Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information relate to the death secruities of Kiran company during 2016. A. January 1st the company purchased 8% bond of tampe co. having

The following information relate to the death secruities of Kiran company during 2016. A. January 1st the company purchased 8% bond of tampe co. having a pal value of $240,000 at 99 accrued interest. interest is payable may 1 and November 1.maturity date is 11/1/2017 b.may 1 semi annual intrest is received ann amortization is updated. C.July 1 10% bonds of flagstaff were purchased.The bond had a pal value of $75,000 and were purchase at 101 plus accused interest. interest date are march 1 and September.maturity date are 9/1/2017 D.september 1 semi annual interest is received and amortization updated for the flag staff bond E. Novemeber 1 semi annual interest is received and amortization update for the tempe bond F.December 31 interset is accured and amortization updated for both set of bond.required. prepare journal entries for all date. present journal entries for the tempe bond(a,b,e,f).then journal entries for the flag staff bond(C,D,f). then use straight line amortization.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Payroll Accounting 2018

Authors: Jeanette Landin, Paulette Schirmer

4th edition

1260005127, 1259742514, 1260005165, 126000516X, 978-1259742514

More Books

Students also viewed these Accounting questions

Question

b. What is the persons job title?

Answered: 1 week ago

Question

What does this look like?

Answered: 1 week ago