Question
I need this information below to be inputted into a Journal on a excel spreed sheet; I need a respond to this question prior to
I need this information below to be inputted into a Journal on a excel spreed sheet; I need a respond to this question prior to 11:00pm california time line.
I need this to put into an excel spreed sheet as a Journal Entries for bonds
A form of an interest-bearing note used by corporations to borrow on a long-term basis.
payable and installment note
A debt that requires the borrower to make equal periodic payments to the lender for the term of the note.
transactions
:
The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year:
2016 | ||
July | 1 | Issued $32,300,000 of 20-year, 9% callable bonds dated July 1, 2016, at a market (effective) rate of 11%, receiving cash of $27,116,993. Interest is payable semiannually on December 31 and June 30. |
Oct. | 1 | Borrowed $430,000 by issuing a six-year, 4% installment note to Nicks Bank. The note requires annual payments of $82,028, with the first payment occurring on September 30, 2017. |
Dec. | 31 | Accrued $4,300 of interest on the installment note. The interest is payable on the date of the next installment note payment. |
31 | Paid the semiannual interest on the bonds. The bond discount amortization of $129,575 is combined with the semiannual interest payment. | |
31 | Closed the interest expense account. | |
2017 | ||
June | 30 | Paid the semiannual interest on the bonds. The bond discount amortization of $129,575 is combined with the semiannual interest payment. |
Sept. | 30 | Paid the annual payment on the note, which consisted of interest of $17,200 and principal of $64,828. |
Dec. | 31 | Accrued $3,652 of interest on the installment note. The interest is payable on the date of the next installment note payment. |
31 | Paid the semiannual interest on the bonds. The bond discount amortization of $129,575 is combined with the semiannual interest payment. | |
31 | Closed the interest expense account. | |
2018 | ||
June | 30 | Recorded the redemption of the bonds, which were called at 98. The balance in the bond discount account is $4,664,707 after payment of interest and amortization of discount have been recorded. (Record the redemption only.) |
Sept. | 30 | Paid the second annual payment on the note, which consisted of interest of $14,607 and principal of $67,421. |
Required:
1. | Journalize the entries to record the foregoing transactions. Round all amounts to the nearest dollar. Be sure to include the year in the date for the entries. Refer to the Chart of Accounts for exact wording of account titles. | ||||
2. | Indicate the amount of the interest expense in (a) 2016 and (b) 2017. | ||||
3. | Determine the carrying amount of the bonds as of December 31, 2017.
This a final question to the top problem : 2. Indicate the amount of the interest expense in (a) 2016 and (b) 2017.
Points: 3. Determine the carrying amount of the bonds as of December 31, 2017. |
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