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![6. The following data relate to a $2,000,000, 8% bond
issued for a selected semiannual interest period:
Bond carrying amount at beginning of period
$2,125,000
Interest paid during period
160,000
Interest expense allocable to the period
148,750](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F94589190-d7d8-41be-9c6e-d2d51b756765%2Ff4dce54d-d470-4fff-96dc-0c06ec00f21c%2Fxdz7x6p_processed.jpeg&w=3840&q=75)
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- Wilbury Corporation issued 1 million of 13.5% bonds for 985,071.68. The bonds are dated and issued October 1, 2019, are due September 30, 2020, and pay interest semiannually on March 31 and September 30. Assume an effective yield rate of 14%. Required: 1. Prepare a bond interest expense and discount amortization schedule using the straight-line method. 2. Prepare a bond interest expense and discount amortization schedule using the effective interest method. 3. Prepare adjusting entries for the end of the fiscal year December 31, 2019, using the: a. straight-line method of amortization b. effective interest method of amortization 4. If income before interest and income taxes of 30% in 2020 is 500,000, compute net income under each alternative. 5. Assume the company retired the bonds on June 30, 2020, at 98 plus accrued interest. Prepare the journal entries to record the bond retirement using the: a. straight line method of amortization b. effective interest method of amortization 6. Compute the companys times interest earned (pretax operating income divided by interest expense) for 2020 under each alternative.The following data relate to a $2,000,000, 8% bond issued for a selected semiannual interest period: Bond carrying amount at beginning of period $2,125,000Interest paid during period 160,000 Interest expense allocable to the period 148,750 (a) Were the bonds issued at a discount or at a premium? (b) What is the unamortized amount of the discount or premium account at the beginningof the period? (c) What account was debited to amortize the discount or premium?2. Al-Teeb Company issued OR 40,000, 3.5%, 15-year bond payable at 104 on January 1, 2018 Required: a. Journalize the issuance of the bond payable on January 1, 2018 b. Journalize the payment of semiannually interest and amortization of the bond discount or premium on July 1, 2018.
- (b) Prepare a bond amortization schedule up to and including January 1, 2028, using the effective-interest method. (Round present value factor to 5 decimal places, e.g. 1.24356 and final answers to 0 decimal places, e.g. 38,548.) Date 1/1/24 1/1/25 1/1/26 1/1/27 1/1/28 $ Cash Paid $ Interest Expense $ Premium Amortization GA Carrying Value of BondsLogan Inc issued a $1,600,000, 6% 10 year bond at 88 on January 1, 2018. 1. Journalize the issuance of the bond on January 1, 2018. 2. Journalize the payment of semiannual interest on the bond on June 30, 2018. Include the amortization as part of the interest payment. 3. Journalize the repayment of the bond afer the final interest payment was made. GENERAL JOURNAL POST Date Account/Description REF. Debit CreditSubject: acounting
- Devin Company computes the following bond interest amortization table for bonds issued on January 1, 2021. Use the information on this table to answer the questions below. Interest Cash Payment Payment Interest Decrease in Вook Date Amount Discount Value Expense $441,068 $444,310 $447,683 $451,190 $454,838 $458,631 $462,577 $466,680 $470,947 $475,385 Discount $360,000 $360,000 $360,000 $360,000 $360,000 $360,000 $360,000 $360,000 $360,000 $360,000 $81,068 $84,310 $87,683 $91,190 $94,838 $98,631 $102,577 $106,680 $110,947 $115,385 $892,240 $807,929 $720,247 $629,056 $534,219 $435,587 $333,011 $226,331 $115,385 $0 $11,107,760 $11,192,071 $11,279,753 $11,370,944 $11,465,781 $11,564,413 $11,666,989 $11,773,669 $11,884,615 $12,000,000 June 30, 2021 Dec 31, 2021 June 30, 2022 Dec 31, 2022 June 30, 2023 Dec 31, 2023 June 30, 2024 Dec 31, 2024 June 30, 2025 Dec 31, 2025a. On January 1, 20X1, your firm issues a $15,000, 4-year, 5% bond with interest payable annually for $13,056. At the time of the issuance, market rates are 9%. Journalize the issuance of the bond. DATE Debit Credit XIX b. Journalize the first annual interest payment on December 31, 20X1. DATE Debit Credit XIX c. Journalize the amortization of the premium/discount on December 31, 20X1. (If necessary, round to the nearest dollar.) DATE Debit Credit XIX d. On January 1, 20X2, the bonds are called at 99. Journalize this transaction. DATE Debit Credit XIXWildhorse Co. sold $3,310,000, 9%, 10-year bonds on January 1, 2025. The bonds were dated January 1, 2025, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually. (a) Your Answer Correct Answer Your answer is correct. Prepare the journal entries to record the issuance of the bonds.assuming they sold at: (1) 104 and (2) 97. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Date Account Titles and Explanation 1. 1/1/25 Cash Bonds Payable Premium on Bonds Payable Debit 3442400 Credit 3310000 132400
- H1.6. Farhan Corporation issued $ 1,000,000 of 8%, 28-year bond on January 1, 2020, at 119.792 to yield 6%. Interest is payable semi-annually on July 1 and January 1. Prepare journal entries to record following: (a) The issuance of bonds (b) The payment of interest and related amortization on July 1, 2020 (c) The accrual of interest and related amortization on December 31, 2020Hh1.
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