Intermediated Accounting II Week 4 Wiley Plus (Exercise 14-2 Part level) QB

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Problem 14-2 (Part Level Submission) Coronado Co. is building a new hockey arena at a cost of $2,750,000. It received a downpayment of $470,000 from local businesses to support the project, and now needs to borrow $2,280,000 to complete the project. It therefore decides to issue $2,280,000 of 10%, 10-year bonds. These bonds were issued on January 1, 2016, and pay interest annually on each January 1. The bonds yield 9%. Don't show me this message again for the assignment (a) Your answer is correct. Prepare the journal entry to record the issuance of the bonds on January 1, 2016. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date January 1, 2016 Account Titles and Explanation Cash Debit Credit 2426307.6 Bonds Payable 2280000 Premiumon Bond 146307.6 Don't show me this message again for the assignment Show List of Accounts Show Solution Show Answer Link to Text Link to Text Attempts: 1 of 3 used (b) Prepare a bond amortization schedule up to and including January 1, 2020, using the effective interest method. (Round answers to 0 decimal places, e.g. 38,548.) Date Cash Paid Interest Expense $ 1/1/16 1/1/17 1/1/18 1/1/19 1/1/20 $ Premium Amortization $ Carrying Amount of Bonds $