Show the journal entry to record payment 4 on these bonds. Ignore year-end accruals of interest....
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6646d6e50f2cb_5646646d6e4b1c43.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6646d6e5b3792_5656646d6e552b35.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6646d6e65f546_5656646d6e5e92e1.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6646d6e6f0007_5666646d6e693e29.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6646d6e78c60b_5676646d6e72e70b.jpg)
Transcribed Image Text:
Show the journal entry to record payment 4 on these bonds. Ignore year-end accruals of interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 125. List all debit entries before credit entries.) Account Titles and Explanation Interest Expense Mortgage Payable Cash Debit Credit 1850000 Sunland Technologies Ltd. issued bonds with a face value of $74,000,000 that mature in 15 years. The bonds carry a 5.0% interest rate and are sold at 104.30 to yield 4.60%. The bonds pay interest semi-annually. (a) Your answer is correct. Complete the first four payments of the bond amortization schedule below: (Round answers to 0 decimal places, e.g. 125.) Interest Expense Amortization of Bond Premium Balance of Bond Premium $3,182,000 Carrying Value of Bonds $77,182,000 17751861 74814 3107186 77107186 1773465 76535 30306511 77030651 1771705 78295 2952356 76952356 1769904 80096 2872260 76872260 Sunland Technologies Ltd. issued bonds with a face value of $74,000,000 that mature in 15 years. The bonds carry a 5.0% interest rate and are sold at 104.30 to yield 4.60%. The bonds pay interest semi-annually. (a) Your answer is correct. Complete the first four payments of the bond amortization schedule below: (Round answers to 0 decimal places, e.g. 125) Interest Payment Interest Expense Amortization of Bond Premium Balance Bond Pre Date Issuance Payment 1 $ 1850000 $ 1775186 $ 74814 Payment 2 1850000 1773465 76535 Payment 3 1850000 1771705 78295 Payment 4 1850000 1769904 80096 nts of the bond amortization schedule below: (Round answers to 0 decimal places, e.g. 125.) Amortization of 186 465 5 Bond Premium 74814 Balance of Bond Premium Carrying Value of Bonds $3,182,000 $77,182,000 3107186 77107186 76535 3030651 77030651 705 78295 2952356 76952356 904 80096 2872260 76872260 (c) Your answer is correct. What is the carrying value of the liability for these bonds at the end of payment 4? (Round answer to 0 decimal places, e.g. 125.) Carrying value of the bonds $ 76872260 eTextbook and Media List of Accounts Attempts: 1 of 2 used (d) Show the journal entry to record payment 4 on these bonds. Ignore year-end accruals of interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 125. List all debit entries before credit entries.) Account Titles and Explanation Interest Expense Mortgage Payable Cash Debit Credit Show the journal entry to record payment 4 on these bonds. Ignore year-end accruals of interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 125. List all debit entries before credit entries.) Account Titles and Explanation Interest Expense Mortgage Payable Cash Debit Credit 1850000 Sunland Technologies Ltd. issued bonds with a face value of $74,000,000 that mature in 15 years. The bonds carry a 5.0% interest rate and are sold at 104.30 to yield 4.60%. The bonds pay interest semi-annually. (a) Your answer is correct. Complete the first four payments of the bond amortization schedule below: (Round answers to 0 decimal places, e.g. 125.) Interest Expense Amortization of Bond Premium Balance of Bond Premium $3,182,000 Carrying Value of Bonds $77,182,000 17751861 74814 3107186 77107186 1773465 76535 30306511 77030651 1771705 78295 2952356 76952356 1769904 80096 2872260 76872260 Sunland Technologies Ltd. issued bonds with a face value of $74,000,000 that mature in 15 years. The bonds carry a 5.0% interest rate and are sold at 104.30 to yield 4.60%. The bonds pay interest semi-annually. (a) Your answer is correct. Complete the first four payments of the bond amortization schedule below: (Round answers to 0 decimal places, e.g. 125) Interest Payment Interest Expense Amortization of Bond Premium Balance Bond Pre Date Issuance Payment 1 $ 1850000 $ 1775186 $ 74814 Payment 2 1850000 1773465 76535 Payment 3 1850000 1771705 78295 Payment 4 1850000 1769904 80096 nts of the bond amortization schedule below: (Round answers to 0 decimal places, e.g. 125.) Amortization of 186 465 5 Bond Premium 74814 Balance of Bond Premium Carrying Value of Bonds $3,182,000 $77,182,000 3107186 77107186 76535 3030651 77030651 705 78295 2952356 76952356 904 80096 2872260 76872260 (c) Your answer is correct. What is the carrying value of the liability for these bonds at the end of payment 4? (Round answer to 0 decimal places, e.g. 125.) Carrying value of the bonds $ 76872260 eTextbook and Media List of Accounts Attempts: 1 of 2 used (d) Show the journal entry to record payment 4 on these bonds. Ignore year-end accruals of interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 125. List all debit entries before credit entries.) Account Titles and Explanation Interest Expense Mortgage Payable Cash Debit Credit
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Under Social Security, the family of a worker who dies while fully insured at the time of death has a right to survivors' benefits. True False
-
Following are transactions of LAnse Ltd., a company engaged in importing products into Canada. September 1, 20X3: Incurred a liability for 1,000,000 pesos, due February 1, 20X4, for purchasing...
-
Which of the following is not an enforcement level for a business rule? a. Strict enforcement b. Optional enforcement c. Pre-override enforcement d. Post-override enforcement e. Guideline
-
Why should a partnership agreement be in writing?
-
The bank statement of Stone Supplies included a $300 NSF check that one of Stones customers had written to pay for services that were provided by Stone. Required a. Show the effects of recognizing...
-
Spreadsheet models are a valuable tool for understanding Answer and forecasting Answer Modeling requires the analyst to Answer numerous items in financial statements. In general, financial models...
-
AB CORPORATION ISSUED THE FOLLOWING 850 COMMON STOCKS PAR VALUE P100 750 PARTICIPATING PREFERRED STOCKS PAR VALUE P100 AT 3% AB CORPORATION DECLARED P100,000.00 DIVIDEND IN 2022. what is the total...
-
An auditor's report would be designated a special report when it is issued in connection with a. Interim financial information of a publicly held company that is subject to a limited review. b....
-
When is a CPA associated with financial statements?
-
An auditor's report on financial statements prepared on the cash receipts and disbursements basis of accounting should include all of the following except a. A reference to the note to the financial...
-
An accountant's compilation report on a financial forecast should include a statement that the a. Compilation does not include evaluation of the support of the assumptions underlying the forecast. b....
-
What is a CPA's reporting responsibility when associated with unaudited financial statements of a public company?
-
Suppose that you have a computer with a memory unit of 24 bits per word. In this computer, the assembly program's instruction set consists of 198 different operations. All instructions have an...
-
Which of the following raises the credibility of areport? Which of the following raises the credibility of a report? Multiple Choice avoiding predictions avoiding the use of cause-effect statements...
-
How do the ideas of a general McCabe-Thiele procedure and the concept of unit operation relate to each other?
-
Develop your key relations chart for this chapter. Remember that a key relations chart is not a core dump but is selective.
-
Although not absolutely necessary, a spreadsheet using nothing fancier than Goal Seek or Solver will reduce the calculation burden of this design problem significantly. Your boss requests a...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App