Homework Help is Here – Start Your Trial Now!
Business
Accounting
Bond Issue B Period Ending Apr. 1/18 Jul. 1/18 Apr. 1/26 Jul. 1/26 Oct. 1/26 (A) Cash (B) Period Interest Interest Paid Expense $560,000.0 × (E) x 8.5% x 3/12 8.0% × 3/12 $ 11, 200 $ 11,502 Jan. 1/27 Apr. 1/27 Jul. 1/27 Oct. 1/27 Jan. 1/28 Apr. 1/28 Totals *Adjusted for rounding 11, 200 11, 200 11, 200 11, 200 11, 200 11, 200 11, 200 11,200 11, 200 $ 448,000 11,779 11,792 11,804 11,817 11,830 11,843 11,857 11,871 11,888* $ 466,736 (C) Amort. (A) (B) $ 302 579 592 604 617 630 643 657 671 688 $18,736 (D) Unamortized Balance $18,736 18,434 5,102 4,510 3,906 3,289 2,659 2,016 1,359 688 0 (E) Carrying Value $560,000 (D) $ 541,264 541,566 554,898 555,490 556,094 556,711 557,341 557,984 558,641 559,312 560,000

Bond Issue B Period Ending Apr. 1/18 Jul. 1/18 Apr. 1/26 Jul. 1/26 Oct. 1/26 (A) Cash (B) Period Interest Interest Paid Expense $560,000.0 × (E) x 8.5% x 3/12 8.0% × 3/12 $ 11, 200 $ 11,502 Jan. 1/27 Apr. 1/27 Jul. 1/27 Oct. 1/27 Jan. 1/28 Apr. 1/28 Totals *Adjusted for rounding 11, 200 11, 200 11, 200 11, 200 11, 200 11, 200 11, 200 11,200 11, 200 $ 448,000 11,779 11,792 11,804 11,817 11,830 11,843 11,857 11,871 11,888* $ 466,736 (C) Amort. (A) (B) $ 302 579 592 604 617 630 643 657 671 688 $18,736 (D) Unamortized Balance $18,736 18,434 5,102 4,510 3,906 3,289 2,659 2,016 1,359 688 0 (E) Carrying Value $560,000 (D) $ 541,264 541,566 554,898 555,490 556,094 556,711 557,341 557,984 558,641 559,312 560,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Bond Issue B Period Ending Apr. 1/18 Jul. 1/18 : Apr. 1/26 Jul. 1/26 Oct. 1/26 Jan. 1/27 Apr. 1/27 Jul. 1/27 Oct. 1/27 Jan. 1/28 Apr. 1/28 Totals *Adjusted for rounding No 1 2 (A) Cash Date Interest Paid $560,000.0 × (E) × 8.5% x 8.0% × 3/12 3/12 $ 11, 200 : 11, 200 11,200 11, 200 11,200 11, 200 11,200 11, 200 11,200 11, 200 $ 448,000 (B) Period Interest Expense December 01, 202 Bond interest expense $ 11,502 : 11,779 11,792 11,804 11,817 11,830 December 01, 202 Bonds payable Cash 11,843 11,857 11,871 11,888* $ 466,736 h. Independent of (a) through (g), assume that bond B issues was retired on December 1, 2027, at 97. Record the entries. Discount on bonds payable Cash General Journal (C) Amort. (A) - (B) X Answer is not complete. $ 302 : 579 592 604 617 630 643 657 671 688 $18,736 Discount on bonds payable Gain on retirement of bonds (D) Unamortized Balance $18,736 18,434 5,102 4,510 3,906 3,289 2,659 2,016 1,359 688 0 Debit (E) Carrying Value $560,000 (D) $ 541,264 541,566 : 554,898 555,490 556,094 556,711 557,341 557,984 560,000 558,641 559,312 560,000 Credit 543,200 912 15,888
Transcribed Image Text:Bond Issue B Period Ending Apr. 1/18 Jul. 1/18 : Apr. 1/26 Jul. 1/26 Oct. 1/26 Jan. 1/27 Apr. 1/27 Jul. 1/27 Oct. 1/27 Jan. 1/28 Apr. 1/28 Totals *Adjusted for rounding No 1 2 (A) Cash Date Interest Paid $560,000.0 × (E) × 8.5% x 8.0% × 3/12 3/12 $ 11, 200 : 11, 200 11,200 11, 200 11,200 11, 200 11,200 11, 200 11,200 11, 200 $ 448,000 (B) Period Interest Expense December 01, 202 Bond interest expense $ 11,502 : 11,779 11,792 11,804 11,817 11,830 December 01, 202 Bonds payable Cash 11,843 11,857 11,871 11,888* $ 466,736 h. Independent of (a) through (g), assume that bond B issues was retired on December 1, 2027, at 97. Record the entries. Discount on bonds payable Cash General Journal (C) Amort. (A) - (B) X Answer is not complete. $ 302 : 579 592 604 617 630 643 657 671 688 $18,736 Discount on bonds payable Gain on retirement of bonds (D) Unamortized Balance $18,736 18,434 5,102 4,510 3,906 3,289 2,659 2,016 1,359 688 0 Debit (E) Carrying Value $560,000 (D) $ 541,264 541,566 : 554,898 555,490 556,094 556,711 557,341 557,984 560,000 558,641 559,312 560,000 Credit 543,200 912 15,888
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS