Homework chapter 11 accounting

The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year 20Y1 July 1 Issued 74,000,000 of 20-year, 11% callable bonds dated July 1, 20Y1, at a market (effective) rate of 13%, receiving cash of 563,532,267 Interest is payable semiannually on December 31 and June 30 Paid the semiannual interest on the bonds. The bond discount amortization of S261,693 is combined with the semiannual interest payment Dec 31 2012 June 30 Paid the semiannual interest in 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) 2012 June 30 Paid the semiannual interest on the bonds. The bond discount amortization of S261,693 s combined with the semiannual interest payment Paid the semiannual interest on the bonds. The bond discount amortization of 5261,893 is combined with the semiannual interest payment Dec 31 2013 June 30 Recorded the redemption of the bonds, which were called at 88. The balance in the bond discount account is $0,420.961 ater payment of interest and amortization of discount have been recorded (Record the redemption only) Required: 1 Journalce the entries to record the transactions. Round al amounts to the nearest dolar Refer to the Chart of Accounts for exact wording of accountries 2 Indicate the amount of the interest expense in (a) 20Yf arid () 2042 3. Determine the carrying amount of the bands as of December 31 2012 CHART OF ACCOUNTS Winklevoss Inc. General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 611 Gain on Redemption br Bonds 121 Accounts Receivable 122 Allowance for Doubtful Accounts 126 Interest Receivable 127 Notes Receivable 131 Merchandise Inventory 141 Office Supplies 142 Store Supplies EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 516 Cash Short and Over 521 Sales Salaries Expense 1 SUD 10 142 Store Supplies 151 Prepaid Insurance 521 Sales Salaries Expense 522 Office Salaries Expense 191 Land 192 Store Equipment 193 Accumulated Depreciation Store Equipment 194 Office Equipment 195 Accumulated Deprecaution-ofice Equipment LIABILMES 210 Accounts Payable 221 Salones Payable 231 Sales Tax Payable 232 interest Payable 241 Notes Payable 251 Bonds Payable un Damen 531 Advertising Expense 532 Delivery Expense 533 Repairs Expense 534 Selling Expenses 535 Rent Expense 536 Insurance Expense 537 Ofice Supples Expense 538 Store Supplies Expense 541 Bad Deot Expense 561 Depreciation Expense-Store Equipment 562 Depreciation Expense-Office Equipment 590 Miscellaneous Expense 710 Interest Expense LEADAA Chart of Accounts 242 resole 241 Notes Payable 251 Bonds Payable 252 Discount on Bonds Payable 253 Premium on Bonds Payable 502 Deprecation Expense-omce Equpment 590 Miscellaneous Expense 710 Interest Expense 711 Loss on Redemption of Bonds EQUITY 311 Common Stock 312 Paid in Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-in Capital in Excess of Par-Preferred Stock 331 Paid-In Captal from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends 1a Journalize the entries to record the 20Y1 transactions Round al amounts to the nearest dollar Refer to the Chart of Accounts for exact wording of account titles How does grody work? PAGE 10 JOURNAL Score: 54/75 ACCOUNTING EQUATION DATE DESCRIPTION POSTER DET CREDIT ASSETT LES EQUITY Jl. 1 65.532.267.00 10467.755.00 Discount on Bonds Payable Jun 0 Cash 82.591.00 Notes Payable 2.000.00 4.331.693.00 Dec. 31 Interest Expense Discount on Bonds Payable 4334,693.00 How does rodint works PAGE 1 JOURNAL Score: 54/75 ACCOUNTING EQUATION DATE DESCRIPTION POST REF CREDIT ASSETS LUNES TOUT 1 Jun 30 Interest Expense DEET 4331,695.00 ! Ch 4331.695.00 Sep 30 Interest Payable 28.675.00 Cash Dec 31 Interest Expense Discount on Bonds Payable 9.000.00 28.675.00 16 Journalize the entries to record the 20Y3 transactions. Refer to the Chart of Accounts for exact wording of account titles. Round al amounts to the nearest dollar How does grading work? PAGE 1 JOURNAL Score: 30/49 ACCOUNTING EQUATION DATE DESCRIPTION POST DELIT CREDIT ASSETS UNES EQUITY 1 Jun 30 Bonds Payable 74.000.000.00 1 Cash 74.000.000.00 Sep 30 Interest Expense Interest Payable 2.710.00 2.570.00 Final Questions Shaded cells have feedback. X 2. Indicate the amount of the interest expense in (@) 20Y1 and (b) 2012. Enter amounts as positive number 2041 $63,532,267 X $8,674,956 X 20Y2 Points 012 es e 3. Determine the carrying amount of the bonds as of December 31, 2012 ch pe $ A onds Points 071 After the final payment, the carrying amount on the bond is zero, indicating that the bond has been paid in full