I need the questions with the red "x" answered. Thank you! Impact of a DiscountBerol Corporation sold 20-year bonds on January 1, 2017. The face value of the bonds was $100,000, and they carry a 9% stated rate of interest, which is paid on December 31 of every year. Berol received $92,480 in return for the issuance of the bonds when the market rate was 10%. Anypremium or discount is amortized using the effective interest method.Required:1. Identify and analyze the effect of the sale of the bonds on January 1, 2017.ActivityFinancing vAccountsCash Increase, Bonds Payable Increase, Discount on Bonds Payable Increase vStatement(s) Balance Sheet only vFeedbackHow does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Remember: if a contraaccount is increased, it will have the effect of decreasing the corresponding financial statement item.Balance SheetIncome StatementStockholders'NetAssetsLiabilitiesEquityRevenuesExpensesIncomeCash v92,480 VBonds Payable v100,000 vNo Entry vNo Entry vNo Entry vDiscount on Bonds Payable v7,520 xNo Entry vNo Entry vFeedbackPrepare a proper balance sheet presentation for January 1, 2017.Berol CorporationBalance Sheet (Partial)January 1, 2017LiabilitiesBonds payable v100,000Discount on bonds payable v7,520%2492,480 V 2. Identify and analyze the effect of the payment of interest on December 31, 2017.ActivityFinancing XAccountsCash Increase, Discount on Bonds Payable Decrease, Interest Expense Increase XStatement(s) Balance Sheet only XFeedbackHow does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Remember: if a contraaccount is increased, it will have the effect of decreasing the corresponding financial statement item. Round the amounts to the nearest whole dollar.Balance SheetIncome StatementStockholders'NetAssetsLiabilitiesEquityRevenuesExpensesIncome%3DCash v-9,000No Entry X-9,000 xNo Entry vInterest Expense v9,000 x-9,000 xFeedbackV Check My WorkPartially correctPrepare a proper balance sheet presentation for December 31, 2017.Berol CorporationBalance Sheet (Partial)December 31, 2017LiabilitiesBonds payable v100,000Discount on bonds payable v7,520 X92,480

When Bonds are issued on Discount, The Discount is amortized using the Accepted Method. In the given…

2. Identify and analyze the effect of the payment of interest on December 31, 2017. Activity Financing X Accounts Cash Increase, Discount on Bonds Payable Decrease, Interest Expense Increase x Statement(s) Balance Sheet only X Feedback How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Remember: if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item. Round the amounts to the nearest whole dollar. Balance Sheet Income Statement Stockholders' Net Assets Liabilities Equity Revenues Expenses Income Cash v No Entry X No Entry v Interest Expense v 9,000 x -9,000 x -9,000 -9,000 x Feedback Y Check My Work Partially correct Prepare a proper balance sheet presentation for December 31, 2017. Berol Corporation Balance Sheet (Partial) December 31, 2017 Liabilities Bonds payable v 100,000V Discount on bonds payable v 7,520 X 92,480 X

2. Identify and analyze the effect of the payment of interest on December 31, 2017. Activity Financing X Accounts Cash Increase, Discount on Bonds Payable Decrease, Interest Expense Increase x Statement(s) Balance Sheet only X Feedback How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Remember: if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item. Round the amounts to the nearest whole dollar. Balance Sheet Income Statement Stockholders' Net Assets Liabilities Equity Revenues Expenses Income Cash v No Entry X No Entry v Interest Expense v 9,000 x -9,000 x -9,000 -9,000 x Feedback Y Check My Work Partially correct Prepare a proper balance sheet presentation for December 31, 2017. Berol Corporation Balance Sheet (Partial) December 31, 2017 Liabilities Bonds payable v 100,000V Discount on bonds payable v 7,520 X 92,480 X

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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