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Bramble Co. sells $401,000 of 12% bonds on June 1,2023 . The bonds pay interest on December 1 and June 1 . The due date
Bramble Co. sells $401,000 of 12% bonds on June 1,2023 . The bonds pay interest on December 1 and June 1 . The due date of the bonds is June 1, 2027. The bonds yield 10%. On October 1,2024 , Bramble buys back $120,300 worth of bonds for $127,300 (includes accrued interest). Provide entries through December 1, 2025. Construct an amortization table. (Hint: Refer to Chapter 3 for tips on calculating and use the calculations from the financial calculator for the journal entries.) (For calculation purposes, use 5 decimal places as displayed in the factor table provided and final answers to 0 decimal places, e.g. 5,275. 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 0 for the amounts. List all debit entries before credit entries.) entries before credit entries. Rancovd journel entries in the order presented in the problem. Date Account Tites and Explanation Debit Credit . . . te te te it ia ? ? ? ? ta ? ? ta ? ta ? ? is is is is is ? is . . . . . . . . (Reoond interest poid) (Reoord redemption of bonds) In each of the following independent cases, the company closes its books on December 31. Use the effective interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year end. Assume that no reversing entries were made. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Cullumber Co. sells $501,000 of 10% bonds on March 1, 2023. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2026. The bonds yield 12\%. Provide entries through December 31, 2024. Construct an amortization table (Hint: Refer to Chapter 3 for tips on calculating and use the calculations from the financial calculator for the journal entries.) (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places e.g. 58,971. Prepare all of the relevant journal entries from the time of sale. (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 0 for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)
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