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$990,000

$990,000

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter3: Review Of A Company's Accounting System
Section: Chapter Questions
Problem 10RE: Use the information in RE3-6, (a) assuming Ringo Company makes reversing entries, prepare the...
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On May 1, 2022, Ivanhoe Corp. issued $990,000, 9%, 5-year bonds at face value. The bonds were dated May 1, 2022, and pay interest annually on May 1. Financial statements are prepared annually on December 31. List of accounts Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Allowance for Doubtful Accounts Bad Debt Expense Bonds Payable Buildings Cash Cash Dividends Common Stock Depreciation Expense Discount on Bonds Payable Dividends Payable Equipment Gain on Bond Redemption Interest Expense Interest Payable Inventory Land Lease Liability Leased Asset-Equipment Loss on Bond Redemption Mortgage Payable Notes Payable Other Operating Expenses Paid-in Capital in Excess of Par-Common Stock Paid-in Capital in Excess of Par-Preferred Stock Preferred Stock Premium on Bonds Payable Rent Expense Rent Revenue Retained Earnings Right-of-Use-Asset Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Treasury Stock Unearned Rent Revenue
Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually) (b) Date May 1, 2022 eTextbook and Media (c) Account Titles and Explanation List of Accounts Save for Later Date Dec 31, 2022 Prepare the adjusting entry to record the accrual of interest on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation eTextbook and Media List of Accounts Save for Later Debit Ivanhoe Corp. Balance Sheet (Partial) Debit Attempts: 0 of 2 used Submit Answer Credit Attempts: 0 of 2 used NZXT Credit Show the balance sheet presentation on December 31, 2022. (Enter account name only and do not provide descriptive information.) Submit Answer C
Transcribed Image Text:Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually) (b) Date May 1, 2022 eTextbook and Media (c) Account Titles and Explanation List of Accounts Save for Later Date Dec 31, 2022 Prepare the adjusting entry to record the accrual of interest on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation eTextbook and Media List of Accounts Save for Later Debit Ivanhoe Corp. Balance Sheet (Partial) Debit Attempts: 0 of 2 used Submit Answer Credit Attempts: 0 of 2 used NZXT Credit Show the balance sheet presentation on December 31, 2022. (Enter account name only and do not provide descriptive information.) Submit Answer C
(d) Prepare the journal entry to record payment of interest on May 1, 2023. (Credit account tities are automatically indented when amount is entered. Do not indent manually) (e) Date Account Titles and Explanation May 1 2023 (f) eTextbook and Media List of Accounts Save for Later Date Dec. 31, 2023 Prepare the adjusting entry to record the accrual of interest on December 31, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually) eTextbook and Media List of Accounts Account Titles and Explanation Save for Laber Date Jan 1, 2024 Jan. 1, 2024 Account Titles and Explanation (To record payment of interest) (To record redemption of the bonds) eTextbook and Media Debit Assume that on January 1, 2024, Ivanhoe pays the accrual bond interest and calls the bonds. The call price is 103. Record the payment of interest and redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually) List of Accounts Save for Later Attempts: 0 of 2 used Debit Attempts: 0 of 2 used Debit Credit Submit Answer Attempts: 0 of 2 used Credit Submit Answer Credit Submit Answer
Transcribed Image Text:(d) Prepare the journal entry to record payment of interest on May 1, 2023. (Credit account tities are automatically indented when amount is entered. Do not indent manually) (e) Date Account Titles and Explanation May 1 2023 (f) eTextbook and Media List of Accounts Save for Later Date Dec. 31, 2023 Prepare the adjusting entry to record the accrual of interest on December 31, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually) eTextbook and Media List of Accounts Account Titles and Explanation Save for Laber Date Jan 1, 2024 Jan. 1, 2024 Account Titles and Explanation (To record payment of interest) (To record redemption of the bonds) eTextbook and Media Debit Assume that on January 1, 2024, Ivanhoe pays the accrual bond interest and calls the bonds. The call price is 103. Record the payment of interest and redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually) List of Accounts Save for Later Attempts: 0 of 2 used Debit Attempts: 0 of 2 used Debit Credit Submit Answer Attempts: 0 of 2 used Credit Submit Answer Credit Submit Answer
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