JS Keso Intermediate Accounting, 170 CALCULATOR PRINTER VERSION BACK NEXT Problem 14-02 (Part Level Submission) Sarasota Co. is building a new hockey arena at a cost of $2,550,000. It received a downpayment of $450,000 from local businesses to support the project, and now needs to borrow $2,100,000 to complete the project. It therefore decides to issue $2,100,000 of 11%, 10-year bonds. These bonds were issued on January 1, 2019, and pay interest annually on each January 1. The bonds yleld 10% Your answer is correct. Prepare the journal entry to record the issuance of the bonds on January 1, 2019. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to decimal places e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter for the amounts Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit January 1, 2015 Cash 2,229,030 udy Bonds Payable 2,100,000 Premium on Bonds Pay 129,030 SHOW LIST OR ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT Attempts: 2 of 5 used Your answer is correct Prepare a bond amortation schedule up to and including January 1, 2023, using the effective interest method. (Round answers to decimal places, ag. 38.548) Carrying Cash Interest Premium Amount of Paid Expense Amortization Bonds 1/1/19 2.229.030 1/1/20 Help System Announcements CALCULATOR PRINTER VERS Date Cash Pald Interest Expense Premium Amortization Carrying Amount of Bonds 1/1/19 2,229,030 1/1/20 231,000 222,903 8,097 2,220,933 1/1/21 231,000 222,093 1/1/22 231,000 8,907 9,797 2,212,026 2,202,229 221,203 1/1/23 231,000 220,223 10,777 2,191,452 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Attempts: 2 of 5 used (c) Your answer is partially correct. Try again. Assume that on July 1, 2022, Sarasota Co. redeems half of the bonds at a cost of $1,116,500 plus accrued interest. Prepare the journal entry to record this redemption (Round answe decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter o for the amounts Credit account titles are automatically indente amount is entered. Do not indent manually.) Date Account Tities and Explanation Debit Credit July 1, 2027 Interest Expense 57,750 Premium on Bonds Payable 4,899 115,500 (To record interest) July 1, 2027 Bonds Payable 1,050.000 Attempts: 2 of 5 used (c) Your answer is partially correct. Try again. Assume that on July 1, 2022, Sarasota Coredeems half of the bonds at a cost of $1,116,500 plus accrued interest. Prepare the journal entry to record this redemption. (Round answe decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter for the amounts Credit account ttles are automatically indente amount is entered. Do not Indent manually.) Date Account Titles and Explanation Debit Credit July 1, 2027 Interest Expense 57,750 Premium on Bonds Payabli 4,899 Cash 115,500 (To record interest) July 1, 2027 Bonds Payable 1,050,000 Premium on Bonds Payable 48,665 Loss on Redemption of Bo 17,835 1,116,500 Cash (To record reacquisition) SLOW LEST OF ACCOUNTS LINK TO TEXT LINK TO TEXT SUBMIT ANSWE Attempts of sused
