Bundle: Accounting, Loose-Leaf Version, 26th + LMS Integrated for CengageNOW, 2 terms Printed Access Card
26th Edition
ISBN: 9781305715967
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 14, Problem 14.9EX
Entries for issuing and calling bonds; gain
Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $15 ,000,000 of 20-year, 9% callable bonds on May 1, 2016 at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year.
| 2016 | |
| May 1. | Issued the bonds for cash at their face amount. |
| Nov. 1. | Paid the interest on the bonds. |
| 2022 | |
| Nov. 1. | Called the bond issue at 96, the rate provided in the bond indenture. (Omit entry for payment of interest.) |
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Entries for issuing and calling bonds; gain
Mia Breen Company produces and sells wind-energy-driven engines. To finance its operations, Mia Breen issued
$396,000 of 10-year, 8% callable bonds on May 1, 20Y5, at their face amount, with interest payable on May 1 and
November 1. The fiscal year of the company is the calendar year.
Journalize the entries to record the following selected transactions:
20Y5
May 1
November 1
20Y9
November 1
20Y5 May 1
Issued the bonds for cash at their face amount.
If an amount box does not require an entry, leave it blank.
Paid the interest on the bonds.
Issued the bonds for cash at their face amount.
20Y5 Nov. 1
Called the bond issue at 97, the rate provided in the bond indenture. (Omit entry for payment of
interest.)
Paid the interest on the bonds.
20Y9 Nov. 1
88
Called the bond issue at 97, the rate provided in the bond indenture. (Omit entry for payment of interest.)
88
Entries for Issuing and Calling Bonds; Gain
Mia Breen Corp. produces and sells wind-energy-driven
engines. To finance its operations, Mia Breen issued
$22,000,000 of 20-year, 4% callable bonds on May 1,
20Y5, at their face amount, with interest payable on May 1
and November 1. The fiscal year of the company is the
calendar year.
Journalize the entries to record the following selected
transactions:
20Y5
May 1
Nov. 1 Paid the interest on the bonds.
20Y9
Issued the bonds for cash at their face
amount.
Nov. 1
Called the bond issue at 97, the rate
provided in the bond indenture. (Omit entry
for payment of interest.)
If an amount box does not require an entry, leave it blank.
Issued the bonds for cash at their face amount.
20Y5 May 1
Paid the interest on the bonds.
20Y5 Nov. 1
Called the bond issue at 97, the rate provided in the bond
indenture. (Omit entry for payment of interest.).
20Y9 Nov. 1
Entries for Issuing and Calling Bonds; Gain
Mia Breen Corp. produces and sells wind-energy-driven engines. To finance its operations, Mia Breen issued $722,000 of 10-year, 12% callable bonds on May 1, 20Y5, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year.
Journalize the entries to record the following selected transactions:
20Y5
May 1
Issued the bonds for cash at their face amount.
Nov. 1
Paid the interest on the bonds.
20Y9
Nov. 1
Called the bond issue at 98, the rate provided in the bond indenture. (Omit entry for payment of interest.)
If an amount box does not require an entry, leave it blank.
Chapter 14 Solutions
Bundle: Accounting, Loose-Leaf Version, 26th + LMS Integrated for CengageNOW, 2 terms Printed Access Card
Ch. 14 - Describe the two distinct obligations incurred by...Ch. 14 - Explain the meaning of each of the following terms...Ch. 14 - If you asked your broker to buy you a 12% bond...Ch. 14 - Prob. 4DQCh. 14 - If bonds issued by a corporation are sold at...Ch. 14 - The following data relate to a 2,000,000, 8% bond...Ch. 14 - Bonds Payable has a balance of 5,000,000, and...Ch. 14 - What is a mortgage note?Ch. 14 - Fleeson Company needs additional funds to purchase...Ch. 14 - In what section of the balance sheet would a bond...
Ch. 14 - Prob. 14.1APECh. 14 - Alternative financing plans Brower co. is...Ch. 14 - Prob. 14.2APECh. 14 - Issuing bonds at face amount On January 1, the...Ch. 14 - Issuing bonds at a discount On the first day of...Ch. 14 - Issuing bonds at a discount On the first day of...Ch. 14 - Prob. 14.4APECh. 14 - Prob. 14.4BPECh. 14 - Prob. 14.5APECh. 14 - Prob. 14.5BPECh. 14 - Prob. 14.6APECh. 14 - Prob. 14.6BPECh. 14 - A Redemption of bonds payable A 1,500,000 bond...Ch. 14 - Prob. 14.7BPECh. 14 - Journalizing installment notes On the first day of...Ch. 14 - Journalizing installment notes On the first day of...Ch. 14 - Prob. 14.9APECh. 14 - Prob. 14.9BPECh. 14 - Effect of financing on earnings per share Domanico...Ch. 14 - Evaluate alternative financing plans Based on the...Ch. 14 - Prob. 14.3EXCh. 14 - Prob. 14.4EXCh. 14 - Entries for issuing bonds Gabriel Co. produces and...Ch. 14 - Prob. 14.6EXCh. 14 - Prob. 14.7EXCh. 14 - Prob. 14.8EXCh. 14 - Entries for issuing and calling bonds; gain Emil...Ch. 14 - Entries for installment note transactions On the...Ch. 14 - Prob. 14.11EXCh. 14 - Prob. 14.12EXCh. 14 - Reporting bonds At the beginning of the current...Ch. 14 - Prob. 14.14EXCh. 14 - Prob. 14.15EXCh. 14 - Prob. 14.16EXCh. 14 - Present value of amounts due Tommy John is going...Ch. 14 - Prob. 14.18EXCh. 14 - Prob. 14.19EXCh. 14 - Prob. 14.20EXCh. 14 - Prob. 14.21EXCh. 14 - Present value of bonds payable; premium Moss Co....Ch. 14 - Prob. 14.23EXCh. 14 - Appendix2 Amortize premium by interest method...Ch. 14 - Prob. 14.25EXCh. 14 - Prob. 14.26EXCh. 14 - Prob. 14.1APRCh. 14 - Prob. 14.2APRCh. 14 - Prob. 14.3APRCh. 14 - Entries for bonds payable and installment note...Ch. 14 - Prob. 14.5APRCh. 14 - Prob. 14.6APRCh. 14 - Effect of financing on earnings per share Three...Ch. 14 - Prob. 14.2BPRCh. 14 - Prob. 14.3BPRCh. 14 - Prob. 14.4BPRCh. 14 - Prob. 14.5BPRCh. 14 - Prob. 14.6BPRCh. 14 - Prob. 14.1CPCh. 14 - Ethics and professional conduct in business Solar...Ch. 14 - Prob. 14.3CPCh. 14 - Prob. 14.4CPCh. 14 - Prob. 14.5CPCh. 14 - Times interest earned The following financial data...
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