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PLUS A https://edugen.wileyplus.com/edugen/lt/main.uni Return to Blackboard PLUS Weygandt, Accounting Principles, 13e Help System Announcements CALCULATOR PRINTER VERSION 4 BACK ar 15 Problem 15-07A a-d (Part Level Submission) The following is taken from the Blossom Company balance sheet. Blossom Company Balance Sheet (partial) December 31, 2020 Current Liabilities Interest payable (for 12 months from January 1 to December 31) $305,100 Long-term Liabilities Bonds payable, 9% due January 1, 2028 $3,390,000 Add: Premium on bonds payable 194,000 $3,584,000 mission by Interest is payable annually on January 1. The bonds are callable on any annual interest date. Blossom uses straight-line amortization for any bond premium or discount. From December 31, 2020, the bonds will be outstanding for an additional 10 years (120 months). (a) Your answer is correct. Journalize the payment of bond interest on January 1, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan 1, 2021 Interest Payable 305100 Cash 305100 Click if you would like to show Work for this questioni Open Show Work By accessing this question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor Attempts: 1 of 15 used Type here to search o 8:06 AM 52 RORO 2 w x tv B Mtps://edugen.wileyplus.com/eduger/16/mainuni Return to Blackboard LUS Weygandt, Accounting Principles, 13e Help System Announcements CALCULATOR PRINTER VERSION 4 BACK NEXT Your answer is correct. Prepare the entry to amortize bond premium and to accrue the interest due on December 31, 2021. (Credit account titles are automatically indented when ainount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec 31, 2021 Interest Expense 285700 Premium on Bonds Payable 19400 Interest Payable 305100 Click if you would like to show Work for this questioni Open Show Work By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor Attemptsi 1 of 15 used Your answer is correct. Assume that on January 1, 2022, after paying interest, Blossom Company calls bonds having a face value of $1,356,000. The call price is 103. Record the redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan 1, 2022 Bonds Payable 1356000 Premium on Bonds Payable 69840 29160 Gain on Bond Redemption 1396680 Cash 1 BOGAM 5/20/2020 0 - 3 O 3 ype here to search >> CALCULATOR PRINTER VERSION BACK Gain on Bond Redemption 29160 Cash 1396680 Click if you would like to Show Work for this questioni Open Show Work ion By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor Attempts: 2 of 15 used (d) Your answer is partially correct. Try again Prepare the adjusting entry at December 31, 2022, to amortize bond premium and to accrue interest on the remaining bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec 31, 2022 Interest Expense 285700 Premium on Bonds Payable 11640 Interest Payable 297340 Click if you would like to Show Work for this questions Open Show Work By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor SUBMIT ANSWER SAVE FOR LATER Attempts: 2 of 15 used 8:06 AM 5/202020 e . O C pe here to search End poo Home Prisen PII FS
