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University of British Columbia *

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327

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Accounting

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Nov 24, 2024

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Bond Class Question 1 On November 1, Year 2, Denton Ltd. issued $1,000,000 of 10% bonds payable to yield 8%. The bonds were 10-year bonds dated May 1, Year 2. Interest is payable semi-annually on April 30 and October 31. Denton Ltd., which has a December 31 year end, does not make any adjusting entries throughout the year. Required a. Calculate the issue price of the bonds and record the required journal entry(ies) to reflect the issuance of the bonds. b. Prepare the adjusting journal entry(ies) that would be required on December 31, Year 2. c. Prepare the journal entries that would be required on April 30 and October 31, Year 3. d. On November 30, Year 3, $500,000 par value of the bonds were retired at 102 plus accrued interest. Prepare the required journal entry(ies). e. Prepare the adjusting journal entry(ies) that would be required on December 31, Year 3.

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