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I need help with this Accounting assignment. I really don't know what do, and not to rush but its due tomorrow. the questions are attached.
I need help with this Accounting assignment.
I really don't know what do, and not to rush but its due tomorrow.
the questions are attached.
Thank you so much.
Part One: 2. Carrying value, Aug. 31, Year 2: $256,937.50 BONDS ISSUED AT A PREMIUM Wang Corporation issued the following bonds at a premium: Date of issue and sale: March 1, 20-1 Principal amount: $250,000 Sale price of bonds: 103 Denomination of bonds: $500 Life of bonds: 20 years Stated rate: 8%, payable semiannually on August 31 and February 28 1. Prepare journal entries for: o (a) Issuance of the bonds at a premium. o (b) Interest payment and premium amortization on the bonds on August 31, 20-1. o (c) Year-end adjustment on the bonds for 20-1. o (d) Reversing entry for the beginning of 20-2. o (e) Interest payments and premium amortization on the bonds for 20-2 (February 28 and August 31). 2. Calculate the carrying value of the bonds on August 31, 20-2. Part Two: Carrying value, Sept. 30, Year 2: $579,600 BONDS ISSUED AT A DISCOUNT Brandon, Inc., issued the following bonds at a discount: Date of issue and sale: April 1, 20-1 Principal amount: $600,000 Sale price of bonds: 96 Denomination of bonds: $1,000 Life of bonds: 10 years Stated rate: 7%, payable semiannually on September 30 and March 31 1. Prepare journal entries for: o (a) Issuance of the bonds at a discount. o (b) Interest payment and discount amortization on the bonds on September 30, 201. o (c) Year-end adjustment on the bonds for 20-1. o (d) Reversing entry for the beginning of 20-2. o (e) Interest payments and discount amortization on the bonds for 20-2 (March 31 and September 30). 2. Calculate the carrying value of the bonds on September 30, 20-2. 3. Prepare the bonds payable section of a partial balance sheet as of September 30, 20-2Step by Step Solution
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