Marigold, Inc., purchased $372,000 of its bonds at 95 on June 30, 2020, and immediately retired them. The carrying value of the bonds on the retirement date was $360,000. The bonds pay annual interest and the interest payment due on June 30, 2020, has been made and recorded. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
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- On January 1, 2020, Riverbed Corporation redeemed $400,000 of bonds at 96. At the time of redemption, the unamortized premium was $12,000. Prepare the corporation’s journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 decimal places, e.g. 38,548.) Account Titles and Explanation Debit Creditenter an account titleenter a debit amountenter a credit amountenter an account titleenter a debit amountenter a credit amountenter an account titleenter a debit amountenter a credit amountenter an account titleenter a debit amountenter a credit amountPrepare the entry to record the retirement of half the bonds still outstanding on January 1, 2022 for a cash payment of $1,220,000. Assume the accrued interest was paid. (Credit account tities 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) Account Titles and Explanation Date Jan. 1, 2022 Debit CreditSunland Electric sold $5,615,000, 10%, 10-year bonds on January 1, 2020. The bonds were dated January 1, 2020, and paid interest on January 1. The bonds were sold at 96. (a) Prepare the journal entry to record the issuance of the bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 enter an account title for the journal entry on January 1, 2020 enter a debit amount enter a credit amount enter an account title for the journal entry on January 1, 2020 enter a debit amount enter a credit amount enter an account title for the journal entry on January 1, 2020 enter a debit amount enter a credit amount
- Crane Corporation issued $402,000 of 4%, 10-year bonds on January 1, 2024, at face value. Interest is payable annually on January 1, 2025. (a) Prepare the journal entry to record the issuance of the bonds. (List debit entry before credit entry. 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.) Date Jan. 1, 2024 Account Titles List of Accounts Save for Later Debit Attempts: 0 of 1 used (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above. Credit Submit AnswerKing Company issued bonds with a face amount of $1,600,000 in 2015. As of January 1, 2020, the balance in Discount on Bonds Payable is $4,800. At that time, King redeemed the bonds at 102.Assuming that no interest is payable, make the entry to record the redemption. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1On January 1, 2025, Tamarisk Corporation redeemed $460,000 of bands at 98. At the time of redemption, the unamortized premium was $13,800. Prepare the corporation's journal entry to record the reacquisition of 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. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
- The balance sheet for Cullumber Consulting reports the following information on July 1, 2020. Long-term liabilities Bonds payable $3,100,000 Less: Discount on bonds payable 217,000 $2,883,000 Cullumber decides to redeem these bonds at 103 after paying annual interest.Prepare the journal entry to record the redemption on July 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)On January 1, 2020, Larkspur Corporation redeemed $620,000 of bonds at 97. At the time of redemption, the unamortized premium was $18,600. Prepare the corporation’s journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 decimal places, e.g. 38,548.)Wildhorse Electric sold $5,160,000, 14%, 10-year bonds on January 1, 2020. The bonds were dated January 1, 2020, and paid interest on January 1. The bonds were sold at 97 1. Prepare the journal entry to record the issuance of the bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 enter an account title for the journal entry on January 1, 2020 enter a debit amount enter a credit amount enter an account title for the journal entry on January 1, 2020 enter a debit amount enter a credit amount enter an account title for the journal entry on January 1, 2020 enter a debit amount enter a credit amount 2.At December 31, 2020, $7,600 of the Discount on Bonds Payable account has been amortized. Show the balance sheet presentation of the long-term liability at December 31,…
- On January 1, 2025, Splish Corporation redeemed $520,000 of bonds at 99. At the time of redemption, the unamortized premium was $15,600. Prepare the corporation's journal entry to record the reacquisition of 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. List all debit entries before credit entries.) Account Titles and Explanation Debit CreditSandhill Co. sold $5,600,000, 7%, 15-year bonds on January 1, 2025. The bonds were dated January 1, 2025, and pay interest on December 31. The bonds were sold at 97. Prepare the journal entry to record the issuance of the bonds on January 1, 2025. (List all debit entries before credit entries. 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.) Date Account Titles and Explanation Jan. 1, 2025 eTextbook and Media eTextbook 1 e Textbook 2 Video List of Accounts eTextbook and Media Debit At December 31, 2025, $11,200 of the bond discount had been amortized. Show the long-term liability balance sheet presentation of the bond liability at December 31, 2025. SANDHILL CO. Balance Sheet (Partial) $ Credit Assistance Used AccictancocodThe balance sheet for Pina Colada Consulting reports the following information on July 1, 2022. Long-term liabilities Bonds payable Less: Discount on bonds payable $1,280,000 51,200 $1,228,800 Pina Colada decides to redeem these bonds at 105 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)