Question
I need help with the attached spreadsheet Exercise 17-3 On January 1, 2017, Bramble Company purchased 10% bonds having a maturity value of $300,000, for
I need help with the attached spreadsheet
Exercise 17-3
On January 1, 2017, Bramble Company purchased 10% bonds having a maturity value of $300,000, for $323,955.30. The bonds provide the bondholders with a 8% yield. They are dated January 1, 2017, and mature January 1, 2022, with interest receivable January 1 of each year. Bramble Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified in the held-to-maturity category.
A) Prepare the journal entry at the date of the bond purchase. (Enter answers to 2 decimal places, e.g. 2,525.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date Account Titles and Explanation Debit Credit 1/1/2017
B) Prepare a bond amortization schedule
Date Cash Received Interest Revenue Premium Amortized Carrying Amount of Bonds 1/1/2017 1/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022
C) Prepare the journal entry to record the interest revenue and the amortization at December 31, 2017
Date Account Titles and Explanation Debit Credit 31-Dec-17
D) Date Account Titles and Explanation Debit Credit 31-Dec-18
Exercise 17-3 On January 1, 2017, Bramble Company purchased 10% bonds having a maturity value of $300,000, for $323,955.30. The bo They are dated January 1, 2017, and mature January 1, 2022, with interest receivable January 1 of each year. Bramble Com allocate unamortized discount or premium. The bonds are classified in the held-to-maturity category. A) Prepare the journal entry at the date of the bond purchase. (Enter answers to 2 decimal places, e.g. 2,525.25. Credit accou amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for t Date Account Titles and Explanation Debit Credit 1/1/2017 B) Prepare a bond amortization schedule Date Cash Received Interest Revenue Premium Amortized 1/1/2017 1/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022 C) Prepare the journal entry to record the interest revenue and the amortization at December 31, 2017 Date Account Titles and Explanation Debit Credit Account Titles and Explanation Debit Credit 31-Dec-17 D) Date 31-Dec-18 ue of $300,000, for $323,955.30. The bonds provide the bondholders with a 8% yield. le January 1 of each year. Bramble Company uses the effective-interest method to maturity category. imal places, e.g. 2,525.25. Credit account titles are automatically indented when " for the account titles and enter 0 for the amounts.) Carrying Amount of Bonds cember 31, 2017Step by Step Solution
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