Please help me with the questions I got wrong, and also question h from Bond B, thank you so much!
Mahalo Boat Adventure Inc. has a July 31 year-end. It showed the following partial amortization schedules regarding two bond issues: Bond Issue A (A) Cash Interest Paid $760,000 x 7.0% * 6/12 (B) Period Interest Expense (E) * 6.0% * 6/12 (C) Amort. (A) (B) Period Ending June 1/20 Dec. 1/20 $ 26,600 : 26,600 26,600 26,600 26,600 26,600 26,600 $ 478,800 $ 24,368 : 23, 418 23,322 23, 224 23,122 23,018 22,911 $ 426,537 Dec. 1/26 June 1/27 Dec. 1/27 June 1/28 Dec. 1/28 June 1/29 (D) Unamortized Balance $52, 263 50,031 : 17,403 14,125 10,749 7,271 3,689 0 $ 2,232 : 3,182 3,278 3,376 3,478 3,582 3,689 $52, 263 (E) Carrying Value $760,000 + (D) $ 812,263 810,031 : 777,403 774,125 770, 749 767,271 763,689 760,000 Totals *Adjusted for rounding (For all requirements, do not round intermediate calculations. Round the final answers to the nearest whole dollar.) f. Show how bond A would appear on the balance sheet under non-current liabilities at July 31, 2026. (Enter all amounts as positive values.) Answer is complete but not entirely correct. Balance Sheet (Partial) Non-current liabilities $ 760,000 Bonds payable, 11.0%, due June 1, 2029 Add: Premium on bonds payable 17,403 X $ 777,403 g. Calculate the total bond A interest expense that would appear on the income statement for the year ended July 31, 2027. X Answer is complete but not entirely correct. Total bond interest expense $ 46,546 X h. Independent of (a) through (g), assume bond A issues were retired on December 1, 2027, at 97. Record the entries X Answer is not complete. No Date General Journal Debit Credit 1 December 01, 202 Bond interest expense Premium on bonds payable 23,224 X 3,376 X Cash 26,600 X 2 December 01, 202 Bonds payable Premium on bonds payable 760,000 10,749 Gain on retirement of bonds 33,539 737,200 Cash Bond Issue B (A) (B) Cash Period Interest Interest Paid Expense $620,000.0 X (E) X 8.0% X 7.0% X 3/12 3/12 (C) Amort. (A) - (B) (D) Unamortized Balance $ 42, 401 41,699 (E) Carrying Value $620,000 (D) $ 577,599 578, 301 Period Ending Apr. 1/18 Jul. 1/18 : Apr. 1/26 Jul. 1/26 Oct. 1/26 Jan. 1/27 Apr. 1/27 Jul. 1/27 Oct. 1/27 Jan. 1/28 Apr. 1/28 Totals $ 10,850 : 10,850 10,850 10,850 10,850 10,850 10,850 10,850 10,850 10,850 $ 434,000 $ 11,552 : 12, 147 12,173 12,199 12, 226 12,254 12, 282 12,311 12,340 12,368 + $ 476, 401 $ 702 : 1,297 1,323 1,349 1,376 1,404 1,432 1,461 1,490 1,518 $ 42,401 11,353 10,030 8,681 7,305 5,901 4,469 3,008 1,518 0 608,647 609,970 611,319 612,695 614,099 615,531 616,992 618,482 620,000 *Adjusted for rounding 2. Bond Issue B a. Were the bond B issued at a premium and/or discount? Issued at discount Issued at premium Issued at premium & discount b. Journalize the issuance of bond B on April 1, 2018. X Answer is not complete. No Date General Journal Debit Credit 1 April 01, 2018 577,599 Cash Bonds payable Discount on bonds payable 620,000 X x 42,401 x f. Show how bond B would appear on the balance sheet under non-current liabilities at July 31, 2026. X Answer is complete but not entirely correct. Balance Sheet (Partial) Non-current liablities $ 620,000 Bonds payable, 8.0%, due April 1, 2028 Less: Discount on bonds payable 10,030 x $ 609,970 X g. Calculate the bond B interest expense that would appear on the income statement for the year ended July 31, 2027. X Answer is complete but not entirely correct. Total bond interest expense $ 36,762 X h. Independent of (a) through (g), assume that bond B issues was retired on December 1, 2027, at 97. Record the entries. View transaction list X > 1 Record the interest paid on bonds. 2 Record the retired bonds. Credit Note : journal entry has been entered Record entry Clear entry View general journal
