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please answer all the questions. thanks in advance!! *E15.15 (105) Adcock Company issued $600,000, 9%, 20-year bonds on January 1, 2020, at 103. Inter- est
please answer all the questions. thanks in advance!!
*E15.15 (105) Adcock Company issued $600,000, 9%, 20-year bonds on January 1, 2020, at 103. Inter- est is payable annually on January 1. Adcock uses straight-line amortization for bond premium or discount Instructions Prepare the journal entries to record the following. a. The issuance of the bonds. b. The accrual of interest and the premium amortization on December 31, 2020. c. The payment of interest on January 1, 2021. d. The redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded. *E15.16 (LO 5) Gridley Company issued $800,000, 11%, 10-year bonds on December 31, 2019, for $730,000. Interest is payable annually on December 31. Gridley Company uses the straight-line method to amortize bond premium or discount. Instructions Prepare the journal entries to record the following. a. The issuance of the bonds. b. The payment of interest and the discount amortization on December 31, 2020. c. The redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded. E15.10 (LO 3) Dreiling Company borrowed $300,000 on January 1, 2020, by issuing a $300,000, 8% mortgage note payable. The terms call for annual installment payments of $40,000 on December 31. Instructions a. Prepare the journal entries to record the mortgage loan and the first two installment payments. b. Indicate the amount of mortgage note payable to be reported as a current liability and as a long-term liability at December 31, 2020 Step by Step Solution
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