Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This is one question. I'm tired of posting questions and people keep telling me that they have a chegg policy. OR people answering half my

image text in transcribed

This is one question.

I'm tired of posting questions and people keep telling me that they have a chegg policy. OR people answering half my question and leaving the next half unanswered. I'm paying for this service. I deserve my answers since I pay for it.

Again, this is one question separated into three parts. 1A, 1B and 1C. So please, answer my questions. Please and thank you.

1 11 A) The Pina Company issued $340,000 of 8% bonds on January 1, 2020. The bonds are due January 1, 2025, with interest payable each July 1 and January 1. The bonds are issued at face value. Prepare Pina's journal entries for (a) the January issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1B) On January 1, 2020, Riverbed Corporation issued $610,000 of 9% bonds, due in 10 years. The bonds were issued for $571,991, and pay interest each July 1 and January 1. Riverbed uses the effective-interest method. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 10%. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1C) On January 1, 2020, Concord Corporation redeemed $550,000 of bonds at 98. At the time of redemption, the unamortized premium was $16,500. Prepare the corporation's journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 decimal. places, e.g. 38,548.)

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

Step: 3

blur-text-image

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

Modern Auditing

Authors: Walter Gerry Kell, William C. Boynton, Richard E. Ziegler

5th Edition

0471542830, 9780471542834

More Books

Students also viewed these Accounting questions

Question

8. Demonstrate aspects of assessing group performance

Answered: 1 week ago