Current Attempt in Progress The following information is taken from Indigo Corp.s balance sheet at December 31, 2016 Current liabilities Interest payable $ 96,000 Long-term liabilities Bonds payable (5%, due January 1, 2027) $5,040,000 Less: Discount on bonds payable 50,400 4,989,600 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Indigo uses straight-line amortization for any bond premium or discount. From December 31, 2016, the bonds will be outstanding for an additional 10 years (120 months). Journalize the payment of bond interest on January 1, 2017. (b) Prepare the entry to amortize bond discount and to accrue the interest on December 31, 2017 Assume on January 1, 2018, after paying interest, that Indigo Corp. calls bonds having a face value of $840,000. The call price is 102. Record the redemption of the bonds. (d) Prepare the adjusting entry at December 31, 2018, to amortize bond discount and to accrue interest on the remaining bonds. (c) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (a) Jan. 1 2017 (b) Dec. 31 2017 (c) Jan. 1 2018 (d) Dec. 31 2018 View Policies Current Attempt in Progress Betsy Strand's regular hourly wage rate is $30, and she receives an hourly rate of $45 for work in excess of 40 hours. During a January pay period, Betsy works 46 hours. Betsy's federal income tax withholding is $90, and she has no voluntary deductions, Compute Betsy Strand's gross earnings and net pay for the pay period. Assume that the FICA tax rate is 7.65%. (Round answers to 2 decimal places, e.g. 15.25.) $ Betsy Strand's gross earnings $ Betsy Strand's net pay Attempts: 0 of 3 used Submit Answer Save for Later