value tables in Appendix A al lhe ChPR 11-3A Entries for bonds payable, including bond redemptionThe following transactions were completed by Winklevoss Inc., whose fiscal year is the calendarObj. 2V 3. $64,317,34620Y11. Issued $74,000,000 of 20-year, 11% callable bonds dated July 1, 20Y1, at a market (effective) rate of 1a4receiving cash of $63,532,267. Interest is payable semiannually on December 31 and June 30Dec. 31. Paid the semiannual interest on the bonds. The bond discount amortization of $261,693 is combined uuJulySHOW ME HOWEXCEL TEMPLATEthe semiannual interest payment.20Y2June 30. Paid the semiannual interest on the bonds. The bond discount amortization of $261,693 is combined wththe semiannual interest payment.Dec. 31. Paid the semiannual interest on the bonds. The bond discount amortization of $261,693 is combined withthe semiannual interest payment.20Y3June 30. Recorded the redemption of the bonds, which were called at 98. The balance in the bond discount account is$9,420,961 after payment of interest and amortization of discount have been recorded. (Record the redemptiononly.)Instructions1. Journalize the entries to record the transactions. Round all amounts to the nearest dollar.2. Indicate the amount of the interest expense in (a) 20Y1 and (b) 20Y2.3. Determine the carrying amount of the bonds as of December 31, 20Y2.

Journal entry is a primary entry that records the financial transactions initially.

PR 11-3A Entries for bönds payubiu) The following transactions were completed by Winklevoss Inc., whose fscal yeal L I 20Y1 July 1. Issued $74,000,000 of 20-year, 11% callable bonds dated July 1, 20Y1, at a market (effe receiving cash of $63,532,267. Interest is payable semiannually on December 31 and Jun Dec. 31. Paid the semiannual interest on the bonds. The bond discount amortization of $261,69 the semiannual interest payment. 20Y2 June 30. Paid the semiannual interest on the bonds. The bond discount amortization of $261,69 the semiannual interest payment. Dec. 31. Paid the semiannual interest on the bonds. The bond discount amortization of $261,6 the semiannual interest payment. 20Y3 June 30. Recorded the redemption of the bonds, which were called at 98. The balance in the bon ment of interest and amortization of discount have been recorded. (R after

PR 11-3A Entries for bönds payubiu) The following transactions were completed by Winklevoss Inc., whose fscal yeal L I 20Y1 July 1. Issued $74,000,000 of 20-year, 11% callable bonds dated July 1, 20Y1, at a market (effe receiving cash of $63,532,267. Interest is payable semiannually on December 31 and Jun Dec. 31. Paid the semiannual interest on the bonds. The bond discount amortization of $261,69 the semiannual interest payment. 20Y2 June 30. Paid the semiannual interest on the bonds. The bond discount amortization of $261,69 the semiannual interest payment. Dec. 31. Paid the semiannual interest on the bonds. The bond discount amortization of $261,6 the semiannual interest payment. 20Y3 June 30. Recorded the redemption of the bonds, which were called at 98. The balance in the bon ment of interest and amortization of discount have been recorded. (R after

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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The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year: 20Y1 July 1 Issued $74,000,000 of 20-year, 11% callable bonds dated July 1, 20Y1, at a market (effective) rate of 13%, receiving cash of $63,532,267. Interest is payable semiannually on December 31 and June 30. Dec. 31 Paid the semiannual interest on the bonds. The bond discount amortization of $261,693 is combined with the semiannual interest payment. 20Y2 June 30 Paid the semiannual interest on the bonds. The bond discount amortization of $261,693 is combined with the semiannual interest payment. Dec. 31 Paid the semiannual interest on the bonds. The bond discount amortization of $261,693 is combined with the semiannual interest payment. 20Y3 June 30 Recorded the redemption of the bonds, which were called at 98. The balance in the bond discount account is $9,420,961 after payment of interest and amortization of discount have been recorded. (Record the…
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