CALCULATOR PRINTER VERSION BACK NEXT URCES 1 Problem 14-02 (Part Level Submission) Sarasota Co. is building a new hockey arena at a cost of $2,550,000. It received a downpayment of $450,000 from local businesses to support the project, and now needs to borrow $2,100,000 to complete the project, it therefore decides to $2,100,000 of 11%, 10-year bonds. These bonds were issued on January 1, 2019, and pay interest annually on each January 1. The bonds yield 10%. n (Part w() Your awwer is correct. (Pan Prepare the youmal entry to record the issuance of the bonds on January 1, 2019. (Round present value factor calculations to 5 decimal places, .g. 1.25124 and the final answer too decimal places.p. 38,971. If no entry is required, select "Wo Entry for the account titles and enter for the amounts. Credit account titles are automatically Indented when amount is entered. Do not indent manually.) 5 Date Account Tities and Explanation Debit Credit by Study January 1, 2015 Cash 2,229,030 Bonds Payable 2,100,000 Premium on Bonds Pays 129,030 LIST OF ACCOUNTS SHOW SOLUTION LINK TO TY LENTO TEXT Attempts: 2 of 5 used (6) Your answer is correct. Prepare a bond amortization schedule up to and including January 1, 2023, using the effective interest method. (Round answers to decimal places, p. 38.54) Carrying Cash Interest Premium Amount of Date Pald Amortization Bonds 1/1/19 1120 80 ---- Attempts: 2 of 5 used (c) 2 Your answer is partially correct. Try again. Assume that on July 1, 2022, Sarasota Coredeems half of the bonds at a cost of $1,116,500 plus accrued interest. Prepare the journal entry to record this redemption (Round answers to o decimal places 1.9.38,548. Ir noantry required, select "Na Entry for the account titles and enter for the amounts. Credit account ttles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit B July 1, 2022 retende 110,601 Premium on Bonds Payabi 4,899 Cash 115,500 (To record interest y 1, 2027 Bonds Payable 1.050,000 Premium on Bonds Payable Loss on Redemption of Bo Cash 1116.500 (To record reacquisition) SHOW LEST OF MECOUNTS LINK TO TEXT LINK TO TEXT Attempts: 2 of 5 used SAVE FOR LATES SUBMIT ANSWER 80 898 4 CALCULATOR PRINTER VERSION BACK NEXT URCES 1 Problem 14-02 (Part Level Submission) Sarasota Co. is building a new hockey arena at a cost of $2,550,000. It received a downpayment of $450,000 from local businesses to support the project, and now needs to borrow $2,100,000 to complete the project, it therefore decides to $2,100,000 of 11%, 10-year bonds. These bonds were issued on January 1, 2019, and pay interest annually on each January 1. The bonds yield 10%. n (Part w() Your awwer is correct. (Pan Prepare the youmal entry to record the issuance of the bonds on January 1, 2019. (Round present value factor calculations to 5 decimal places, .g. 1.25124 and the final answer too decimal places.p. 38,971. If no entry is required, select "Wo Entry for the account titles and enter for the amounts. Credit account titles are automatically Indented when amount is entered. Do not indent manually.) 5 Date Account Tities and Explanation Debit Credit by Study January 1, 2015 Cash 2,229,030 Bonds Payable 2,100,000 Premium on Bonds Pays 129,030 LIST OF ACCOUNTS SHOW SOLUTION LINK TO TY LENTO TEXT Attempts: 2 of 5 used (6) Your answer is correct. Prepare a bond amortization schedule up to and including January 1, 2023, using the effective interest method. (Round answers to decimal places, p. 38.54) Carrying Cash Interest Premium Amount of Date Pald Amortization Bonds 1/1/19 1120 80 ---- Attempts: 2 of 5 used (c) 2 Your answer is partially correct. Try again. Assume that on July 1, 2022, Sarasota Coredeems half of the bonds at a cost of $1,116,500 plus accrued interest. Prepare the journal entry to record this redemption (Round answers to o decimal places 1.9.38,548. Ir noantry required, select "Na Entry for the account titles and enter for the amounts. Credit account ttles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit B July 1, 2022 retende 110,601 Premium on Bonds Payabi 4,899 Cash 115,500 (To record interest y 1, 2027 Bonds Payable 1.050,000 Premium on Bonds Payable Loss on Redemption of Bo Cash 1116.500 (To record reacquisition) SHOW LEST OF MECOUNTS LINK TO TEXT LINK TO TEXT Attempts: 2 of 5 used SAVE FOR LATES SUBMIT ANSWER 80 898 4