Carla Vista Corporation issued $5120000 of bonds at face value on January 1, 2024. Carla Vista chose the fair value option for th Donds. At December 31, 2024, the value of the bonds is now $4608000 because the market interest rates have increased. The ent On Carla Vista's books would include O No entry would be made. O a debit to Unrealized Holding Gain of $512000 a credit to Premium on Bond Payable of $512000 a debit to Bonds Payable of $512000

Carla Vista Corporation issued $5120000 of bonds at face value on January 1, 2024. Carla Vista chose the fair value option for th Donds. At December 31, 2024, the value of the bonds is now $4608000 because the market interest rates have increased. The ent On Carla Vista's books would include O No entry would be made. O a debit to Unrealized Holding Gain of $512000 a credit to Premium on Bond Payable of $512000 a debit to Bonds Payable of $512000

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 January 1, 2020, High Shots issued $250,000 of 11% ten-year bonds at 104. Issuance costs amounted to $3,000. Bond premium is amortized on straight-line basis. On July 1, 2026, 40% of the bonds were called at 104. Required: Record the retirement of the bonds. Ignore interest and use straight-line amortization.
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Hh1.
Pharoah Corporation issued $5180000 of bonds at face value on January 1, 2024. Pharoah chose the fair value option for these bonds. At Decmber 31, 2024, the value of the bonds is now $4662000 because the market interest rates have increased. The entry on Pharoah's books would include: No entry would be made; a credit to Premium on Bond Payable at $518000; a debit to Bonds Payable of $518000; a debit to Unrealized Holding Gain of $518000
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BC Corporation sold $55,000,000, 8%, 10-year bonds on January 1, 2022. The bonds apply interest on July 1 and January 1. BC uses the staight-line method to amortize bond premium or discount. Assume no interestaccrued on June 30.Instructions1. Prepare all the necessary journal entries to record the issuance of the bonds and bond interesthappens for 2022, assuming that the bonds sold at 105.2. Prepare journal entries as in part (1) assuming that the bond sold at 98.3. Show statement of financial position presentation for each bond issued at December 31, 2022.
Hh3.
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The balance sheet at December 31, 2024, for Nevada Harvester Corporation includes the liabilities listed below: a. 7% bonds with a face amount of $46 million were issued for $46 million on October 31, 2015. The bonds mature on October 31, 2035. Bondholders have the option of calling (demanding payment on) the bonds on October 31, 2025, at a redemption price of $46 million. Market conditions are such that the call is not expected to be exercised. b. Management intended to refinance $6.6 million of its 14% notes that mature in May 2025. In early March, prior to the actual issuance of the 2024 financial statements, Nevada Harvester negotiated a line of credit with a commercial bank for up to $4.6 million any time during 2025. Any borrowings will mature two years from the date of borrowing. c. Noncallable 6% bonds with a face amount of $14.5 million were issued for $14.5 million on September 30, 2005. The bonds mature on September 30, 2025. Sufficient cash is expected to be available to…
I need part B done please and thank you.