(b)Prepare the journal entry to record the payment of interest and the discount amortization on December 31, 2022. (Credit accounttitles are automatically indented when amount is entered. Do not indent manually)Account Titles and ExplanationDateDec. 31.2022DebitCredit Cullumber Company issued $730,000, 9%, 10-year bonds on December 31, 2021, for $660,000. Interest is payable annually onDecember 31. Cullumber Company uses the straight-line method to amortize bond premium or discount.(a)Your Answer Correct AnswerYour answer is correct.Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount isentered. Do not indent manually.)DateDec 31,2021Account Titles and ExplanationCashDiscount on Bonds PayableBonds PayableDebit660,00070,000Credit730,000

Bonds can be issued at either par value or premium or at discount. If bond is issued for more than…

(b) Prepare the journal entry to record the payment of interest and the discount amortization on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Dec. 31. 2022 Account Titles and Explanation Debit Credit

(b) Prepare the journal entry to record the payment of interest and the discount amortization on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Dec. 31. 2022 Account Titles and Explanation Debit Credit

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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On June 30, 2017, Bramble Company issued 12% bonds with a par value of $760,000 due in 20 years. They were issued at 98 and were callable at 105 at any date after June 30, 2025. Because of lower interest rates and a significant change in the company's credit rating, it was decided to call the entire issue on June 30, 2026, and to issue new bonds. New 8% bonds were sold in the amount of $920,000 at 103; they mature in 20 years. Bramble Company uses straight-line amortization. Interest payment dates are December 31 and June 30. (a) (b) Prepare journal entries to record the redemption of the old issue and the sale of the new issue on June 30, 2026. Prepare the entry required on December 31, 2026, to record the payment of the first 6 months' interest and the amortization of premium on the bonds. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.…
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! Required information [The following information applies to the questions displayed below.] On December 31, Mars Company had the following portfolio of stock investments with insignificant influence. Mars had no stock investments in prior periods. Stock Investments Apple stock Chipotle stock Under Armour stock Cost $ 5,100 3,600 12,400 Fair Value $ 8,700 2,900 14, 200 Prepare the December 31 adjusting entry to report these investments at fair value.
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What should i do? Record the invoices amounting to $81,300 from the contracts. Note: Enter debits before credits. Transaction General Journal Debit Credit 6a
Prepare the journal entry to record the capitalization of interest and the recognition of interest expense, if any, at December 31, 2020. (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.) Date Account Titles and Explanation Debit Credit December 31, 2020
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View Policies Current Attempt in Progress 1. 2. Prepare the journal entries that the lessee should make to record the above transactions assuming the entities report under ASPE. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) The lessee makes a lease payment of $75,200 to the lessor for equipment in an operating lease transaction. Wildhorse Company leases equipment from Noble Construction Inc. The present value of the lease payments is $658,000. The lease qualifies as a capital lease.. No. Account Titles 1. 2. List of Accounts Save for Later Debit Credit Attempts: 0 of 1 used Submit Answer