Prepare: Journal entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1.

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Answer 1

Question

Chapter 11, Problem 4PB

1.

To determine

Prepare: Journal entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1.

2. a.

To determine

Prepare journal entry to record first interest payment and amortization of bond discount on December 31, 20Y1.

b.

To determine

Prepare journal entry to record second interest payment and amortization of bond discount on June 30, 20Y2.

3.

To determine

Determine the amount of total interest expense for 20Y1.

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Accounting Cycle Review 15 a-e Carla Vista Corporation's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below. Debit Credit Cash Accounts Receivable Inventory $27,400 59,000 22,600 Land 62,900 Buildings 96,900 Equipment 42,000 Allowance for Doubtful Accounts $430 Accumulated Depreciation-Buildings 30,500 Accumulated Depreciation-Equipment 15,000 Accounts Payable 19,300 Interest Payable -0- Dividends Payable Unearned Rent Revenue -0- 8,800 Bonds Payable (10%) 54,000 Common Stock ($10 par) 34,000 Paid-in Capital in Excess of Par-Common Stock 6,800 Preferred Stock ($20 par) -0- Paid-in Capital in Excess of Par-Preferred -0- Stock Retained Earnings 72,970 Treasury Stock -0- Cash Dividends Sales Revenue Rent Revenue Bad Debt Expense Interest Expense Cost of Goods Sold Depreciation Expense Other Operating Expenses Salaries and Wages Expense -0- 576,000 -0- -0- -0- 404,000 -0- 39,900 63,100 Total Unrecorded…

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Answer 2

Question

Chapter 11, Problem 4PB

1.

To determine

Prepare: Journal entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1.

2. a.

To determine

Prepare journal entry to record first interest payment and amortization of bond discount on December 31, 20Y1.

b.

To determine

Prepare journal entry to record second interest payment and amortization of bond discount on June 30, 20Y2.

3.

To determine

Determine the amount of total interest expense for 20Y1.

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Answer 3

Question

Chapter 11, Problem 4PB

1.

To determine

Prepare: Journal entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1.

2. a.

To determine

Prepare journal entry to record first interest payment and amortization of bond discount on December 31, 20Y1.

b.

To determine

Prepare journal entry to record second interest payment and amortization of bond discount on June 30, 20Y2.

3.

To determine

Determine the amount of total interest expense for 20Y1.

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Answer 4

Question

Chapter 11, Problem 4PB

1.

To determine

Prepare: Journal entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1.

2. a.

To determine

Prepare journal entry to record first interest payment and amortization of bond discount on December 31, 20Y1.

b.

To determine

Prepare journal entry to record second interest payment and amortization of bond discount on June 30, 20Y2.

3.

To determine

Determine the amount of total interest expense for 20Y1.

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Answer 5

Chapter 11, Problem 4PB

1.

To determine

Prepare: Journal entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1.

2. a.

To determine

Prepare journal entry to record first interest payment and amortization of bond discount on December 31, 20Y1.

b.

To determine

Prepare journal entry to record second interest payment and amortization of bond discount on June 30, 20Y2.

3.

To determine

Determine the amount of total interest expense for 20Y1.

Answer 6

Chapter 11, Problem 4PB

1.

To determine

Prepare: Journal entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1.

Answer 7

Chapter 11, Problem 4PB

1.

To determine

Prepare: Journal entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1.

Answer 8

2. a.

To determine

Prepare journal entry to record first interest payment and amortization of bond discount on December 31, 20Y1.

Answer 9

2. a.

To determine

Prepare journal entry to record first interest payment and amortization of bond discount on December 31, 20Y1.

Answer 10

b.

To determine

Prepare journal entry to record second interest payment and amortization of bond discount on June 30, 20Y2.

Answer 11

b.

To determine

Prepare journal entry to record second interest payment and amortization of bond discount on June 30, 20Y2.

Answer 12

3.

To determine

Determine the amount of total interest expense for 20Y1.

Answer 13

3.

To determine

Determine the amount of total interest expense for 20Y1.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 11 - Describe the two distinct obligations incurred by...Ch. 11 - Explain the meaning of each of the following terms...Ch. 11 - If you asked your broker to purchase for you a 12%...Ch. 11 - Prob. 4DQ Ch. 11 - Prob. 5DQ Ch. 11 - Prob. 6DQ Ch. 11 - Prob. 7DQ Ch. 11 - Fleeson Company needs additional funds to purchase...Ch. 11 - Prob. 9DQ Ch. 11 - Issuing bonds at face amount On January 1, the...

Prepare: Journal entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1.

Solution Summary: The author explains the effective-interest amortization method, which apportions the amount of bond discount or premium based on the market interest rate.

Prepare: Journal entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1.

Prepare journal entry to record first interest payment and amortization of bond discount on December 31, 20Y1.

Prepare journal entry to record second interest payment and amortization of bond discount on June 30, 20Y2.

Determine the amount of total interest expense for 20Y1.

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Chapter 11 Solutions