Required information [The following information applies to the questions displayed below.] On January 1, 2024, Splash City issues $370,000 of 6% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 7% and the bonds issued at $330,493. 2. If the market interest rate drops to 6% on December 31, 2025, it will cost $370,000 to retire the bonds. Record the retirement of the bonds on December 31, 2025. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 Record the retirement of the bonds. Note: Enter debits before credits. Date December 31, 2025 Bonds Payable Loss Record entry General Journal Discount on Bonds Payable Cash Clear entry Debit 370,000 37,537 370,000 Credit 332,463 View general journal

Required information [The following information applies to the questions displayed below.] On January 1, 2024, Splash City issues $370,000 of 6% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 7% and the bonds issued at $330,493. 2. If the market interest rate drops to 6% on December 31, 2025, it will cost $370,000 to retire the bonds. Record the retirement of the bonds on December 31, 2025. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 Record the retirement of the bonds. Note: Enter debits before credits. Date December 31, 2025 Bonds Payable Loss Record entry General Journal Discount on Bonds Payable Cash Clear entry Debit 370,000 37,537 370,000 Credit 332,463 View general journal

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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On June 1, 2023, JetCom Inventors Inc. issued a $540,000, 12%, three-year bond. Interest is to be paid semiannually beginning December 1, 2023.Required:a. Calculate the issue price of the bond assuming a market interest rate of 13%. (Do not round intermediate calculations. Round the final answer to the nearest whole dollar.) - 32400 b. Using the effective interest method, prepare an amortization schedule. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar. Enter all the amounts as positive values.) - ? Part 1Prepare journal entries to the following. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.)a. Issuance of the bonds on June 1, 2023b. Payment of interest on December 1, 2023c. Adjusting entry to accrue bond interest and discount amortization on January 31, 2024d. Payment of interest on June 1, 2024Assume JetCom Inventors Inc. has a January 31 year-end. Part 2Show how the bonds will appear on the…
Required information [The following information applies to the questions displayed below.] On January 1, 2024, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $410,000 of 6% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. 2. If the market interest rate is 7%, the bonds will issue at $372,296. Record the bond issue on January 1, 2024, and the first two semiannual interest payments on June 30, 2024, and December 31, 2024. (If no entry is required for à particular transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest dollar amount.) View transaction list Journal entry worksheet 2 Record the bond issue. Nota: Enter debits before credits. Date January 01, 2024 General Journal Debit Credit
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Required information [The following information applies to the questions displayed below.] Alaskan Frontier provides rail and bus tours of Alaska. Alaska Frontier issues $310,000 of 9% bonds on January 1, 2021 to finance operations. The bonds are due in 20 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 10%, the bonds will issue at $283,405. 2. Record the bond issue on January 1. 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for a particular transection/event, select "No Journal Entry Required" in the first account field. Round your intermediate and final answers to the nearest whole dollar.) View transaction list 1 Record the bond issue. 2 Record the first semiannual interest payment. Record the second semiannual interest payment. Credit
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