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Please help with the unanswered questions, this is my third time posting I keep getting them wrong 3 Mahalo Boat Adventure Inc. has a July
Please help with the unanswered questions, this is my third time posting I keep getting them wrong
3 Mahalo Boat Adventure Inc. has a July 31 year-end. It showed the following partial amortization schedules regarding two bond issues: Bond Issue A Period Ending June 1/20 Dec. 1/20 (D) Unanortized Balance $ 45,931 43,879 (A) Cash Period Interest Interest Paid Expense $640,000 (E) 5.08 x 6/12 $ 19,200 $ 17,148 : : 19,200 16,441 19,200 16,372 19,200 16,301 19,200 16,228 19,200 16,154 16,078 $ 345,600 $ 299,669 (E). Carrying Value $640,000 + (D) $ 685,931 683,879 . 654,867 652,039 649, 140 646,168 643,122 640,000 (C) Amort. (A) - (B) $ 2,052 : 2,759 2,820 2,899 2,972 3,046 3,122 $ 45,931 Dec. 1/26 June 1/27 Dec. 1/27 June 1/28 Dec. 1/28 June 1/29 Totala 14,867 12,039 9,140 6,168 3,122 0 19,200 "Adjusted for rounding (For all requirements, do not round intermediate calculations. Round the final answers to the nearest whole dollar.) Required: 1. Bond Issue A aA a. Were the bond A issued at a premium and/or discount? Issued at discount Issued at premium Issued at premium & discount b. Journalize the issuance of bond A on June 1, 2020. Answer is complete and correct. No Date General Journal Credit Debit 685,931 1 June 01, 2020 Cash Premium on bonds payable Bonds payable 45,931 640,000 3 b. Journalize the issuance of band A on June 1, 2020. Answer is complete and correct. No Date General Journal Credit Debit 685,931 1 June 01, 2020 Cash Premium on bonds payable Bands payable 45,931 840,000 c. What is the contract interest rate for the issue bond A? Answer is complete and correct. Contract interest 8% rate d. Interest of how much is paid how often for bond Issued? Answer is complete and correct. Interest paid 19,200 Semi-annually e. What is the term of bond A issue? 3 e. What is the term of bond A issue? Answer is complete and correct. Term of each bond issue 9 year term 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.) x Answer is not complete. Balance Sheet (Partial) Non-current liabilities $ 0 g. Calculate the total bond A interest expense that would appear on the income statement for the year ended July 31, 2027. Total bond interest expense h. Independent of (a) through (g), assume bond A issues were retired on December 1, 2027, at 97. Record the entries 3 h. Independent of (a) through (g), assume bond A issues were retired on December 1, 2027, at 97. Record the entries Answer is not complete. General Journal No Date Debit Credit Bond Issue B (A) Cash Period Interest Interest Paid Expense $500,000.0 * (E) * 6.5% * 6.08 * 3/12 3/12 (C) Amort. (A) - (B) Period Ending Apr. 1/18 Jul. 1/18 Carrying Value $500,000 - (D) ) $ 481,722 482,050 $ 7,500 Apr. 1/26 Jul. 1/26 Oct. 1/26 Jan. 1/27 Apr. 1/27 Jul. 1/27 Oct. 1/27 Jan. 1/26 Apr. 1/2B Totals 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 $ 300,000 $ S 7,82B : 8,041 8,049 8,058 8,067 8,077 8,086 8,095 8,105 8,113 $ 318,278 S 328 : 541 549 558 567 577 586 595 605 618 $ 18,278 (D) Unamortized Balance $18,278 17,950 : 4,655 4,106 3,548 2,981 2,404 1,818 1,223 618 0 495, 345 495,894 496, 452 497,019 497,596 498,182 498,777 499,382 500,000 *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 3 Bond Issue B (C) Amart. (A) - (B) $ 328 (D) Unamortized Balance $ 18, 278 17,950 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 Tatals 19 (A) Cash Period Interest Interest Paid Expense $500,000.0 X (E) K 6.50 x 6.08 * 3/12 3/12 $ 7,500 $ 7,828 : : 7,500 8,041 7,500 8,049 7,500 8,058 7,500 8,067 7,500 8,077 7,500 8,086 7,500 8,095 7,500 8,105 7,500 8,118 $ 300,000 $ 318,278 541 549 558 567 577 586 595 605 618 $18,278 4,655 4, 106 3,548 2,981 2,404 1,818 1,223 618 0 Carrying Value $500,000 - (D) $ 481,722 482,050 . 495,345 495,894 496,452 497,019 497,596 498,182 498,722 499,392 500,000 "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. Answer is complete and correct. No Debit Credit Date April 01, 2018 1 General Journal Cash Discount on bonds payable Bonds payable 481.722 18,278 500,000 3 c. What is the contract interest rate for the issue bond B? Answer complete and correct. Contract interest rato d. Interest of how much is paid how often for bond B issued? Answer is complete and correct. Interest paid 7,500 Quarterly e. What is the term of bond B issue? Answer is not complete. Term of each bond |year issue term f. Show how bond B would appear on the balance sheet under non-current liabilities at July 31, 2026. 3 f. Show how bond B would appear on the balance sheet under non-current liabilities at July 31, 2026. Balance Sheet (Partial) Non-current liablities g. Calculate the bond B interest expense that would appear on the income statement for the year ended July 31, 2027 Total bond interest expense h. Independent of (a) through (g), assume that bond B issues was retired on December 1, 2027, at 97. Record the entries. Answer is not complete. 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