Ayayai Corporation issues $305,000 of bonds for $320,250.
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- On June 30, 2017, Bramble Company issued 12% bonds with a par value of $760,000 due in 20 years. They were issued at 98 and were callable at 105 at any date after June 30, 2025. Because of lower interest rates and a significant change in the company's credit rating, it was decided to call the entire issue on June 30, 2026, and to issue new bonds. New 8% bonds were sold in the amount of $920,000 at 103; they mature in 20 years. Bramble Company uses straight-line amortization. Interest payment dates are December 31 and June 30. (a) (b) Prepare journal entries to record the redemption of the old issue and the sale of the new issue on June 30, 2026. Prepare the entry required on December 31, 2026, to record the payment of the first 6 months' interest and the amortization of premium on the bonds. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.…On October 1. 2020, Shamrock, Inc. assigns $1,160.700 aof its accounts recelvable to Bridgeport National Bank as collateral for a $747,900 note. The bank assesses a finance charge of 3 of the receivables assigned and interest on the note of 9N Prepare the October 1 journal entries for both Shamrock and Bridgeport. fno entryis required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automutically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Shamrock. Inc. Oct. 1 Bridgeport National Bank Oct. 1 Sheffield Incorporated factored $134.100 of accounts receivable with Engram Factors Inc. on a with recourse basis. Engram assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 7% of accounts receivable for possible adjustments Prepare the journal entry for Sheffield to record the sale, assuming that the recourse liability has a fair value of…Tarheel Inc., a calendar year-end company, issued bonds on 1/1/X1. It uses the effective interest method to amortize bond discounts and premiums. The following facts are known about these bonds: Issue Date: 1/1/X1 Face Value: $900,000 Issue Price: $823,000 Face Rate: 4% compounded semi-annually (in other words, 2% every six months) Market (Effective) Rate: 6% compounded semi-annually (in other words, 3% every six months) Term: 5 years Semi-Annual Interest Payment Dates: June 30 and Dec 31 First interest payment will occur on: June 30, 20X1 Note: Round all calculations to the nearest whole dollar. Required: Using the above information, prepare the journal entries to record: (1) the issuance of the bonds and (2) the first cash interest payment on 6/30/X1. Remember to round all amounts to the nearest whole dollar. Decimals or cents should not be shown in the numerical response portion of your journal entry.
- On May 1, 2020, Marigold Company issued 1,900 $1,000 bonds at 102. Each bond was issued with one detachable stock warrant. Shortly after issuance, the bonds were selling at 97, but the fair value of the warrants cannot be determined. (a) Prepare the entry to record the issuance of the bonds and warrants. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Cash 1,938,000 Discount on Bonds Payable 57,000 Bonds Payable 1,900,000 Paid-in Capital-Stock Warrants 95,000 (b) Assume the same facts as part (a), except that the warrants had a fair value of $23. Prepare the entry to record the issuance of the bonds and warrants. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is reguired, W ASAOn May 1, 2020, Marigold Company issued 1,900 $1,000 bonds at 102. Each bond was issued with one detachable stock warrant. Shortly after issuance, the bonds were selling at 97, but the fair value of the warrants cannot be determined. (a) Prepare the entry to record the issuance of the bonds and warrants. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit 7 9 Home PgUp Nav EM t End PgDn Mv Up e y EnterOn December 1, Cheyenne Furniture Corporation borrowed $8,800 on a 90-day, 15% note. Prepare the entries to record the issuance of the note, the accrual of interest at year end, and the payment of the note. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
- The following section is taken from Crane's balance sheet at December 31, 2021. Current liabilities Interest payable Long-term liabilities Bonds payable (8%, due January 1, 2025) (a) Interest is payable annually on January 1. The bonds are callable on any annual interest date. (b) Journalize the payment of the bond interest on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Jan. 1, 2022 eTextbook and Media List of Accounts Save for Later $33,000 412,500 Account Titles and Explanation Date Account Titles and Explanation Jan. 1, 2022 Debit Attempts: 0 of 5 used Assume that on January 1, 2022, after paying interest, Crane calls bonds having a face value of $165,000. The call price is 101. Record the redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit Submit Answer CreditEntries for Issuing Bonds and Amortizing Discount by Straight-Line Method On the first day of its fiscal year, Chin Company issued $26,500,000 of five-year, 12% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 13%, resulting in Chin receiving cash of $25,547,585. a. Journalize the entries to record the following: 1. Issuance of the bonds. 2. First semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) 3. Second semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) If an amount box does not require an entry, leave it blank. 1. 2. 3. 300 000 000 000 000 b. Determine the amount of the bond interest expense for the first year.1. Journalize the entries to record the transactions. Round all amounts to the nearest dollar. Refer to the Chart of Accounts for exact wording of account titles. 2. Indicate the amount of the interest expense in (a) 20Y1 and (b) 20Y2. 3. Determine the carrying amount of the bonds as of December 31, 20Y2. (Refer to image, thank you!)
- Monty Corp. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable.(a)Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 enter an account title to record the proceeds of the note on July 1 enter a debit amount enter a credit amount enter an account title to record the proceeds of the note on July 1 enter a debit amount enter a credit amount (b)Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title to record the accrued interest on December 31 enter a debit amount enter a credit…Prepare the journal entries related for the below transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Part 1 Greener Pastures Corporation borrowed $1,600,000 on November 1, 2018. The note carried a 12 percent interest rate with the principal and interest payable on June 1, 2019. Record the borrowing of $1,600,000. Is for November 1,2018 Part 2 Greener Pastures Corporation borrowed $1,600,000 on November 1, 2018. The note carried a 12 percent interest rate with the principal and interest payable on June 1, 2019. Record the interest accrued on the notes payable. December 31,2018Additional information: • The cheque received from L. Simpson on the 26th February in settlement of her account was returned by the bank marked R/D on the 28th February 2021. This transaction has not yet been recorded. • The debtors control and debtors list was reconciled on the 31st January 2021 Q.2.1 Open, post to and balance the debtors control account in the general ledger of Towel Talk for February 2021. (Round off to the nearest rand) 2021 2.2 Prepare the individual account of L. Simpson in the debtors ledger of Towel Talk for February 2021. (Round off to the nearest rand) 2.3 Prepare the debtors list of Towel Talk as at 28 February 2021. (Round off to the nearest rand) (Show all workings)