Required informationThe following information applies to the questions displayed below.]Greener Pastures Corporation borrowed $1,250,000 on November 1, 2018. The note carried a 9 percent interest rate withthe principal and interest payable on June 1, 2019(a) The note issued on November 1(b) The interest accrual on December 31.1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, liabilities, or stockholders equitywith a minus sign. Do not round intermediate calculations.)AssetsLiabilitiesStockholders' Equity

The Note has been issued for the amount borrowed on Nov 01, 2018. The effect of this transaction is…

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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 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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Able Inc. borrowed $60,000 on October 1, 2019 and agreed to pay back $75,000 on October 1, 2022. How much did Able show in interest payable and interest expense in its annual financial statements at December 31, 2021? O Interest expense $5,000; interest payable $11,250 Interest expense $5,000; interest payable $3,750 O Interest expense $5,000; interest payable $5,000 Both interest expense and interest payable $11,250 O Interest expense is $11,250 and interest payable is $5,00O
The balance sheet for Pina Colada Consulting reports the following information on July 1, 2022. Long-term liabilities Bonds payable Less: Discount on bonds payable $1,280,000 51,200 $1,228,800 Pina Colada decides to redeem these bonds at 105 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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Greener Pastures Corporation borrowed $1,000,000 on November 1, 2015. The note carried a9 percent interest rate with the principal and interest payable on June 1, 2016. Show the accountingequation effects and prepare the journal entries for ( a ) the note issued on November 1 and ( b ) theinterest accrual on December 31.
View Policies Current Attempt in Progress At December 31, 2020, Coronado Corporation has the following account balances: Bonds payable, due January 1, 2029 $2,600,000 Discount on bonds payable 71,000 Interest payable 62,000 Show how the above accounts should be presented on the December 31, 2020, balance sheet, including the proper classifications. (Enter account name only and do not provide descriptive information.) Coronado Corporation Balance Sheet (Partial) December 31, 2020 $
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Required information [The following information applies to the questions displayed below.] On August 1, 2019, Colombo Co.'s treasurer signed a note promising to pay $121,200 on December 31, 2019. The proceeds of the note were $115,800. Required: a. Calculate the discount rate used by the lender. (Enter your answer as a percentage rounded to 1 decimal place (l.e., 32.1).) Discount rate %
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