Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
please include steps to the solutions. thank you (d) On the basis of the schedule above, prepare the journalentry to record the issuance of the
please include steps to the solutions. thank you (d) On the basis of the schedule above, prepare the journalentry to record the issuance of the bonds on January 1.2014. (If no entry is required, select "No Entry" for the account titles and enter O for the omounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) (e) On the basis of the schedule above, prepare the journal entry to reflect the bond transactions and accruaks for 2014. (Interest is paid January 1.) (of no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account tilles are. outomatically indented when amount is entered. Do not indent monually.) (1) On the basis of the schiedule above. prepare the journat entries to reflect the bond transactions and accruals for 2021-5heridan Corporation does not use reversing entries. (f no entry is required, select "No Entry" for the occount titles and enter Ofor the amounts. Credit occount titles are autornatically indented when amount is entered, Do not indent manualiy. (f) On the basis of the schedule above, prepare the journal entries to reflect the bond transactions and accruals for 2021. Sheridan Corporation does not use reversing entries. (If no entry is required, select "No Entry' for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) \begin{tabular}{|c|c|c|c|c|} \hline Year & Cash & Interest & AmountUnamortized & CarryingValue \\ \hline 1/1/2014 & & x2 & $23,359 & $183,341 \\ \hline 2014 & $20,670 & $22,001 & 22.028 & 184,672 \\ \hline 2015 & 20,670 & 22,161 & 20,537 & 186,163 \\ \hline 2016 & 20,670 & 22,340 & 18,867 & 187,833 \\ \hline 2017 & 20,670 & 22540 & 16,997 & 189,703 \\ \hline 2018 & 20,670 & 22.764 & 14,903 & 191,797 \\ \hline 2019 & 20,670 & 23,016 & 12.557 & 194,143 \\ \hline 2020 & 20.670 & 23.297 & 9,930 & 196,770 \\ \hline 2021 & 20,670 & 23,612 & 6.988 & 199,712 \\ \hline 2022 & 20.670 & 23,965 & 3,693 & 203,007 \\ \hline 2023. & 20,670 & 24:363 & & 206,700 \\ \hline \end{tabular} (a) Indicate whether the bonds were issued at a premium or a discount. (b) Indicate whether the amortization schedule is based on the straight-line method or the effective-interest method. (c) Determine the stated interest rate and the effective-interest rate, (Round answers to o decimal places, ey. 18.6.) The stated rate The effective rate (d) On the basis of the schedule above. prepare the journal entry to record the issuance of the bonds on january. 1.2014. (if no entry is required, select "No Entry" for the occount titles and enter 0 for the amoants. Credir account tities are automatically indented when amount is entered. Do not indent manually) The following amortization and interest schedule reflects the issuance of 10 -year bonds by Sheridan Corporation on January 1.2014. and the subsequent interest payments and charges. The company's year-end is December 31 , and financial statements are prepared once yearly. (d) On the basis of the schedule above, prepare the journalentry to record the issuance of the bonds on January 1.2014. (If no entry is required, select "No Entry" for the account titles and enter O for the omounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) (e) On the basis of the schedule above, prepare the journal entry to reflect the bond transactions and accruaks for 2014. (Interest is paid January 1.) (of no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account tilles are. outomatically indented when amount is entered. Do not indent monually.) (1) On the basis of the schiedule above. prepare the journat entries to reflect the bond transactions and accruals for 2021-5heridan Corporation does not use reversing entries. (f no entry is required, select "No Entry" for the occount titles and enter Ofor the amounts. Credit occount titles are autornatically indented when amount is entered, Do not indent manualiy. (f) On the basis of the schedule above, prepare the journal entries to reflect the bond transactions and accruals for 2021. Sheridan Corporation does not use reversing entries. (If no entry is required, select "No Entry' for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) \begin{tabular}{|c|c|c|c|c|} \hline Year & Cash & Interest & AmountUnamortized & CarryingValue \\ \hline 1/1/2014 & & x2 & $23,359 & $183,341 \\ \hline 2014 & $20,670 & $22,001 & 22.028 & 184,672 \\ \hline 2015 & 20,670 & 22,161 & 20,537 & 186,163 \\ \hline 2016 & 20,670 & 22,340 & 18,867 & 187,833 \\ \hline 2017 & 20,670 & 22540 & 16,997 & 189,703 \\ \hline 2018 & 20,670 & 22.764 & 14,903 & 191,797 \\ \hline 2019 & 20,670 & 23,016 & 12.557 & 194,143 \\ \hline 2020 & 20.670 & 23.297 & 9,930 & 196,770 \\ \hline 2021 & 20,670 & 23,612 & 6.988 & 199,712 \\ \hline 2022 & 20.670 & 23,965 & 3,693 & 203,007 \\ \hline 2023. & 20,670 & 24:363 & & 206,700 \\ \hline \end{tabular} (a) Indicate whether the bonds were issued at a premium or a discount. (b) Indicate whether the amortization schedule is based on the straight-line method or the effective-interest method. (c) Determine the stated interest rate and the effective-interest rate, (Round answers to o decimal places, ey. 18.6.) The stated rate The effective rate (d) On the basis of the schedule above. prepare the journal entry to record the issuance of the bonds on january. 1.2014. (if no entry is required, select "No Entry" for the occount titles and enter 0 for the amoants. Credir account tities are automatically indented when amount is entered. Do not indent manually) The following amortization and interest schedule reflects the issuance of 10 -year bonds by Sheridan Corporation on January 1.2014. and the subsequent interest payments and charges. The company's year-end is December 31 , and financial statements are prepared once yearly
please include steps to the solutions. thank you
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started