I1.u0?mVORer=&takeAssignmentSessionLocator=&inprogress%3Dfalse 2 Log Into JWU Grammar Checker Johnson & Wales P... Shared album - Dor. bp There's racial bias İ. More Than Half Of.. eBook Show Me How Calculator Using a Discount Amortization Table (Straight Line) Chart Of Accounts Labels and Amount Descriptions Instructions General Journal Instructions Panamint Candy Company prepared the following amortization table for $500,000 of 5-year, 6% bonds issued and sold by Panamint on January 1, 2021, for $464,000: Cash Interest Discount on Discount on Payment Bonds Payable Expense Bonds Payable Period (Credit) (Debit) (Credit) Balance Carrying Value At issue $36,000 $464,000 $3,600 06/30/21 $15,000 $18,600 32,400 467,600 12/31/21 3,600 28,800 15,000 18,600 471,200 06/30/22 25,200 3,600 474,800 15,000 18,600 12/31/22 478,400 21,600 3,600 15,000 18,600 482,000 06/30/23 18,000 15,000 3,600 18,600 485,600 12/31/23 15,000 14,400 3,600 18,600 (Stralght Line) Instructions Chart Of Accounts Labels and Amount Descriptions General Journal Instructions U/30/23 15,000 16,000 3,000 482,000 12/31/23 15,000 18,600 3,600 14,400 485,600 06/30/24 15,000 18,600 3,600 10,800 489,200 12/31/24 15,000 18,600 3,600 7,200 492,800 06/30/25 15,000 18,600 3,600 3,600 496,400 500,000 18,600 3,600 0. 12/31/25 15,000 Required: 1. Prepare the entry to recognize the sale of the bonds on January 1, 2021. 2. Prepare the entry to recognize the first interest payment on June 30, 2021. 3. Determine the interest expense for these bonds that Panamint will report on its 2023 income statement 4. Indicate how these bonds will appear in Panamint's December 31, 2024 balance sheet
I1.u0?mVORer=&takeAssignmentSessionLocator=&inprogress%3Dfalse 2 Log Into JWU Grammar Checker Johnson & Wales P... Shared album - Dor. bp There's racial bias İ. More Than Half Of.. eBook Show Me How Calculator Using a Discount Amortization Table (Straight Line) Chart Of Accounts Labels and Amount Descriptions Instructions General Journal Instructions Panamint Candy Company prepared the following amortization table for $500,000 of 5-year, 6% bonds issued and sold by Panamint on January 1, 2021, for $464,000: Cash Interest Discount on Discount on Payment Bonds Payable Expense Bonds Payable Period (Credit) (Debit) (Credit) Balance Carrying Value At issue $36,000 $464,000 $3,600 06/30/21 $15,000 $18,600 32,400 467,600 12/31/21 3,600 28,800 15,000 18,600 471,200 06/30/22 25,200 3,600 474,800 15,000 18,600 12/31/22 478,400 21,600 3,600 15,000 18,600 482,000 06/30/23 18,000 15,000 3,600 18,600 485,600 12/31/23 15,000 14,400 3,600 18,600 (Stralght Line) Instructions Chart Of Accounts Labels and Amount Descriptions General Journal Instructions U/30/23 15,000 16,000 3,000 482,000 12/31/23 15,000 18,600 3,600 14,400 485,600 06/30/24 15,000 18,600 3,600 10,800 489,200 12/31/24 15,000 18,600 3,600 7,200 492,800 06/30/25 15,000 18,600 3,600 3,600 496,400 500,000 18,600 3,600 0. 12/31/25 15,000 Required: 1. Prepare the entry to recognize the sale of the bonds on January 1, 2021. 2. Prepare the entry to recognize the first interest payment on June 30, 2021. 3. Determine the interest expense for these bonds that Panamint will report on its 2023 income statement 4. Indicate how these bonds will appear in Panamint's December 31, 2024 balance sheet
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
I cannot figure the
Transcribed Image Text:I1.u0?mVORer=&takeAssignmentSessionLocator=&inprogress%3Dfalse
2 Log Into JWU
Grammar Checker
Johnson & Wales P...
Shared album - Dor.
bp There's racial bias İ.
More Than Half Of..
eBook
Show Me How
Calculator
Using a Discount Amortization Table (Straight Line)
Chart Of Accounts
Labels and Amount Descriptions
Instructions
General Journal
Instructions
Panamint Candy Company prepared the following amortization table for $500,000 of 5-year, 6% bonds issued and sold by Panamint on January 1, 2021, for
$464,000:
Cash
Interest
Discount on
Discount on
Payment
Bonds Payable
Expense
Bonds Payable
Period
(Credit)
(Debit)
(Credit)
Balance
Carrying Value
At issue
$36,000
$464,000
$3,600
06/30/21
$15,000
$18,600
32,400
467,600
12/31/21
3,600
28,800
15,000
18,600
471,200
06/30/22
25,200
3,600
474,800
15,000
18,600
12/31/22
478,400
21,600
3,600
15,000
18,600
482,000
06/30/23
18,000
15,000
3,600
18,600
485,600
12/31/23
15,000
14,400
3,600
18,600
Transcribed Image Text:(Stralght Line)
Instructions
Chart Of Accounts
Labels and Amount Descriptions
General Journal
Instructions
U/30/23
15,000
16,000
3,000
482,000
12/31/23
15,000
18,600
3,600
14,400
485,600
06/30/24
15,000
18,600
3,600
10,800
489,200
12/31/24
15,000
18,600
3,600
7,200
492,800
06/30/25
15,000
18,600
3,600
3,600
496,400
500,000
18,600
3,600
0.
12/31/25
15,000
Required:
1. Prepare the entry to recognize the sale of the bonds on January 1, 2021.
2. Prepare the entry to recognize the first interest payment on June 30, 2021.
3. Determine the interest expense for these bonds that Panamint will report on its 2023 income statement
4. Indicate how these bonds will appear in Panamint's December 31, 2024 balance sheet
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