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Wiley Assignment Brief Exercise 146 On January 1, 2013, JWS Corporation issued $649,000 of 7% bonds, due in 8 years. The bonds were issued for $611,190, and pay interest each July 1 and January 1. JWS uses the effectiveinterest method. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effectiveinterest rate of 8%. (Round answers to 0 decimal places, e.g. $38,548. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) (b) (c) Brief Exercise 149 At December 31, 2013, Hyasaki Corporation has the following account balances: Bonds payable, due January 1, 2021 $2,071,000 Discount on bonds payable 112,400 Interest payable 104,230 Show how the above accounts should be presented on the December 31, 2013, balance sheet, including the proper classifications. Hyasaki Corporation Balance Sheet December 31, 2013 $ $ : $ Exercise 1416 On January 1, 2013, McLean Company makes the two following acquisitions. 1. Purchases land having a fair value of $394,000 by issuing a 5year, zerointerestbearing promissory note in the face amount of $663,913. 2. Purchases equipment by issuing a 6%, 9year promissory note having a maturity value of $566,000. (interest payable annually). The company has to pay 11% interest for funds from its bank. (a) (b) Record the two journal entries that should be recorded by McLean Company for the two purchases on January 1, 2013. Record the interest at the end of the first year on both notes using the effectiveinterest method. (Round answers to 0 decimal places, e.g. $38,548.) No. Account Titles and Explanation (a) 1. 2. (b) 1. Debit Credit 2. Exercise 1420 At December 31, 2012, Redmond Company has outstanding three longterm debt issues. The first is a $2,025,300 note payable which matures June 30, 2015. The second is a $6,046,300 bond issue which matures September 30, 2016. The third is a $12,559,000 sinking fund debenture with annual sinking fund payments of $2,511,800 in each of the years 2014 through 2018. Prepare the required note disclosure for the longterm debt at December 31, 2012. Longterm Debt 2013 $ 2014 $ 2015 $ 2016 $ 2017 $ Brief Exercise 173 Carow Corporation purchased, as a heldtomaturity investment, $72,100 of the 9%, 5year bonds of Harrison, Inc. for $78,100, which provides a 7% return. The bonds pay interest semiannually. Prepare Carow's journal entries for (a) the purchase of the investment, and (b) the receipt of semiannual interest and premium amortization. Assume effectiveinterest amortization is used. (Round answers to 0 decimal places, e.g. 2,500. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) (b) Brief Exercise 174 Hendricks Corporation purchased trading investment bonds for $52,040 at par. At December 31, Hendricks received annual interest of $2,580, and the fair value of the bonds was $49,530. Prepare Hendricks' journal entries for (a) the purchase of the investment, (b) the interest received, and (c) the fair value adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) (b) (c) Problem 173 Cardinal Paz Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. Feb. 1, 2012 Sharapova Company common stock, $104 par, 208 shares $45,800 April 1 U.S. government bonds, 12%, due April 1, 2022, interest payable April 1 and October 1, 113 bonds of $1,000 par each 113,000 July 1 McGrath Company 12% bonds, par $53,000, dated March 1, 2012, purchased at 104 plus accrued interest, interest payable annually on March 1, due March 1, 2032 57,240 (a) Prepare entries necessary to classify the amounts into proper accounts, assuming that all the securities are classified as availableforsale. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (b) Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2012, using the straightline method. (Round answers to 0 decimal places, e.g. $2,500. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (c) The fair values of the investments on December 31, 2012, were: Sharapova Company common stock $34,630 U.S. government bonds 146,910 McGrath Company bonds 59,710 What entry or entries, if any, would you recommend be made? (Round answers to 0 decimal places, e.g. $2,500. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (d) The U.S. government bonds were sold on July 1, 2013, for $120,100 plus accrued interest. Give the proper entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit