Answer all the three requirements please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Rodgers Gridiron Co. produces and sells football equipment. On July 1, 20Y1, Rodgers issued $65,000,000 of 10-year, 12% bonds at a market (effective) interest rate of 10%, receiving cash of $73,100,469. Interest on the bonds is payable semiannually on December 31 andJune 30. The fiscal year of the company is the calendar year.Required:For all journal entries, if an amount box does not require an entry, leave it blank.1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds.2011 July 1 CashFeedback✓Premium on Bonds PayableBonds Payable✓Check My WorkBonds Payable is always recorded at face value. Any difference in issue price is reflected in a premium or discount account.20Y1 Dec. 31 Interest ExpenseFeedback2. Journalize the entries to record the following:a. The first semiannual interest payment on December 31, 2011, and the amortization of the bond premium, using the interest method. Round to the nearest dollar.Premium on Bonds PayableCash73,100,469 ✔Check My Work✓8,100,469 ✔65,000,000405,023 X3,900,000 ✓ b. The interest payment on June 30, 2012, and the amortization of the bond premium, using the interest method. Round tothe nearest dollar.2012 June 30 Interest ExpenseFeedbackPremium on Bonds PayableCash3,494,977 X405,023 XFeedbackCheck My Work2b. Cash received (- premium amortized Dec. 31, 20Y1) x semiannual market rate= Interest Expense (debit).Principal x semiannual contract rate = cash paid (credit). The premium amortized (debit) is the difference betweenthe two amounts.3,900,0003. Determine the total interest expense for 2011. Round to the nearest dollar.73,100,469 XCheck My Work3. 2011 Interest expense is the amount debited in 2(a).

Lets understanding the basics.Premium or discount on issue of bond can be amortized using,(1)…

Rodgers Gridiron Co. produces and sells football equipment. On July 1, 2011, Rodgers issued $65,000,000 of 10-year, 12% bonds at a market (effective) interest rate of 10%, receiving cash of $73,100,469. Interest on the bonds is payable semiannually on Decemb June 30. The fiscal year of the company is the calendar year. Required: For all journal entries, if an amount box does not require an entry, leave it blank. 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds. 2011 July 1 Cash Premium on Bonds Payable Bonds Payable ✓ 73,100,469 8,100,469 ✔ 65,000,000 ✓

Rodgers Gridiron Co. produces and sells football equipment. On July 1, 2011, Rodgers issued $65,000,000 of 10-year, 12% bonds at a market (effective) interest rate of 10%, receiving cash of $73,100,469. Interest on the bonds is payable semiannually on Decemb June 30. The fiscal year of the company is the calendar year. Required: For all journal entries, if an amount box does not require an entry, leave it blank. 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds. 2011 July 1 Cash Premium on Bonds Payable Bonds Payable ✓ 73,100,469 8,100,469 ✔ 65,000,000 ✓

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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