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Posted on Sep 10, 2024

CALCULATOR PRINTER VERSION BLACK Problem 14-05 In each of the following Independent cases, the company doses its books on December 31 Blue Co. sells $543,000

CALCULATOR PRINTER VERSION BLACK Problem 14-05 In each of the following Independent cases, the company doses its books on December 31 Blue Co. sells $543,000 of 10% bonds on March 1, 2020. The bonds pay Interest on September 1 and March 1. The due date of the bonds is September 1, 2023. The bonds yield 12%. Give entries through December 31, 2021 Prepare a bond amortization schedule using the effective interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year-end. (Round answers to o decimal places, e.g. 38,548.) Schedule of Bond Discount Amortization Effective-Interest Method Bonds Sold to Yield Date Cash Paid Interest Expense Discount Amortized Carrying Amount of Bonds 3/1/20 $ $ $ 9/1/20 3/1/21 9/1/21 3/1/22 9/1/22 9/1/23 9/1/23 Prepare all of the relevant journal entries from the time of sale until December 31, 2021. (Assume that no reversing entries were made.) (Round present value factor calculations to s decimal places, e.g. 1.25124 and the final answers to decimal places ... 58,971. If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Tities and Explanation 3/1/20 MacBook Air CALCULATOR SOURCES 01 Date PRINTER VERSION BAGE Account Titles and Explanation Debit Credit 3/1/20 5 on) 92 (Part 04 .22 Its by Study 3/121 SHOW LIST O ACOOTS LINK TO TORT MacBook Air 38: 90 OOD OOD w CALCULATOR PRINTER VERSTON BACK Kingbird Co. sells $360,000 of 12% bonds on June 1, 2020. The bonds pay interest on December 1 and June 1. The due date of the bonds is June 1, 2024. The bonds yield 10%. On October 2021, Kingbird buys back $118,800 worth of bonds for $124,800 (Includes accrued Interest). Glve entries through December 1, 2022. Prepare a bond amortization schedule using the effective interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year-end. (Round answers to o decimal places, e.g.38,548.) Schedule of Bond Discount Amortization Effective-Interest Method Bonds Sold to Yield Carrying Cash Interest Premium Amount of Date Paid Expense Amortized Bonds 6/1/20 12/1/20 6/1/21 12/1/21 6/1/22 12/1/22 6/1/23 12/1/23 6/1/24 Difference due to rounding Prepare all of the relevant journal entries from the time of sale until December 31, 2022. (Assume that no reversing entries were made) (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to o decimal places e.g. 58,971. If ne entry is required, select "No Entry for the account titles and enter for the amount Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Tities and Explanation Debit Credit 6/1/20 12/1/20 MacBook Air CALCULATOR PRINTER VERSION BACK RCES Debit Crede Date Account Titles and Explanation 6/1/20 art 12/1/20 12/12/20 art 12/31/20 by Study 6/1/21 10/1/21 (To record interest expense and premium amortition) 10/1/21 (To record buy back of bonds) 12/1/23 MacBook Air 21 System Announcements CALCULATOR PRINTER VERSION a 10/1/21 RESOURCES PIC 01 T 3-02 (Part mission 13-06 12-07.(Part mision) 13-09 (Part bmission 14-02 (Part (To record buy back of bonds) 12/1/21 14.04 m 14.07 12/31/21 Score Results by Study 6/1/22 12/1/22 OWL MOUNTS LINK TO TEXT SET ANSWER Question Attempt of 5 used MacBook Air 998 CALCULATOR PRINTER VERSION BLACK Problem 14-05 In each of the following Independent cases, the company doses its books on December 31 Blue Co. sells $543,000 of 10% bonds on March 1, 2020. The bonds pay Interest on September 1 and March 1. The due date of the bonds is September 1, 2023. The bonds yield 12%. Give entries through December 31, 2021 Prepare a bond amortization schedule using the effective interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year-end. (Round answers to o decimal places, e.g. 38,548.) Schedule of Bond Discount Amortization Effective-Interest Method Bonds Sold to Yield Date Cash Paid Interest Expense Discount Amortized Carrying Amount of Bonds 3/1/20 $ $ $ 9/1/20 3/1/21 9/1/21 3/1/22 9/1/22 9/1/23 9/1/23 Prepare all of the relevant journal entries from the time of sale until December 31, 2021. (Assume that no reversing entries were made.) (Round present value factor calculations to s decimal places, e.g. 1.25124 and the final answers to decimal places ... 58,971. If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Tities and Explanation 3/1/20 MacBook Air CALCULATOR SOURCES 01 Date PRINTER VERSION BAGE Account Titles and Explanation Debit Credit 3/1/20 5 on) 92 (Part 04 .22 Its by Study 3/121 SHOW LIST O ACOOTS LINK TO TORT MacBook Air 38: 90 OOD OOD w CALCULATOR PRINTER VERSTON BACK Kingbird Co. sells $360,000 of 12% bonds on June 1, 2020. The bonds pay interest on December 1 and June 1. The due date of the bonds is June 1, 2024. The bonds yield 10%. On October 2021, Kingbird buys back $118,800 worth of bonds for $124,800 (Includes accrued Interest). Glve entries through December 1, 2022. Prepare a bond amortization schedule using the effective interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year-end. (Round answers to o decimal places, e.g.38,548.) Schedule of Bond Discount Amortization Effective-Interest Method Bonds Sold to Yield Carrying Cash Interest Premium Amount of Date Paid Expense Amortized Bonds 6/1/20 12/1/20 6/1/21 12/1/21 6/1/22 12/1/22 6/1/23 12/1/23 6/1/24 Difference due to rounding Prepare all of the relevant journal entries from the time of sale until December 31, 2022. (Assume that no reversing entries were made) (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to o decimal places e.g. 58,971. If ne entry is required, select "No Entry for the account titles and enter for the amount Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Tities and Explanation Debit Credit 6/1/20 12/1/20 MacBook Air CALCULATOR PRINTER VERSION BACK RCES Debit Crede Date Account Titles and Explanation 6/1/20 art 12/1/20 12/12/20 art 12/31/20 by Study 6/1/21 10/1/21 (To record interest expense and premium amortition) 10/1/21 (To record buy back of bonds) 12/1/23 MacBook Air 21 System Announcements CALCULATOR PRINTER VERSION a 10/1/21 RESOURCES PIC 01 T 3-02 (Part mission 13-06 12-07.(Part mision) 13-09 (Part bmission 14-02 (Part (To record buy back of bonds) 12/1/21 14.04 m 14.07 12/31/21 Score Results by Study 6/1/22 12/1/22 OWL MOUNTS LINK TO TEXT SET ANSWER Question Attempt of 5 used MacBook Air 998