Prepare the journal entries by Barnwell to record all events related to the bonds through January 31, 2026.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not roundintermediate calculations. Enter your answers in whole dollars.View transaction listJournal entry worksheet23DateJuly 31, 2024Note: Enter debits before credits.45Record the receipt of interest for Barnwell Company.6General JournalDebitCredit On February 1, 2024, Sanyal Motor Products issued 12% bonds, dated February 1, with a face amount of $60 million.• The bonds mature on January 31, 2028 (four years).The market yield for bonds of similar risk and maturity was 14%.• Interest is paid semiannually on July 31 and January 31.Barnwell Industries acquired $60,000 of the bonds as a long-term investment.• The fiscal years of both firms end December 31.Required:1. Determine the price of the bonds issued on February 1, 20242-a. Prepare amortization schedules that indicate Sanyal's effective interest expense for each interest period during the term tomaturity.2-b. Prepare amortization schedules that indicate Barnwell's effective interest revenue for each interest period during the term tomaturity.3. Prepare the journal entries to record the issuance of the bonds by Sanyal and Barnwell's investment on February 1, 2024.4. Prepare the journal entries by both firms to record all events related to the bonds through January 31, 2026Note: Use tables, Excel, or a financial calculator. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of S1)Complete this question by entering your answers in the tabs below.Reg 1Reg 2AReq 28Req 3ÅReg 4 Sanyal Req 4 Barnwell

Prepare the journal entries by Barnwell to record all events related to the bonds through January 31, 2026. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars. View transaction list Journal entry worksheet 1 2 3 4 Note: Enter debits before credits. 5 6 Record the receipt of interest for Barnwell Company. >

Prepare the journal entries by Barnwell to record all events related to the bonds through January 31, 2026. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars. View transaction list Journal entry worksheet 1 2 3 4 Note: Enter debits before credits. 5 6 Record the receipt of interest for Barnwell Company. >

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

sa
Please help me
I was needing help with the following accounting problem.
View Policies Show Attempt History Current Attempt in Progress Concord Corporation sold $2.300,000, 5%, 10-year bonds on January 1, 2022. The bonds were dated January 1 and pay interest annually on January 1. Concord Corporation uses the straight-line method to amortize bond premium or discount. The bonds were sold at 102. (a)
Tarheel Inc., a calendar year-end company, issued bonds on 1/1/X1. It uses the effective interest method to amortize bond discounts and premiums. The following facts are known about these bonds: Issue Date: 1/1/X1 Face Value: $900,000 Issue Price: $823,000 Face Rate: 4% compounded semi-annually (in other words, 2% every six months) Market (Effective) Rate: 6% compounded semi-annually (in other words, 3% every six months) Term: 5 years Semi-Annual Interest Payment Dates: June 30 and Dec 31 First interest payment will occur on: June 30, 20X1 Note: Round all calculations to the nearest whole dollar. Required: Using the above information, prepare the journal entries to record: (1) the issuance of the bonds and (2) the first cash interest payment on 6/30/X1. Remember to round all amounts to the nearest whole dollar. Decimals or cents should not be shown in the numerical response portion of your journal entry.
Record the following transactions for Sheridan Company in the general journal. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) .2020 May 1 Dec. 31 Dec. 31 2021 May Received a $27,450, 12-months, 8% note in exchange for Mark Chamber's outstanding accounts receivable. Date Accrued interest on the Chamber note. Closed the interest revenue account. 1 Received principal plus interest on the Chamber note. (No interest has been accrued in 2021.) V > Account Titles and Explanation (To record accrued interest on note.) (To close the interest revenue account.) Debit Credit I
Exercise 14-9 Amortization table and accrued interest LO5 SweetFish Corp. issued bonds with a par value of $920,000 and a five-year life on May 1, 2020. The contract interest rate is 11.50%. The bonds pay interest on October 31 and April 30. They were issued at a price of $903,072 when the market interest rate was 12.00%. SweetFish Corp's year-end is December 31. a. Prepare an amortization table for these bonds that covers their entire life. Use the effective interest method of allocating interest. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar. Enter all the amounts as positive values.) Cash Unamortized Discount Period Period Interest Discount Interest Carrying Value Ending Expense Amortization Paid May 1/20 Oct 31/20 |Apг 30/21 Oct 31/21 Apr 30/22 Oct 31/22 Apr 30/23 Oct 31/23 Apr 30/24 Oct 31/24 Apr 30/25 Totals
Prepare the journal entry to record the capitalization of interest and the recognition of interest expense, if any, at December 31, 2020. (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 0 for the amounts.) Date Account Titles and Explanation Debit Credit December 31, 2020
Hello, I'm in need of assistance with the following journal entry. Thanks!
Prepare the journal entry to record the payment of interest and the discount amortization on December 31, 2022. (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.) Date Account Titles and Explanation Dec. 31, Interest Expense 2022 Discount on Bonds Payable Cash Debit 27300 240 Credit 27060
A7
Hi there, I'm not sure how to write this journal entry