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Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicat 4
Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicat 4 On February 1, 2021, Cromley Motor Products issued 6% bonds, dated February 1, with a face amount of $40 million. The bonds mature on January 31, 2025 (4 years). The market yield for bonds of similar risk and maturity was 8%. Interest is paid semiannually on July 31 and January 31. Barnwell Industries acquired $55,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31. (FV of $1, PV of $1. FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1.66 Doints Required: 1. Determine the price of the bonds issued on February 1, 2021. 2-a. Prepare amortization schedules that indicate Cromley's effective interest expense for each interest period during the term to maturity. 2-b. Prepare amortization schedules that indicate Barnwell's effective interest revenue for each interest period during the term to maturity. 3. Prepare the journal entries to record the issuance of the bonds by Cromley and Barnwell's investment on February 1, 2021. 4. Prepare the journal entries by both firms to record all subsequent events related to the bonds through January 31, 2023. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 2B Req 3 Req 4 Cromley Reg 4 Barnwell Prepare the journal entries by Cromley to record all subsequent events related to the bonds through January 31, 2023. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.) No Date General Journal Debit Credit 1 July 31, 2021 1,492,276 Interest expense Discount on bonds payable Cash 292,276 1,200,000 Mc Graw Proy 4 of 6 HHH Neyt 4 Reg 1 Req 2A Req 2B Reg 3 Req 4 Cromley Req 4 Barnwell 1.66 points Prepare the journal entries by Barnwell to record all subsequent events related to the bonds through January 31, 2023. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.) View transaction list eBook Journal entry worksheet Print Record the receipt of interest for Barnwell Company. References Note: Enter debits before credits. Date General Journal Debit Credit July 31, 2021 Record entry Clear entry View general journal 4 Req 1 Reg 2A Req 2B Req 3 Req 4 Cromley Reg 4 Barnwell 1.66 Prepare the journal entries by Barnwell to record all subsequent events related to the bonds through January 31, 2023. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.) points View transaction list eBook Journal entry worksheet Print Record the accrued interest for Barnwell Company. References Note: Enter debits before credits General Journal Debit Credit Date December 31, 2021 Record entry Clear entry View general journal 4 Req 1 Req 2A Req 2B Reg 3 Reg 4 Cromley Reg 4 Barnwell 1.66 points Prepare the journal entries by Barnwell to record all subsequent events related to the bonds through January 31, 2023. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.) View transaction list eBook Journal entry worksheet Print Record the receipt of interest for Barnwell Company, References Note: Enter debits before credits. Date General Journal Debit Credit January ,2022 Record entry Clear entry View general journal 4 Reg 1 Req 2A Reg 2B Reg 3 Req 4 Cromley Req 4 Barnwell 1.66 points Prepare the journal entries by Barnwell to record all subsequent events related to the bonds through January 31, 2023. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.) View transaction list eBook Journal entry worksheet Print Record the receipt of interest for Barnwell Company. References Note: Enter debits before credits. Date General Journal Debit Credit July 31, 2022 Record entry Clear entry View general journal 4 Req 1 Req 2A Req 2B Reg 3 Req 4 Cromley Req 4 Barnwell 1.66 points Prepare the journal entries by Barnwell to record all subsequent events related to the bonds through January 31, 2023. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.) View transaction list eBook Journal entry worksheet Print Record the accrued interest for Barnwell Company, References Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2022 Record entry Clear entry View general journal 4 Req 1 Req 2A Req 2B Req 3 Reg Cromley Req 4 Barnwell 1.66 points Prepare the journal entries by Barnwell to record all subsequent events related to the bonds through January 31, 2023. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.) View transaction list eBook Journal entry worksheet Print Record the receipt of interest for Barnwell Company. References Note: Enter debits before credits. Date General Journal Debit Credit January 31, 2023 Record entry Clear entry View general journal
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