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 5PA

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 semiannual interest payment and amortization of bond premium on December 31, 20Y1.

2. 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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Amherst City provides a defined benefit pension plan for employees of the city electric utility, an enterprise fund. Assume that the projected level of earnings on plan investments is $199,000, the service cost component is $257,500, and interest on the pension liability is $164,500 for the year. The City is amortizing a deferred outflow resulting from a change in plan assumptions from a prior year in the amount of $7,650 per year. Requried: Prepare journal entries to record annual pension expenses for the enterprise fund.

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Amherst City provides a defined benefit pension plan for employees of the city electric utility, an enterprise fund. Assume that the projected level of earnings on plan investments is $165,000, the service cost component is $260,000, and interest on the pension liability is $99,000 for the year. The City is amortizing a deferred outflow resulting from a change in plan assumptions from a prior year in the amount of $5,500 per year. Requried: Prepare journal entries to record annual pension expenses for the enterprise fund.

Answer 2

Question

Chapter 11, Problem 5PA

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 semiannual interest payment and amortization of bond premium on December 31, 20Y1.

2. 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 5PA

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 semiannual interest payment and amortization of bond premium on December 31, 20Y1.

2. 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 5PA

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 semiannual interest payment and amortization of bond premium on December 31, 20Y1.

2. 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.

Expert Solution & Answer

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Answer 5

Chapter 11, Problem 5PA

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 semiannual interest payment and amortization of bond premium on December 31, 20Y1.

2. 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 5PA

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 5PA

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 semiannual interest payment and amortization of bond premium on December 31, 20Y1.

Answer 9

2. a.

To determine

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

Answer 10

2. b.

To determine

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

Answer 11

2. 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 semiannual interest payment and amortization of bond premium 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