition to that information, accomplish the following: Calculate the intrinsic price of both stocks with a stock...
-
Imelda Company budgets sales of $1,300,000, fixed costs of $58,500, and variable costs of $260,000. What is the contribution margin ratio for Imelda Company? If the contribution margin ratio for...
-
Construct the truth table for the propositions p, q and r using connectives such as conjunction, disjunction, exclusive or, conditional statement and bi-conditional of these propositions. Write a...
-
A non-charmed baryon has strangeness S = 2 and electric charge Q = 0. What are the possible values of its isospin I and of its third component I z ? What is it usually called if I = 1/2?
-
The Mann Corporation began operations in 2015. Information relating to the companys purchases of inventory and sales of products for 2015 and 2016 is presented below. Calculate the FIFO cost of goods...
-
The Mann Corporation began operations in 2015. Information relating to the companys purchases of inventory and sales of products for 2015 and 2016 is presented below. Calculate the LIFO cost of goods...
-
The Mann Corporation began operations in 2015.Information relating to the companys purchases of inventory and sales of products for 2015 and 2016 is presented below. Calculate the weighted-average...
Study smarter with the SolutionInn App