Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i have posted all my work for part A + the question, please solve part B CALCATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 14-09

i have posted all my work for part A + the question, please solve part B image text in transcribed
image text in transcribed
image text in transcribed
CALCATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 14-09 (Part Level Submission) On June 30, 2020, Kingbird Company issued $5,040,000 face value of 13%, 20-year bonds at $6,279,345, a yield of 12%. Kingbird uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31 (a) Your answer is correct. Prepare the journal entries to record the following transactions (Round answer te decimal places, 8543. I ne entry is required. select for the amounts. Credit account titles are automatically indented when amount is entered. De not indent manually.) (1) The issuance of the bonds on June 30, 2020 (2) The payment of interest and the amortization of the premium on December 31, 2020. (3) The payment of interest and the amortization of the premium on June 30, 2021. (4) The payment of interest and the amortization of the premium on December 31, 2021 Date Account Titles and Explanation Debit (1) June 30, 2020 Cash 6279343 T Premium on Bonds Pay BE Bonds Payable (2) December 31, 2020 nerest Expense Premium on Bonds Payable Cash CALCULATO (3) June 30, 2021 interest Expense 376590 Premium on Bonds Payabk 3010 T 379600 Cash RA (4) December 31, 2021 Interest Expense 376410 T Premium on Bonds Payable 3190 T Cash 379600 Click if you would like to Show Work for this questioni Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT (b) Show the proper balance sheet presentation for the liability for bonds payable on the December 31, 2021, balance sheet. (Round answers to a Kingbird Company Balance Sheet audy Click if you would like to Show Work for this questioni Open Show Work SHOW LIST OF ACCOUNTS

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Beyond Compliance Design Of A Quality System Tools And Templates For Integrating Auditing Perspectives

Authors: Janet Bautista Smith, Robert Alvarez

1st Edition

1951058232, 978-1951058234

More Books

Students also viewed these Accounting questions