Entries for bonds payable, including bond redemption Instructions Chart of Accounts Journal Final Questions Instructions The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year: 2011 July 1 Issued $74,000,000 of 20-year, 11% calable bonds dated July 1, 2071, at a market (effective) rate of 13%, receiving cash of $63,532,267. Interest is payable semiannually on December 31 and June 30. Paid the semiannual interest on the bonds. The bond discount amortization of $261,693 is combined with the semiannual interest payment. Dec 31 2012 June 30 Paid the semiannual interest on the bonds. The bond discount amortization of $261,693 is combined with the semiannual interest payment. Paid the semiannual interest on the bonds. The bond discount amortization of $261,693 is combined with the semiannual interest payment. Dec. 31 20Y3 June 30 Recorded the redemption of the bonds, which were called at 98. The balance in the bond discount account is $9,420,961 after payment of interest and amortization of discount have been recorded. (Record the redemption only.) Required: 1. Journalize the entries to record the transactions. Round all amounts to the nearest dollar. Refer to the Chart of Accounts for exact wording of account titles. Required: 1. Journalize the entries to record the transactions. Round all amounts to the nearest dollar Refer to the Chart of Accounts for exact wording of account titles. 2. Indicate the amount of the interest expense in (a) 20Y1 and (b) 2012 3. Determine the carrying amount of the bonds as of December 31, 2072 10. Journalize the entries to record the 20Y1 transactions. Round all amounts to the nearest dollar. Refer to the Chart of Accounts for exact wording of account titles PAGE JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DERIT CREDIT ASSETS LIABILITIES EQUITY 2 3 4 5 6 10. Journakze the entries to record the 20Y2 transactions. Refer to the Chart of Accounts for exact wording of account titles. Round all amounts to the nearest dollar PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LABILITIES EQUITY 1 2 3 6 10. Journalize the entries to record the 2013 transactions. Refer to the Chart of Accounts for exact wording of account infos. Round all amounts to the nearest dollar. PAGE 12 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF CREDIT ASSETS LIABILITIES EQUITY 1 2 Final Questions 5 2. Indicate the amount of the interest expense in (a) 20Y1 and (b) 2042. Enter amounts as positive number 6 20Y1: $ 20Y2: $ ch 3. Determine the carrying amount of the bonds as of December 31, 20Y2. $ $
