Click to watch the Tell Me More Learning Objective 3 video and then answer the questions below.1. Any portion of the bonds payable that is due within one year isa. reported as a current liability on the balance sheet.b. reported as a noncurrent liability on the balance sheet.c. disclosed in the notes to the financial statements only.d. not reported or disclosed in any way.

Bonds payable are long-term debt instruments. However, any portion of the bond principal that is due…

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Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter13: Auditing Debt, Equity, And Long-term Liabilities Requiring Management Estimates

Section: Chapter Questions

Problem 4CYBK

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Vaughn Hills Ltd. issued five-year bonds with a face value of $150,000 on January 1. The bonds have a coupon interest rate of 4% and interest is paid semi-annually on June 30 and December 31. The market interest rate was 2% when the bonds were issued at a price of 109. * Your answer is incorrect. Using above information, determine the proceeds received by the company when the bonds were issued. Proceeds from issue of the bonds $ eTextbook and Medial x Your answer is incorrect. Determine the interest expense recorded for the six months ending June 30 when the first interest payment is made. Interest expense 3270
Presented below is an amortization schedule related to Flounder Company's 5-year, $160,000 bond with a 7% interest rate and a 5% yield, purchased on December 31, 2023, for $173,855. Date 12/31/23 12/31/24 $11,200 12/31/25 12/31/26 12/31/27 12/31/28 Cash Interest Received Revenue Amortized cost Fair value 11,200 11,200 11,200 11,200 $8,693 12/31/24 $171,348. 8,567 8,436 170,800 8,298 8,151 Bond Premium Amortization $2,507 2,633 170,900 2,764 2,902 3,049 The following schedule presents a comparison of the amortized cost and fair value of the bonds at year-end. Carrying Amount of Bonds $173,855 171,348 167,800 168,715 165,951 163,049 160,000 12/31/25 12/31/26 12/31/27 $168,715 $165,951 $163,049 164,100 LL 12/31/28 $160,000 160,000
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Subject: acounting
Journalize the entries to record the following: If an amount box does not require an entry, leave it blank. a. The initial acquisition of the bonds on May 1. May 1 b. The semiannual interest received on November 1. Nov. 1 c. The sale of the bonds on November 1. Nov. 1 d. The accrual of $1,360 interest on December 31. Dec. 31
Sagar
THIS QUESTION WILL ALSO BE CHECKED MANUALLY. QUESTION 7 On the first day of the fiscal year, a company issues a $960,000, 86, 5-year bond that pays semiannual interest of $38,400, receiving cash of $884,177 Journalize the entry for the issuance of the bonds using the chart of accounts below. Bonds Payable Cash Gain on Redemption of Bonds Interest Expense Interest Payable Interest Revenue Loss on Redemption of Bonds Premiun on Bonds Payable Discount on Bonds Payable Enter your answers into the table below. Key the account names carefully (exactly as shown above) and follow formatting instructions below. DO NOT USE A DECIMAL WITH ZEROES FOR WHOLE DOLLAR AMOUNTS AND USE COMMAS APPROPRIATELY. WHEN THE DEBIT/CREDIT DOES NOT REQUIRE AN ENTRY LEAVE IT BLANK. Account Debit Credit THIS QUESTION WILL ALSo BE CHECKED MANUALLY (to make adjustments for typos).
Please answer part (a) and (b) completely and correctly fill out every single box with the right information
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