These are a few of the questions im struggling with. Thank you ahead of time for the help!! :)
Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate comp Grocery Corporation received $330,425 for 10.50 percent bonds issued on January 1, 2018, at a market interest rate of 7.50 percent The bonds had a total face value of $274,000, stated that interest would be paid each December 31, and stated that they mature in 10 years. Assume Grocery Corporation accounts for the bond using the shortcut approach. Required: 1. & 2. Prepare the required journal entries to record the bond issuance and the first interest payment on December 31. (if no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest whole dollar.) Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 January 01 330,425 Cash Bonds Payable Premium on Bonds Payable 56,425 274,000 2 December 31 Interest Expense Premium on Bonds Payable Cash 24.782 3.988 O 28.770 Grocery Corporation received $322 294 for 9.00 percent bonds issued on January 1, 2018, at a market interest rate of 6.00 percent. The bonds had a total face value of $264,000, stated that interest would be paid each December 31, and stated that they mature in 10 years. Assume Grocery Corporation uses the straight-line method to amortize the bond premium Required: 1. & 2. Prepare the required journal entries to record the bond issuance and the first interest payment on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest whole dollar.) Debit Credit View transaction list View journal entry worksheet No Date General Journal 1 January 01 Cash Bonds Payable Premium on Bonds Payable 322,294 264,000 58,294 2 2 December 31 Interest Expense Premium on Bonds Payable Cash 19,338 4,422 23,760 Required information The following information applies to the questions displayed below) On January 1, when the market interest rate was 10 percent, Seton Corporation completed a $110,000, 9 percent bond issue for $103.237. The bonds pay interest each December 31 and mature in 10 years. Assume Seton Corporation uses the effective-interest method to amortize the bond discount. 3. Prepare a bond discount amortization schedule for these bonds. (Do not round intermediate calculations. Round your answers to the nearest dollar.) Changes During the Period Interest Discount Cash Paid Expense Amortized Ending Bond Liability Balances Discount on Carrying Value Period Ended Bonds Payable Bonds Payable 0 0 o 0 Start Ye 1 End Yt 2 End Yr 3 End Yr 4 End Yr 5 End Yr 6 End Yr 7 End Yr 8 End Yr 9 End Yr 10 End 0 0 0 0 0 0 Required information [The following information applies to the questions displayed below.) On January 1, when the market interest rate was 10 percent, Seton Corporation completed a $210,000,9 percent bond issue for $197,088. The bonds pay interest each December 31 and mature in 10 years. Seton amortizes the bond discount using the straight-line method. 3. Prepare a bond discount amortization schedule for these bonds. (Do not round intermediate calculations. Round your answers to the nearest dollar.) Period Ended Changes During the Period Discount Cash Paid Interest Amortized Expense Ending Bond Liability Balances Bonds Payable Discount on Bonds Payable Carrying Value 0 0 0 0 0 Start Yr 1 End Yr 2 End Yr 3 End Yr 4 End Yr 5 End Yr 5 End Yr7 End Y8 End Y 9 End Yr 10 End 0 0 0 0 0 MacBook Pro
