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2 3 Andrews Inc. prepares the following effective interest amortization table for its bonds payable. 5 a Interest Cash Payment Date Payment Interest Decrease in
2 3 Andrews Inc. prepares the following effective interest amortization table for its bonds payable. 5 a Interest Cash Payment Date Payment Interest Decrease in Book Amount Expense Discount Discount Value B 9 June 30, 2022 $540,000 $661,602 $121,602 $1,338,360 $16,661,640 Dec 31, 2022 $540,000 $666,466 $126,466 $1,211,894 $16,788,106 June 30, 2023 $540,000 $671,524 $131,524 $1,080,370 $16,919,630 11 12 Dec 31, 2023 $540,000 $676,785 $136,785 $943,585 $17,056,415 June 30, 2024 $540,000 $682,257 $142,257 $801,328 $17,198,672 Dec 31, 2024 $540,000 $687,947 $147,947 $653,381 $17,346,619 June 30, 2025 $540,000 $693,865 $153,865 $499,516 $17,500,484 4 21 15 Dec 31, 2025 $540,000 $700,019 $160,019 $339,497 $17,660,503 June 30, 2026 $540,000 $706,420 $166,420 $173,077 $17,826,923 Dec 31, 2026 $540,000 $713,077 $173,077 $0 $18,000,000 17 18 20 What journal entry will Andrews make on June 30, 2023 to record the third interest payment? O Dr. Interest Expense 671,524 de Devable 131.524 Dr. Interest Expense 671,524 Cr. Discount on Bonds Payable 131,524 Cr. Cash 540,000 O Dr. Interest Expense 671,524 Dr. Discount on Bonds Payable 1,080,370 Cr. Gain 1,211,894 Cr. Cash 540,000 Dr. Interest Expense 671,524 Dr. Discount on Bonds Payable 131,524 Cr. Cash 540,000 Dr. Cash 540,000 Dr. Discount on Bonds Payable 131,524 Cr. Interest Expense 671,524 Andrews Inc. prepares the following effective interest amortization table for its bonds payable. Interest Cash Payment Date Payment Interest Decrease in Book June 30, 2022 Amount $540,000 Dec 31, 2022 $540,000 June 30, 2023 $540,000 Dec 31, 2023 $540,000 $676,785 Expense Discount Discount Value $661,602 $121,602 $1,338,360 $16,661,640 $666,466 $126,466 $1,211,894 $16,788,106 $671,524 $131,524 $1,080,370 $16,919,630 $136,785 $943,585 $17,056,415 June 30, 2024 $540,000 $682,257 $142,257 $801,328 $17,198,672 Dec 31, 2024 $540,000 $687,947 $147,947 $653,381 $17,346,619 June 30, 2025 $540,000 $693,865 $153,865 $499,516 $17,500,484 Dec 31, 2025 $540,000 $700,019 $160,019 $339,497 $17,660,503 June 30, 2026 $540,000 $706,420 $166,420 $173,077 $17,826,923 Dec 31, 2026 $540,000 $713,077 $173,077 $0 $18,000,000 What is the FACE VALUE of the bonds? $18,000,000 $16,661,640 $540,000 $20.000.000 6 9s 12 21 15 18 118 In Chipotle's Footnote 9, they state: "Defined Contribution Plan-We maintain the Chipotle Mexican Grill 401(k) Plan. We match 100% of the first 3% of pay contributed by each eligible employee and 50% on the next 2% of pay contributed. Employees become eligible to receive matching contributions after one year of service with Chipotle. For the year ended December 31, 2020, matching contributions totaled approximately $8.5 million." What journal entry did Chipotle make to record the matching contributions for its 401(k) plan? Dr. Benefits Expense 8,500,000 Cr. Cash 8,500,000 O Dr. Cash 8,500,000 Cr. Benefits Expense 8,500,000 O Dr. Pension Liability 8,500,000 Cr. Cash 8,500,000 Dr. Pension Expense 8,500,000 Cr. Pension Liability 8,500,000
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