eBook Calculator Print Item ACCOUNT Bonds Payable ACCOUNT No. Balance Date Item Debit Credit Debit Credit Jan. Balance 400,000 2. Retire bonds 80,000 320,000 June 30 Issue bonds 240,000 560,000 ETA ACCOUNT Discount on Bond Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit ET Jan. 1. Balance 18,000 2. Retire bonds 6,400 11,600 June 30 Issue bonds 16,100 27,700 ETA Amortize discount Dec. 31 1,390 26,310 Item Section of Statement of Cash Flows Added or Deducted Amount Retire bonds ETA.. Issue bonds ETA Amortization of discount Check My Work 3 more Check My Work uses remaining. Previous Next 12:27

eBook Calculator Print Item ACCOUNT Bonds Payable ACCOUNT No. Balance Date Item Debit Credit Debit Credit Jan. Balance 400,000 2. Retire bonds 80,000 320,000 June 30 Issue bonds 240,000 560,000 ETA ACCOUNT Discount on Bond Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit ET Jan. 1. Balance 18,000 2. Retire bonds 6,400 11,600 June 30 Issue bonds 16,100 27,700 ETA Amortize discount Dec. 31 1,390 26,310 Item Section of Statement of Cash Flows Added or Deducted Amount Retire bonds ETA.. Issue bonds ETA Amortization of discount Check My Work 3 more Check My Work uses remaining. Previous Next 12:27

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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A $300,000 bond was redeemed at 104 when the carrying amount of the bond was $316,000. The entry to record the redemption would include a Oa. loss on bond redemption of $3,000 Ob. gain on bond redemption of $3,000 Oc. loss on bond redemption of $4,000 Od. gain on bond redemption of $4,000 7 a I' B in 20 D W 14 Previous Next ^04) O
Period Cash Paid Interest Expense Interest in Carrying Value Carrying Value Issue Date $85,940 1 $4,100 $ 3,438 $662 85,278 2 4,100 3,411 689 84,589 1. & 2. Record the bond issue assuming the face value of bonds payable is $79,000 and first interest payment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Record the bond issue. Event General Journal Debit Credit 1 Record the first interest payment. Event General Journal Debit Credit 2
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MegaHoldings Group, a significant conglomerate, and MiniFirm Ltd, its subsidiary, are involved in a financial transaction. Initially, on January 1, 2021, MegaHoldings Group issued bonds into the financial market. Two years later, on January 1, 2023, MiniFirm Ltd bought these bonds from the market entirely. The financial specifics for this transaction have been updated as follows: Bonds Nominal (Face) Value of the bonds: $1,000,000 Coupon Rate: 6% Initial Bond Release by MegaHoldings Group. Issuance Price: $807,470 Market Rate: 9% Bond Acquisition by MiniFirm Ltd. Acquisition Price: $1,064,632 Market Rate at Acquisition: 5% Please select the right consolidation entry [B] Multiple Choice Bonds Payable (B/P) 1,000,000 Interest Revenue 53.232 Loss on Retirement of Bonds 230,678 Discounts on Bonds Payable (B/P) 150,990 Investment in Bonds 1,057,864 Interest Expense 75,056
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eBook Reporting Issuance and Retirement of Long-Term Debt On the basis of the details of the following bonds payable and related discount accounts, indicate the items to be reported in the Financing Activities section of the statement of cash flows, assuming no gain or loss on retiring the bonds: ACCOUNT Bonds Payable Jan. Date June Item Debit 1980 Retire bonds 76,000 Jan. Item Date 30 ACCOUNT Discount on Bonds Payable 1 June 30 Dec. 31 2 Issue bonds Retire bonds Balance Issue bonds Print Item Item Balance Retire bonds Issue bonds Amortize discount Amortization of discount Debit Check My Work 2 more Check My Work uses remaining. 15,300 Credit 228,000 Credit 6,080 1,320 ACCOUNT NO. Debit Section of Statement of Cash Flows Balance Debit Credit ACCOUNT NO. 380,000 304,000 532,000 Balance 17,100 11,020 26,320 25,000 Credit Added or Deducted $ Amount Previous Next
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