Bond refers to a financial security which is issued by a business entity for raising funds for long-term. Bond generates return for the investors on a specified date and this return can be variable or fixed. Requirement 1; To prepare: Journal entries for the transactions of 2016. Main solution: Date Accounts Title& Explanation Debit Credit Jan. 2, 2016 Long-term Investment –Held-to-Maturity $800000 Cash $800000 (For recording purchase of bond) June.30, 2016 Cash $16000 Interest Revenue $16000 (For recording interest on bond) Dec.31, 2016 Cash $16000 Interest Revenue $16000 (For recording interest on bond)

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Answer 1

Question

Chapter 15, Problem E15.9E

To determine

Concept introduction: Bond refers to a financial security which is issued by a business entity for raising funds for long-term. Bond generates return for the investors on a specified date and this return can be variable or fixed.

Requirement 1;

To prepare: Journal entries for the transactions of 2016.

Main solution:

Date Accounts Title& Explanation Debit Credit

Jan. 2, 2016 Long-term Investment –Held-to-Maturity $800000

Cash $800000

(For recording purchase of bond)

June.30, 2016 Cash $16000

Interest Revenue $16000

(For recording interest on bond)

Dec.31, 2016 Cash $16000

Interest Revenue $16000

(For recording interest on bond)

To determine

Requirement 2;

To calculate: Amount of interest received each year from CocoCorp.

Main solution:

Amount of interest received each year from CocoCorp = $32000

To determine

Requirement 3;

To calculate: Amount of interest revenue recognized during 2016.

Main solution:

Amount of interest revenue recognized during 2016 = $32000

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Students have asked these similar questions

During June, the production department of a process operations system completed and transferred to finished goods a total of 82,000 units of product. At the end of May, 18,000 additional units were in process in the production department and were 70% complete with respect to materials. The beginning inventory included a materials cost of $92,400 and the production department incurred a direct materials cost of $276,800 during June. Compute the direct materials cost per equivalent unit for the department using the weighted-average method.

Mistral Inc. reported $85,000 in net profit for the year using absorption costing. The company had no units in beginning inventory, planned and actual production was24,000 units and sales were 20,500 units during the year. Variable manufacturing costs were $25 per unit and total budgeted fixed manufacturing overhead was $120,000. There was no underapplied or overapplied overhead reported during the year. Determine the net profit under variable costing.

I need help with this general accounting question using the proper accounting approach.

Answer 2

Question

Chapter 15, Problem E15.9E

To determine

Concept introduction: Bond refers to a financial security which is issued by a business entity for raising funds for long-term. Bond generates return for the investors on a specified date and this return can be variable or fixed.

Requirement 1;

To prepare: Journal entries for the transactions of 2016.

Main solution:

Date Accounts Title& Explanation Debit Credit

Jan. 2, 2016 Long-term Investment –Held-to-Maturity $800000

Cash $800000

(For recording purchase of bond)

June.30, 2016 Cash $16000

Interest Revenue $16000

(For recording interest on bond)

Dec.31, 2016 Cash $16000

Interest Revenue $16000

(For recording interest on bond)

To determine

Requirement 2;

To calculate: Amount of interest received each year from CocoCorp.

Main solution:

Amount of interest received each year from CocoCorp = $32000

To determine

Requirement 3;

To calculate: Amount of interest revenue recognized during 2016.

Main solution:

Amount of interest revenue recognized during 2016 = $32000

Expert Solution & Answer

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Answer 3

Question

Chapter 15, Problem E15.9E

To determine

Concept introduction: Bond refers to a financial security which is issued by a business entity for raising funds for long-term. Bond generates return for the investors on a specified date and this return can be variable or fixed.

Requirement 1;

To prepare: Journal entries for the transactions of 2016.

Main solution:

Date Accounts Title& Explanation Debit Credit

Jan. 2, 2016 Long-term Investment –Held-to-Maturity $800000

Cash $800000

(For recording purchase of bond)

June.30, 2016 Cash $16000

Interest Revenue $16000

(For recording interest on bond)

Dec.31, 2016 Cash $16000

Interest Revenue $16000

(For recording interest on bond)

To determine

Requirement 2;

To calculate: Amount of interest received each year from CocoCorp.

Main solution:

Amount of interest received each year from CocoCorp = $32000

To determine

Requirement 3;

To calculate: Amount of interest revenue recognized during 2016.

Main solution:

Amount of interest revenue recognized during 2016 = $32000

Expert Solution & Answer

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Answer 4

Question

Chapter 15, Problem E15.9E

To determine

Concept introduction: Bond refers to a financial security which is issued by a business entity for raising funds for long-term. Bond generates return for the investors on a specified date and this return can be variable or fixed.

Requirement 1;

To prepare: Journal entries for the transactions of 2016.

Main solution:

Date Accounts Title& Explanation Debit Credit

Jan. 2, 2016 Long-term Investment –Held-to-Maturity $800000

Cash $800000

(For recording purchase of bond)

June.30, 2016 Cash $16000

Interest Revenue $16000

(For recording interest on bond)

Dec.31, 2016 Cash $16000

Interest Revenue $16000

(For recording interest on bond)

To determine

Requirement 2;

To calculate: Amount of interest received each year from CocoCorp.

Main solution:

Amount of interest received each year from CocoCorp = $32000

To determine

Requirement 3;

To calculate: Amount of interest revenue recognized during 2016.

Main solution:

Amount of interest revenue recognized during 2016 = $32000

Expert Solution & Answer

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Answer 5

Chapter 15, Problem E15.9E

To determine

Concept introduction: Bond refers to a financial security which is issued by a business entity for raising funds for long-term. Bond generates return for the investors on a specified date and this return can be variable or fixed.

Requirement 1;

To prepare: Journal entries for the transactions of 2016.

Main solution:

Date Accounts Title& Explanation Debit Credit

Jan. 2, 2016 Long-term Investment –Held-to-Maturity $800000

Cash $800000

(For recording purchase of bond)

June.30, 2016 Cash $16000

Interest Revenue $16000

(For recording interest on bond)

Dec.31, 2016 Cash $16000

Interest Revenue $16000

(For recording interest on bond)

To determine

Requirement 2;

To calculate: Amount of interest received each year from CocoCorp.

Main solution:

Amount of interest received each year from CocoCorp = $32000

To determine

Requirement 3;

To calculate: Amount of interest revenue recognized during 2016.

Main solution:

Amount of interest revenue recognized during 2016 = $32000

Answer 6

Chapter 15, Problem E15.9E

To determine

Concept introduction: Bond refers to a financial security which is issued by a business entity for raising funds for long-term. Bond generates return for the investors on a specified date and this return can be variable or fixed.

Requirement 1;

To prepare: Journal entries for the transactions of 2016.

Main solution:

Date Accounts Title& Explanation Debit Credit

Jan. 2, 2016 Long-term Investment –Held-to-Maturity $800000

Cash $800000

(For recording purchase of bond)

June.30, 2016 Cash $16000

Interest Revenue $16000

(For recording interest on bond)

Dec.31, 2016 Cash $16000

Interest Revenue $16000

(For recording interest on bond)

Answer 7

Chapter 15, Problem E15.9E

To determine

Concept introduction: Bond refers to a financial security which is issued by a business entity for raising funds for long-term. Bond generates return for the investors on a specified date and this return can be variable or fixed.

Requirement 1;

To prepare: Journal entries for the transactions of 2016.

Main solution:

Date Accounts Title& Explanation Debit Credit

Jan. 2, 2016 Long-term Investment –Held-to-Maturity $800000

Cash $800000

(For recording purchase of bond)

June.30, 2016 Cash $16000

Interest Revenue $16000

(For recording interest on bond)

Dec.31, 2016 Cash $16000

Interest Revenue $16000

(For recording interest on bond)

Answer 8

To determine

Requirement 2;

To calculate: Amount of interest received each year from CocoCorp.

Main solution:

Amount of interest received each year from CocoCorp = $32000

Answer 9

To determine

Requirement 2;

To calculate: Amount of interest received each year from CocoCorp.

Main solution:

Amount of interest received each year from CocoCorp = $32000

Answer 10

To determine

Requirement 3;

To calculate: Amount of interest revenue recognized during 2016.

Main solution:

Amount of interest revenue recognized during 2016 = $32000

Answer 11

To determine

Requirement 3;

To calculate: Amount of interest revenue recognized during 2016.

Main solution:

Amount of interest revenue recognized during 2016 = $32000

Answer 12

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Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

Ch. 15 - Prob. 1QC Ch. 15 - Which of the following investments is most likely...Ch. 15 - Prob. 3QC Ch. 15 - A company invested $45,000 in Yale Co. stock. The...Ch. 15 - Prob. 5QC Ch. 15 - Prob. 6QC Ch. 15 - Prob. 7QC Ch. 15 - Prob. 8QC Ch. 15 - Prob. 9QC Ch. 15 - Prob. 10QC

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Requirement 2;

To calculate: Amount of interest received each year from CocoCorp.

Main solution:

Amount of interest received each year from CocoCorp = $32000

Requirement 3;

To calculate: Amount of interest revenue recognized during 2016.

Main solution:

Amount of interest revenue recognized during 2016 = $32000

Want to see the full answer?

Chapter 15 Solutions

Date	Accounts Title& Explanation	Debit	Credit
Jan. 2, 2016	Long-term Investment –Held-to-Maturity	$800000
	Cash		$800000
	(For recording purchase of bond)

June.30, 2016	Cash	$16000
	Interest Revenue		$16000
	(For recording interest on bond)

Dec.31, 2016	Cash	$16000
	Interest Revenue		$16000
	(For recording interest on bond)

Videos

Requirement 2; To calculate: Amount of interest received each year from CocoCorp. Main solution: Amount of interest received each year from CocoCorp = $32000

Requirement 3; To calculate: Amount of interest revenue recognized during 2016. Main solution: Amount of interest revenue recognized during 2016 = $32000

Want to see the full answer?

Chapter 15 Solutions

Requirement 2;

To calculate: Amount of interest received each year from CocoCorp.

Main solution:

Amount of interest received each year from CocoCorp = $32000

Requirement 3;

To calculate: Amount of interest revenue recognized during 2016.

Main solution:

Amount of interest revenue recognized during 2016 = $32000