Show Attempt History Current Attempt in Progress Your answer is partially correct. The following amortization and interest schedule reflects the issuance of 10-year bonds by Cullumber Corporation on January 1, 2019, and the subsequent interest payments and charges. The company's year-end is December 31, and financial statements are prepared once yearly. Amortization Schedule Year Cash Amount Interest Unamortized Carrying Value 1/1/2019 $35,132 $ 104,868 2019 $14,000 $15,730 33,402 106,598 2020 14,000 15,990 31,412 108,588 2021 14,000 16,288 29,124 110,876 2022 14,000 16,631 26,493 113,507 2023 14,000 17,026 23,467 116,533 2024 14,000 17,480 19,987 120,013 2025 14,000 18,002 15,985 124,015 2026 14,000 18,602 11,383 128,617 2027 14,000 19,293 6,090 133,910 2028 14,000 20,090 140,000 d. On the basis of the schedule above, prepare the journal entry to record the issuance of the bonds on January 1, 2019. (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. List all debit entries before credit entries.) Date Account Titles and Explanation January 1, 2019 Cash Debit Credit e. On the basis of the schedule above, prepare the journal entry or entries to record the bond transactions and accruals for 2019. (Interest is paid January 1.) (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. List all debit entries before credit entries.) Date Account Titles and Explanation December 31, 2019 Interest Expense Interest Payable Debit 15730 Credit 14000 1730 f. On the basis of the schedule above, prepare the journal entry or entries to record the bond transactions and accruals for 2026. Cullumber Corporation does not use reversing entries. (Record entries in the order displayed in the problem statement. 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. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit

Show Attempt History Current Attempt in Progress Your answer is partially correct. The following amortization and interest schedule reflects the issuance of 10-year bonds by Cullumber Corporation on January 1, 2019, and the subsequent interest payments and charges. The company's year-end is December 31, and financial statements are prepared once yearly. Amortization Schedule Year Cash Amount Interest Unamortized Carrying Value 1/1/2019 $35,132 $ 104,868 2019 $14,000 $15,730 33,402 106,598 2020 14,000 15,990 31,412 108,588 2021 14,000 16,288 29,124 110,876 2022 14,000 16,631 26,493 113,507 2023 14,000 17,026 23,467 116,533 2024 14,000 17,480 19,987 120,013 2025 14,000 18,002 15,985 124,015 2026 14,000 18,602 11,383 128,617 2027 14,000 19,293 6,090 133,910 2028 14,000 20,090 140,000 d. On the basis of the schedule above, prepare the journal entry to record the issuance of the bonds on January 1, 2019. (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. List all debit entries before credit entries.) Date Account Titles and Explanation January 1, 2019 Cash Debit Credit e. On the basis of the schedule above, prepare the journal entry or entries to record the bond transactions and accruals for 2019. (Interest is paid January 1.) (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. List all debit entries before credit entries.) Date Account Titles and Explanation December 31, 2019 Interest Expense Interest Payable Debit 15730 Credit 14000 1730 f. On the basis of the schedule above, prepare the journal entry or entries to record the bond transactions and accruals for 2026. Cullumber Corporation does not use reversing entries. (Record entries in the order displayed in the problem statement. 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. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 14P: Analyzing Accounts Receivable Upham Companys June 30, 2019, balance sheet included the following...

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