Question
I completed all the answers, but it is saying Answer is not complete and it doesn't say where I need to complete it. Can anyone
I completed all the answers, but it is saying "Answer is not complete" and it doesn't say where I need to complete it. Can anyone help?
Hillside issues $1,800,000 of 7%, 15-year bonds dated January 1, 2018, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $2,203,194.
Required:
1. Prepare the January 1, 2018, journal entry to record the bonds issuance.
2(a) For each semiannual period, complete the table below to calculate the cash payment.
2(b) For each semiannual period, complete the table below to calculate the straight-line premium amortization.
2(c) For each semiannual period, complete the table below to calculate the bond interest expense.
3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life.
4. Prepare the first two years of an amortization table using the straight-line method
5. Prepare the journal entries to record the first two interest payments.
Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2A to 2C Req 3 Req 4 Req 5 Prepare the January 1, 2018, journal entry to record the bonds issuance. No Date General Journa Debit Credit Jan 01, 2018 Cash 2,203,194 Premium on bonds payable Bonds payable 403,194 1,800,000 Req1 Req 2A to 2C > Answer is not complete Complete this question by entering your answers in the tabs below Req 1 Req 2A to 2C Req 3 Req 4 Req 5 For each semiannual period, complete the table below to calculate the cash payment, straight-line premium amortization and bond interest expense. (Round "Unamortized Premium" to whole dollar and use the rounded value for part 4 & 5.) Par (maturity) Semiannual cash interest payment 63,000 Annual Rate Year value 1,800,000 x 6/12S Straight-line premium amortization remium on Par (maturity value Bonds Payable Semiannual periods Bond price S 2,203,194- 1,800,000S403,194 13,440 Semiannual cash payment Premium amortization Bond interest expense 63,000S13,440S49,560 Answer is not complete. Complete this question by entering your answers in the tabs below. Req Req 2A to 2CReq 3 Req 4 Req 5 Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. Total bond interest expense over life of bonds Amount repaid 3payments of S 63,000 S 1890,000 1,800,000 3,690,000 2,203.194 S 1,486,806 Par value at maturity Total repaid Less amount borrowed Total bond interest expense Req 2A to 2C Req 4 > Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2A to 2C Req 3 Req 4 Req 5 Prepare the first two years of an amortization table using the straight-line method Semiannual Unamortized Carrying Premium Period-End 01/01/2018 S403,194S 2,203,194 06/30/2018 12/31/2018 06/30/2019 12/31/2019 Value 389,7542,189,754 376,314 2,176,314 362,874 2,162,874 349,4342,149,434 K Req 3 Req 5 > Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2A to 2C Req 3 Req 4 Req 5 Prepare the journal entries to record the first two interest payments No Date General Journal Debit Credit 49,560 13,440 Jun 30, 2018 Bond interest expense Premium on bonds payable Cash 63,000 49,560 13,440 Dec 31, 2018 Bond interest expense Premium on bonds payable Cash 63,000 Req 4 Req 5 )
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