Presented here are long-term liability items for Shamrock, Inc. at December 31, 2022. Bonds payable (due 2026) Notes payable (due 2024) Discount on bonds payable $720,000 VI 75,000 22,000 Prepare the long-term liabilities section of the balance sheet for Shamrock, Inc. SHAMROCK, INC. Balance Sheet (Partial)

Presented here are long-term liability items for Shamrock, Inc. at December 31, 2022. Bonds payable (due 2026) Notes payable (due 2024) Discount on bonds payable $720,000 VI 75,000 22,000 Prepare the long-term liabilities section of the balance sheet for Shamrock, Inc. SHAMROCK, INC. Balance Sheet (Partial)

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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1. Issuance of bonds payable at a premium On June 1, 2022, A Company issued at 105 plus accrue interest 4,000 bonds of 9%, P1,000 face amount. The bonds are dated January 1, 2022 and mature on January 1, 2032. Interest is payable semiannually on January 1 and July 1. The entity paid bond issue cost of P200,000. Requirements: a. What is the net cash received from the bond issuance? b. Provide the related journal entries.
The Colson Company issued $300.000 bonds at 98 on January 1, 2017. The bonds are due January 1, 2022. with interest payable each July 1. and January 1. The Colson Company records Straight Line amortization semiannually Prepare Colson's Journal entry for December 31 O Interest Expense Discount on Bonds Payable interest Payable O nterest Expense Discount on Bonds Payable KCash O nterest Payable $15 600 S600 $15.000 $15.600 $600 $15.000 $15.600 Discount on Bonds Payable Interest Expense 6 nterest Expense Discount on Bonds Payable nterest Expense $600 $15 000 $15 600 S600 $15.000
The December 31, 2021 balance sheet of Blossom Co. included the following items: 7.5% bonds payable due December 31, 2029 Unamortized discount on bonds payable The bonds were issued on December 31, 2019 at 95, with interest payable on June 30 and December 31. (Use straight-line amortization.) On April 1, 2020, Wolfe retired $732,000 of these bonds at 101 plus accrued interest. Prepare journal entries to record the above retirement. (Credit account titles are automatically indented when the 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 Apr. 1 Apr. 1 Account Titles and Explanation Interest Expense Discount on Bonds Payable Cash $3,660,000 146,400 (To record interest and discount on bonds) Bonds Payable Loss on Redemption of Bonds Discount on Bonds Payable Cash Debit Credit
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Included in Witt Company’s liability account balance at December 31, 2021 were the following: 14% note payable issued October 1, 2020 maturing September 30, 2022 500,000 16% note payable issued April 1, 2019 maturing April 1, 2022 800,000 Witt’s December 31, 2021 financial statements were issued on March 31, 2022. On January 15, 2022, the entire P800,000 balance of 16% note was refinanced by issuance of a long-term obligation payable in a lump sum. In addition, on March 10, 2022, Witt consummated a noncancelable agreement with the lender to refinance the 14%, P500,000 note on a long-term basis, on readily determinable terms that have not yet been implemented. Both parties are financially capable of honoring the agreement, and there have been no violations of the agreement’s provision. On the December 31, 2021 balance sheet, the amount of the notes payable that Witt should classify as current liability is
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