| | Problem 10-9A Wempe Co. sold $3,343,000,8%,10-year bonds on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually. Warning | Don't show me this message again for the assignment |
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| Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1)105and (2)96. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) | No. | Date | Account Titles and Explanation | Debit | Credit | | 1. | 1/1/14 | | | | | | | | | | | | | 2. | 1/1/14 | | | | | | | | | | | | Warning | Don't show me this message again for the assignment |
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| Prepare amortization tables for issuance of the bonds sold at105for the first three interest payments. | Annual Interest Periods | Interest to Be Paid | Interest Expense to Be Recorded | Premium Amortization | Unamortized Premium | Bond Carrying Value | | Issue date | $ | $ | $ | $ | $ | | 1 | | | | | | | 2 | | | | | | | 3 | | | | | | Prepare amortization tables for issuance of the bonds sold at96for the first three interest payments. | Annual Interest Periods | Interest to Be Paid | Interest Expense to Be Recorded | Premium Amortization | Unamortized Premium | Bond Carrying Value | | Issue date | $ | $ | $ | $ | $ | | 1 | | | | | | | 2 | | | | | | | 3 | | | | | | Warning | Don't show me this message again for the assignment |
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| Prepare the journal entries to record interest expense for 2014 under both of the bond issuances assuming they sold at: (1)105and (2)96. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) | No. | Date | Account Titles and Explanation | Debit | Credit | | 1. | 12/31/14 | | | | | | | | | | | | | 2. | 12/31/14 | | | | | | | | | | | | Warning | Don't show me this message again for the assignment |
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| Show the long-term liabilities balance sheet presentation for issuance of the bonds sold at105at December 31, 2014. | WEMPE Co. Balance Sheet (Partial) December 31, 2014 | | Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity | | | $ | | LessAdd: | | $ | Show the long-term liabilities balance sheet presentation for issuance of the bonds sold at96at December 31, 2014. | WEMPE Co. Balance Sheet (Partial) December 31, 2014 | | Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity | | | $ | | LessAdd: | | $ | Warning | Don't show me this message again for the assignment |
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