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Hi I need help with my homework and its due tomorrow at 11:45 PM and I really want to finish it by 12:00PM. Can a

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Hi I need help with my homework and its due tomorrow at 11:45 PM and I really want to finish it by 12:00PM. Can a tutor please help me?

image text in transcribed Question 1 On January 2, 2012, Ayayai Corporation issued $2,100,000 of 10% bonds at 97 due December 31, 2021. Interest on the bonds is payable annually each December 31. The discount on the bonds is also being amortized on a straight-line basis over the 10 years. (Straight-line is not materially different in effect from the preferable \"interest method\".) The bonds are callable at 102 (i.e., at 102% of face amount), and on January 2, 2017, Ayayai called $1,260,000 face amount of the bonds and redeemed them. Ignoring income taxes, compute the amount of loss, if any, to be recognized by Ayayai as a result of retiring the $1,260,000 of bonds in 2017. (Round answer to 0 decimal places, e.g. 38,548.) $ Loss on redemption Prepare the journal entry to record the redemption. Question 2: I got the journal entries wrong On January 1, 2017, Sheridan Company makes the two following acquisitions. 1 . 2 . Purchases land having a fair value of $250,000 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $379,518. Purchases equipment by issuing a 7%, 8-year promissory note having a maturity value of $290,000 (interest payable annually on January 1). The company has to pay 11% interest for funds from its bank. Record the two journal entries that should be recorded by Sheridan Company for the two purchases on January 1, 2017. Record the interest at the end of the first year on both notes using the effective-interest (b) method. (a) (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date (a) 1. January 1, 2017 Account Titles and Explanation Land Discount on Note Notes Payable Debit Credit 250000 129518 379518 2. January 1, 2017 Equipment Discount on Note Notes Payable (b) 1. December 31, 2017 Interest Expense 290000 27500 Discount on Note 2. December 31, 2017 27500 Interest Expense Discount on Note Cash 17400 Don't show me this message again for the assignment Show List of Accounts Question 3: the effective rate is correct but the amortization schedule is wrong Question 1 Windsor Company sells 8% bonds having a maturity value of $1,500,000 for $1,386,275. The bonds are dated January 1, 2017, and mature January 1, 2022. Interest is payable annually on January 1. Don't show me this message again for the assignment Your answer is correct. Determine the effective-interest rate. (Round answer to 0 decimal places, e.g. 18%.) The effective-interest rate 10 % Don't show me this message again for the assignment Show Solution Link to Text Your answer is partially correct. Try again. Set up a schedule of interest expense and discount amortization under the effective-interest method. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 decimal places, e.g. 38,548.) Schedule of Discount Amortization Effective-Interest Method Year Cash Paid Interest Expense $ $ $ Jan. 1, 2017 Jan. 1, 2018 Jan. 1, 2019 Jan. 1, 2020 Jan. 1, 2021 Jan. 1, 2022 Carrying Amount of Bonds Discount Amortized $ 1386275 150000 138627.500000 11372.500000 150000 139764.750000 10235.250000 150000 140788.275000 9211.725000 150000 141709.447500 8290.552500 150000 142538.502800 7461.4972 1397647.500000 1407882.750000 1417094.475000 1425385.028000 1432846.525000 Don't show me this message again for the assignment Question 4: Pina Company commonly issues long-term notes payable to its various lenders. Pina has had a pretty good credit rating such that its effective borrowing rate is quite low (less than 8% on an annual basis). Pina has elected to use the fair value option for the long-term notes issued to Barclay's Bank and has the following data related to the carrying and fair value for these notes. Any changes in fair value are due to changes in market rates, not credit risk. Carrying Value December 31, 2017 December 31, 2018 December 31, 2019 Fair Value $51,800 42,100 36,300 $51,800 40,600 38,300 (a) Prepare the journal entry at December 31 (Pina's year-end) for 2017, 2018, and 2019, to record the fair value option for these notes. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2019 (b) At what amount will the note be reported on Pina's 2018 balance sheet? $ Note to be reported on Pina's 2018 balance sheet (c) What is the effect of recording the fair value option on these notes on Pina's 2019 income? The effect of recording the fair value option would result in unrealized holding $ of

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