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…
Accounting Entries for Bonds Payable and Installment Note Transactions The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year: Year 1 July 1. Issued $1,300,000 of five-year, 9% callable bonds dated July 1, Year 1, at a market (effective) rate of 11%, receiving cash of $1,202,010. Interest is payable semiannually on December 31 and June 30. Oct. 1. Borrowed $380,000 by issuing a 10-year, 8% installment note to Nicks Bank. The note requires annual payments of $57,631, with the first payment occurring on September 30, Year 2. Dec. 31. Accrued $7,600 of interest on the installment note. The interest is payable on the date of the next installment note payment. 31. Paid the semiannual interest on the bonds. The bond discount amortization of $9,799 is combined with the semiannual interest payment. Year 2 June 30. Paid the semiannual interest on the bonds. The bond discount amortization of $9,799 is combined with the semiannual interest payment.…
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Un the first day of the current fiscal year, $2,000,000 of 10-year, 7% bonds, with interest payable annually, were sold for $2,125,000. Present the journal entries to record each of the following transactions for the current fiscal year: (a) Issuance of the bonds. Date Account DR CR (b) First annual interest payment on Dec. 31 (record as separate entry from premium amortization). Date Account DR CR (c) Amortization of bond premium for the year, using the straight-line method. Date Account DR CR
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On January 1, $881,000, 5-year, 10% bonds were issued for $854,570. Interest is paid semiannually on January 1 and July 1. If the issuing company uses the straight-line method to amortize a discount on bonds payable, the semiannual amortization amount is a. $44,050 b. $26,430 c. $5,286 d. $2,643
On the first day of the fiscal year, a company issues a $621,000, 11%, 10-year bond that pays semiannual interest of $34,155 ($621,000 × 11% × 1/2), receiving cash of $652,050. Required: Journalize the entry to record the first interest payment and amortization of premium using the straight-line method. Refer to the Chart of Accounts for exact wording of account titles. Chart Of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 113 Allowance for Doubtful Accounts 114 Notes Receivable 115 Interest Receivable 121 Merchandise Inventory 122 Supplies 131 Prepaid Insurance 140 Land 151 Building 152 Accumulated Depreciation-Building 153 Equipment 154 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Salaries Payable 231 Sales Tax Payable 241 Notes Payable 242 Interest Payable 251 Bonds Payable 252 Discount on Bonds…