Universal Foods sold the entire bond issue described in the previous exercise to Wang Communications. Required: 1.
Question:
Universal Foods sold the entire bond issue described in the previous exercise to Wang Communications.
Required:
1. Prepare the journal entry to record the purchase of the bonds by Wang Communications on January 1, 2011.
2. Prepare the journal entry to record interest revenue on June 30, 2011.
3. Prepare the journal entry to record interest revenue on December 31, 2018.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (7 reviews)
1 January 1 2011 Interest 7500000 x 1376483 103236225 Principal 150000000 x ...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Question Posted:
Students also viewed these Accounting questions
-
The Bradford Company sold the entire bond issue described in the previous exercise to Saxton-Bose Corporation. Required: 1. Prepare the journal entry to record the purchase of the bonds by...
-
The Bradford Company sold the entire bond issue described in the previous exercise to Saxton-Bose Corporation. Required: 1. Prepare the journal entry to record the purchase of the bonds by...
-
Prepare the journal entry to record the purchase of the condo, assuming the company uses the deferral method to record the government grant. Please make sure your final answer(s) are accurate to 2...
-
Topic: Google Analytics Submit your answers to each of the 10 questions and the accompanying screenshots. Question 1 Company One wants an overview of the website activity of its users. Provide...
-
Develop syntheses for the following compounds, using acetylene and compounds containing no more than four carbon atoms as your organic starting materials. (a) 3-methylnon-4-yn-3-ol ("3-ol" means...
-
On December 1, 20X1, Sycamore Company acquired a 90-day speculative forward contract to sell 120,000 at a forward rate of 1 = $0.58. The rates are as follows: Required a. Prepare a schedule showing...
-
The Nurses Health Study was started in 1976 with 121,700 female registered nurses who were between the ages of 30 and 55. The subjects were surveyed in 1976 and every two years thereafter. The study...
-
On April 8, 2010, a flood destroyed the warehouse of Stuco Distributing Co. From the waterlogged records of the company, management was able to determine that the firms gross profit ratio had...
-
Michael contracted with William to mow William's lawn for 2 0 weeks at $ 5 0 per week. Later, without terminating the first contract, the parties modify their agreement as follows: Michael agrees to...
-
A particle of mass 2 kg is fired up a smooth slope of length 4m, with initial speed 10ms -1 , which is inclined at 30 above the horizontal. The bottom of the slope is at the same level as horizontal...
-
Universal Foods issued 10% bonds, dated January 1, with a face amount of $150 million on January 1, 2011. The bonds mature on December 31, 2025 (15 years). The market rate of interest for similar...
-
When Patey Pontoons issued 6% bonds on January 1, 2011, with a face amount of $600,000, the market yield for bonds of similar risk and maturity was 7%. The bonds mature December 31, 2014 (4 years)....
-
Why does technical analysis receive little support from academically oriented students of investments?
-
What is the magnitude of the force (in N) on an electron moving with a velocity v = 6.84. 106 m/s at right angles to a magnetic field B = 2.97. 10-2 T?
-
Explain? If contribution margin = x, sales in units over and above break-even = Y, and x operating income = Z, then Z = (i.e., x divided by Y). Y
-
You are going to buy an insurance policy on your new puppy. The policy is worth $10,000 and the premium costs $315. This particular breed of puppy has a 98% survival rate. What's the expected value...
-
Write a function split that takes as argument a C string (terminated with '\0') that contains a single occurrence of the @character. Your function should print the two substrings separated by '@' on...
-
HiLo, Inc., doesn't face any taxes and has $100 million in assets, currently financed entirely with equity. Equity is worth $50 per share, and book value of equity is equal to market value of equity....
-
The molecule diazine has the molecular formula N 2 H 2 . What is the hybridization of the nitrogen and does the molecule contain a double or triple bond?
-
On March 31, 2018, Gardner Corporation received authorization to issue $30,000 of 9 percent, 30-year bonds payable. The bonds pay interest on March 31 and September 30. The entire issue was dated...
-
Can you give examples of internet of things in 1) medicine, 2) retailing, 3) a private home?
-
At the end of the first year of operations, Gaur Manufacturing had gross accounts receivable of $300,000. Gaurs management estimates that 6% of the accounts will prove uncollectible. What journal...
-
At the end of the year, Breyer Associates had a credit balance in its allowance for uncollectible accounts of $12,000 before adjustment. The balance in Breyers gross accounts receivable is $600,000....
-
Evergreen Company sells lawn and garden products to wholesalers. The companys fiscal year-end is December 31. During 2021, the following transactions related to receivables occurred: Feb. 28 Sold...
-
3. Consider the Allen and Gale model of contagion, where the storage asset allows the costless transfer of one unit from one time period to another and the illiquid asset pays out R = 2 in period 2...
-
A settlement is a transaction that is an irrevocable action, relieves the employer (or the plan) of primary responsibility for a pension or postretirement benefit obligation, and eliminates...
-
Explain how you may apply economic concepts when managing a business/enterprise by answering the questions What are the demand drivers of the product of interest? What are the supply drivers?...
Study smarter with the SolutionInn App