Problem 15-01A a-f (Video) On May 1, 2020, Crane Corp. issued $530,000, 9%, 5-year bonds at...

     

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Problem 15-01A a-f (Video) On May 1, 2020, Crane Corp. issued $530,000, 9%, 5-year bonds at face value. The bonds were dated May 1, 2020, and pay Interest annusily on May 1, Financial statements are prepared annually on December 31. Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically Indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Credit May 1, 2020 Cash Bonds Payable SHOW LEST OF ACCOUNTS SHOW ANSWER LINK TO TEXT LINK TO TEXT Debit 530000 530000 Your answer a correct. Prepare the adjusting entry to record the accrual of interest on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not Indent manually. Round answers to 0 decimal places, e.g. 5,675.) Date Account Titles and Explanation Dec. 31, 2020 interest Expense Interest Payable SHOW LEST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT SHOW ANSWER Debit 31800 Credit 31800 concorrec Show the balance sheet presentation on December 31, 2020. (Enter account name only and do not provide descriptive information. Round answers to o decimal places, e.g. 5,675.) December 31, 2020 Current Labillbes Interest Payable Crane Corp. Balance Sheet (Partial) Long-term Linbeities Bonds Payable SHOW LEET OF ACCOUNTS SHOW ANSWER LENK TO TEXT LINK TO TEXT 31800 530000 Prepare the journal entry to record payment of interest on May 1, 2021. (Credit account tities are automatically indented when amount is entered. Do not Indent manually. Round answers to 0 decimal places, e.g. 5,675.) Date Account Tities and Explanation May 1, 2021 Interest Expense Interest Payable Cash SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT E- Debit Interest Payable 31800 Your answer is partially correct. Try again. Prepare the adjusting entry to record the accrual of interest on December 31, 2021. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,675.) Date Account Titles and Explanation Dec. 31, 2021 Interest Expense Credit Debit Credit Assume that on January 1, 2022, Crane pays the accrual band interest and calls the bonds. The call price is 102. Record the payment of interest and redemption of the bonds. (Credit account tities are automatically Indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,675.) Date Account Titles and Explanation Jan. 1, 2022 Interest Payable Cash (To record payment of interest) Jan 1, 2022 Donds Payable Loss on Bond Redemption Cash EL Debit (To record redemption of the bonds) Click if you would like to Show Work for this nunstinn Anan Chow wark Credit Problem 15-01A a-f (Video) On May 1, 2020, Crane Corp. issued $530,000, 9%, 5-year bonds at face value. The bonds were dated May 1, 2020, and pay Interest annusily on May 1, Financial statements are prepared annually on December 31. Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically Indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Credit May 1, 2020 Cash Bonds Payable SHOW LEST OF ACCOUNTS SHOW ANSWER LINK TO TEXT LINK TO TEXT Debit 530000 530000 Your answer a correct. Prepare the adjusting entry to record the accrual of interest on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not Indent manually. Round answers to 0 decimal places, e.g. 5,675.) Date Account Titles and Explanation Dec. 31, 2020 interest Expense Interest Payable SHOW LEST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT SHOW ANSWER Debit 31800 Credit 31800 concorrec Show the balance sheet presentation on December 31, 2020. (Enter account name only and do not provide descriptive information. Round answers to o decimal places, e.g. 5,675.) December 31, 2020 Current Labillbes Interest Payable Crane Corp. Balance Sheet (Partial) Long-term Linbeities Bonds Payable SHOW LEET OF ACCOUNTS SHOW ANSWER LENK TO TEXT LINK TO TEXT 31800 530000 Prepare the journal entry to record payment of interest on May 1, 2021. (Credit account tities are automatically indented when amount is entered. Do not Indent manually. Round answers to 0 decimal places, e.g. 5,675.) Date Account Tities and Explanation May 1, 2021 Interest Expense Interest Payable Cash SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT E- Debit Interest Payable 31800 Your answer is partially correct. Try again. Prepare the adjusting entry to record the accrual of interest on December 31, 2021. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,675.) Date Account Titles and Explanation Dec. 31, 2021 Interest Expense Credit Debit Credit Assume that on January 1, 2022, Crane pays the accrual band interest and calls the bonds. The call price is 102. Record the payment of interest and redemption of the bonds. (Credit account tities are automatically Indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,675.) Date Account Titles and Explanation Jan. 1, 2022 Interest Payable Cash (To record payment of interest) Jan 1, 2022 Donds Payable Loss on Bond Redemption Cash EL Debit (To record redemption of the bonds) Click if you would like to Show Work for this nunstinn Anan Chow wark Credit

Answer rating: 100% (QA)

Answer Date May 1 2020 Dec 31 2020 May 1 2021 Dec 31 2021 Jan ... View the full answer