On April 1, 2020, Pearl Company sold 18,900 of its 11%, 15-year, $1,000 face value bonds at 97. Interest payment dates are April 1 and October 1, and the company uses the straight-line method of bond discount amortization. On March 1, 2021, Pearl took advantage of favorable prices of its stock to extinguish 5,700 of the bonds by issuing 188,100 shares of its $10 par value common stock. At this time, the accrued interest was paid in cash. The company's stock was selling for $32 per share on March 1, 2021. Prepare the journal entries needed on the books of Pearl Company to record the following. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answers to 0 decimal places, e.g. 38,548. 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 amount is entered. Do not indent manually.) (a) (b) April 1, 2020: issuance of the bonds. October 1, 2020: payment of semiannual interest. (c) December 31, 2020: accrual of interest expense. (d) March 1, 2021: extinguishment of 5,700 bonds. (No reversing entries made.) No. Date Account Titles and Explanation (a) 4/1/20 Cash Debit 18333000 Credit

On April 1, 2020, Pearl Company sold 18,900 of its 11%, 15-year, $1,000 face value bonds at 97. Interest payment dates are April 1 and October 1, and the company uses the straight-line method of bond discount amortization. On March 1, 2021, Pearl took advantage of favorable prices of its stock to extinguish 5,700 of the bonds by issuing 188,100 shares of its $10 par value common stock. At this time, the accrued interest was paid in cash. The company's stock was selling for $32 per share on March 1, 2021. Prepare the journal entries needed on the books of Pearl Company to record the following. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answers to 0 decimal places, e.g. 38,548. 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 amount is entered. Do not indent manually.) (a) (b) April 1, 2020: issuance of the bonds. October 1, 2020: payment of semiannual interest. (c) December 31, 2020: accrual of interest expense. (d) March 1, 2021: extinguishment of 5,700 bonds. (No reversing entries made.) No. Date Account Titles and Explanation (a) 4/1/20 Cash Debit 18333000 Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Go to the Loan Calculator The cells in the range B6:B8 have defined names, but one is incomplete and could be confusing. Cell A2 also has a defined name, which is unnecessary for a cell that will not be used in a formula.Update the defined names in the worksheet as follows: a)Delete the Loan_Calculator defined name. b)For cell B8, edit the defined name to use Loan_Amount as the name. 2. In cell B8, calculate the loan amount by entering a formula without using a function that subtracts the Down_Payment from the Price. 3.Liam also wants to use defined names in other calculations to help him interpret the formulas.a) In the range D4:D8, create defined names based on the values in the range C4:C8.
Please Show all work step by step calculations! thank you! I know where answers for first and second row coming from. However, numbers for third and fourth row don't make any sence to me. Please explain detail by detail!
Please do not give solution in image format thanku
please explain how come you come up with step 3 and Im so confused about the numbers, I'm so sorry I'm not good with math. thank you for your understanding!
Assignment: In the space at the right, type the best formula (or function) needed to perform the following computations. The first one has been done for you
Hello i have attached two pictures. They are both used together to answer the question. The first picture is the information to use too answer the question. The second attachment is the for the answer. I hope it is understandable and whoever answer this can please explain how they got the answers. I need the help. I have marked a yellow x on what i have done already. I DO NOT NEED HELP WITH WHAT IS CROSSED IN YELLOW (PARTS 1-3) I NEED PARTS 4-6. THIS IS IS IS THE ANSWER TO PARTS 1-3 Analysis and Calculation: 1) Gold Medal Athletic Co., Sales Budget: For the month ended March: Product Sales Volume Sale Price per unit Sales, $ Batting helmet 1,200 units $40 $ 48,000 Football helmet 6,500 units $160 $1,040,000 Total revenue from sales $ 1,088,000 2) Production Budget: Batting Football Helmet Helmet Expected units to be sold 1,200 6,500 Add: desired Ending inventory 50 220 Total 1,250 6,720 Less: Beginning estimated inventory 40 240 Total…
(E7) Hello! Please help me answer this one. Please refer to the given picture/s below for the questions. Please read the instructions and directions very carefully. Double and triple check your answers, previous tutors got it wrong. NOTE: Type only your answers. Please do not handwritten your answers. Make sure your formulas, solutions and answers' format are all correct. Answer no 2 only!
The systems programmer uses a hashing algorithm to determine storage addresses. The hashing structure is 9,997/key. The resulting number is then used to locate the record. The first two digits after the decimal point represent the cylinder number, while the second two digits represent the surface number. The fifth, sixth, and seventh digits after the decimal point represent therecord number. This algorithm results in a unique address 99 percent of the time. What happens the remainder of the time when the results of the algorithm are not unique? Explain in detail the storage process when key value 3 is processed first, key value 2307 at a later date, and shortly thereafter key value 39.
The first part of the assignment is to open Excel and in column A starting in row 1 and down to row 40 generate random values using the RAND() function. Copy and special paste those values onto sheet2. You will turn in the Excel file, but you will use the information below when directed. Say an individual is faced with the decision of whether to buy auto insurance or not (like before laws in many states changed). The states of nature are that no accident occurs (with probability .992) or an accident occurs (with probability .008). Here is the payoff table for the decision maker (where -500 is read minus 500, for example) State of Nature Decision No Accident Accident Purchase insurance -500 -500 Do not purchase Ins. 0 -10000 1. Say the individual is a RISK LOVER. Create a table with plausible values of utility for the risk lover where you pick as the indifference probability for the value -500 the first value that is appropriate from your simulation in Excel (starting in cell A1 on…
1
Oh no! Our expert couldn't answer your question. Don't worry! We won't leave you hanging. Plus, we're giving you back one question for the inconvenience. Here's what the expert had to say: Hi and thanks for your question! It looks like you're asking for help with using the site. You can reach our support team at the Contact Bartleby link at the bottom of the page. We've credited a question back to your account. Apologies for the inconvenience. Ask Your Question Again 13 of 30 questions left until Nov 14, 2021 Question complete a horizontal analysis for brown company. (negative answers should be indicated by a minus sign. leave no cells blank - be certain to enter "0" wherever required. round the "percent" answers to the nearest hundredth percent.) Current assets: 2020 2019 Increase (decrease) amount? Percent? Cash $14,150 $9,300 ?? Accounts receivable 16,950 12,800 ?? Merchandise inventory 18,050 21,450 ?? Prepaid advertising 52,600…
Can someone please help me with these questions? Thank you so much! Thumbs up if the answer is correct. For this question, you must use the data package "Cars93" available in the R package "MASS" followed by "dplyr" package. Find the number of cars that are USA company origin, whose max price is greater than 30, and Passenger capacity is greater than 4. Hint: Use "filter" function. 2 1 4 Pregunta 4 For this question, you must use the data package "Cars93" available in the R package "MASS" followed by "dplyr" package. On average, which manufacturer produces the heaviest car? Hint: Group and summarise. BMW 0000 Lexus Infiniti Dodge