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Please help me solve the 7th question of an 8-part multi-step question. I will put everything in order including all the correct answers leading up
Please help me solve the 7th question of an 8-part multi-step question. I will put everything in order including all the correct answers leading up to part 7. I have included the list of accounts on the last photo that contains the question I need help with.
This is the question I need help with part G please only use the accounts listed in the list of accounts I added to the following picture:
On January 1,2024, Coronado Ltd. issued bonds with a maturity value of $5.60 million for $5,372,895, when the market rate of interest was 8%. The bonds have a contractual interest rate of 7% and mature on January 1,2029 . Interest on the bonds is payable semi-annually on July 1 and January 1 of each year. On January 1,2024, Blossom Company, a public company, purchased Coronado Ltd. bonds with a maturity value of $1.12 million to earn interest. On December 31, 2024, the bonds were trading at 98 . Both companies' year end is December 31. Prepare the journal entries for Blossom Company to record: (1) The receipt of interest on July 1,2024. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275. List all debit entries before credit entries.) (2) The accrual of interest on December 31, 2024. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275. List all debit entries before credit entries.) (3) The receipt of interest on January 1, 2025. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, e.g. 5,275. List debit entry before credit entry.) Your answer is correct. Prepare a bond amortization schedule for Blossom Company for the first four interest periods. (Round answers to 0 decrs to 0 decimal places, e.g. 5,275 .) Prepare the journal entries for Coronado Ltd. to record: (1) The payment of interest on July 1, 2024, assuming Coronado uses the effective-interest method to amortize any premium or discount. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275. List all debit entries before credit entries.) List of accounts (please only use accounts from this list): (2) The accrual of interest expense on December 31,2024, assuming Coronado uses the effective-interest method to amortize any premium or discount. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, e.g. 5,275. List all debit entries before credit entries.) (3) The payment of interest on January 1, 2025, assuming Coronado uses the effective-interest method to amortize any premium or discount. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, e.g. 5,275. List debit entry before credit entry.) Show how the bonds and related income statement accounts would be presented in Blossom Company's financial statements for the year ended December 31, 2024. (Round answers to 0 decimal places, e.g. 5,275.) BLOSSOM COMPANY Balance Sheet (Partial) $ (f) Prepare the journal entry for Coronado Ltd. (investee) on January 1, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) What amount did Blossom Company pay for Coronado Ltd.'s bonds? (Round answer to O decimal places, e.g. 5,275.) Blossom Company paid $ eTextbook and Media (b) Prepare the journal entry for Blossom Company (investor) on January 1, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275. List debit entry before credit entry.)Step by Step Solution
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