I need someone to check my answers apparently they are all wrong

E10-12. Whitmore Company issued $500,000 of 5-year, 8% bonds at 97 on January 1, 2015. The bonds pay interest twice a year. Instructions a) (1) Prepare the journal entry to record the issuance of the bonds. (2) Compute the total cost of borrowing for these bonds. b) Repeat the requirements from part (a), assuming the bonds were issued at 105. (a)(1) The entry is Cash Discount on bonds payable Bonds Payable (2) Total cost of borrowing is Cash interest paid Add: Discount on bonds Total cost of borrowing (b)(1) The entry is Cash Bonds Payable Premium on bonds payable (2) Total cost of borrowing is Cash interest paid Less: Premium Total cost of borrowing 485,000 15,000 500,000 200,000 15,000 215,000 525,000 25,000 500,000 200,000 - 25,000 175,000 E10-15. Jernigan Co. receives $300,000 when it issues a $300,000, 10%, mortgage note payable to finance the the construction of a building at December 31, 2015. The terms provide for semiannual installment payments of $25,000 on June 30 and December 31. Instructions Prepare the journal entries to record the mortgage loan and the first two installment payments. Dec. 31, 2015 June 30, 2016 Dec. 31, 2016 Cash Mortgage Notes Payable 300,000 300,000 Interest Expense Mortgage Notes Payable Cash 15,000 10,000 Interest Expense Mortgage Notes Payable Cash 14,500 10,500 25,000 25,000 P9-7A. The intangible assets section of Sappelt Company at December 31, 2015, is presented below. The patent was acquired in January 2015 and has a useful life of 10 years. The franchise was acquired in January 2012 and also has a useful life of 10 years. The following cash tran Jan. 2 Paid $27,000 legal costs to successfully defend the patent against infringement by another company. Jan.-June Developed a new product, incurring $140,000 in research and development costs. A patent was granted for the product on July 1. Its useful life is equal to its legal life. Sept. 1 Paid $50,000 to an extremely large defensive lineman to appear in commercials advertising the company's products. The commercials will air in September and Octobe Oct. 1 Acquired a franchise for $140,000. The franchise has a useful life of 50 years. Instructions a) Prepare journal entries to record the transactions above. b) Prepare journal entries to record the 2016 amortization expense. c) Prepare the intangible assets section of the balance sheet at December 31, 2016. Answer: (a) Jan. 2 Patent 27,000 Cash Jan.- June Research and Development Expense Cash Sept. 1 Advertising Expense 27,000 140,000 140,000 50,000 Cash Oct. 1 Franchises 50,000 140,000 Cash (b) Dec. 31 Amortization Expense 140,000 10,000 Patents 10,000 ($70,000 X 1/10) + ($27,000 X 1/9) 31 Amortization Expense 5,500 Franchises [($48,000 X 1/10) + ($140,000 X 1/50 X 3/12)] (c) Intangible Assets Patents ($97,000 cost - $17,000 amortization) (1) Franchises ($188,000 cost - $24,700 amortization) (2) Total intangible assets $80,000 -1 Cost ($70,000 + $27,000); amortization ($7,000 + $10,000). -2 Cost ($48,000 + $140,000); amortization ($19,200 + $5,500). 163,300 $243,300 5,500 sh transactions may have affected intangible assets during 2016. al life. October. P10-1A. On January 1, 2015, the ledger of Accardo Company contains the following liability accounts. Accounts Payable $52,000 Sales Taxes Payable 7,700 Unearned S 16,000 During January, the following selected transactions occurred. Jan. 5 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes. 12 Performed services for customers who had made advance payments of $10,000. (Credit Service Revenue.) 14 Paid state revenue department for sales taxes collected in December 2014 ($7,700). 20 Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax. 21 Borrowed $27,000 from Girard Bank on a 3-month, 8%, $27,000 note. 25 Sold merchandise for cash totaling $12,420, which includes 8% sales taxes. Instructions a) Journalize the January transactions. b) Journalize the adjusting entry at January 31 for the outstanding note payable. (Hint: Use one-third of a month for the Girard Bank note.) c) Prepare the current liabilities section of the balance sheet at January 31, 2015. Assume no change in accounts payable. (a) Jan.5 Cash 12-Jan 20,520 Sales Revenue ($20,520 108%) Sales Taxes Payable ($20,520 - $19,000) Unearned Service Re Service Revenue 14-Jan 19,000 1,520 10,000 10,000 Sales Taxes Payable 7,700 Cash 20-Jan Accounts Receivable Sales Revenue 7,700 48,600 45,000 Sales Taxes Payable (900 X $50 X 8%) 21-Jan Cash 3,600 27,000 Notes Payable 25-Jan b) C) Cash Jan.31 27,000 12,420 Sales Revenue ($12,420 108%) Sales Taxes Payable ($12,420 - $11,500) Interest Expense 11,500 920 60 Interest Payable Current liabilities Notes payable $27,000 Accounts payable 52,000 Unearned service revenue ($16,000 - $10,006,000 Sales taxes payable ($1,520 + $3,600 + $9206,040 Warranty liability 3,150 Interest payable 60 Total current liabilities $94,250 60