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this is the only part i am confuded on PLS HELP ! Required information Use the following information for the Problems below. (Algo) [The following
this is the only part i am confuded on PLS HELP
! Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] Hillside issues $1,600,000 of 9%, 15-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. Problem 14-1A (Algo) Straight-Line: Amortization of bond discount LO P2 The bonds are issued at a price of $1,382,579. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. 2(a) For each semiannual period, complete the table below to calculate the cash payment. 2(b) For each semiannual period, complete the table below to calculate the straight-line discount amortization. 2(c) For each semiannual period, complete the table below to calculate the bond interest expense. 3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 4. Prepare the first two years of a straight-line amortization table. 5. Prepare the journal entries to record the first two interest payments. Required information www. 1. Prepare the January 1 journal entry to record the bonds' issuance. 2(a) For each semiannual period, complete the table below to calculate the cash payment. 2(b) For each semiannual period, complete the table below to calculate the straight-line discount amortization. 2(c) For each semiannual period, complete the table below to calculate the bond interest expense. 3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 4. Prepare the first two years of a straight-line amortization table. 5. Prepare the journal entries to record the first two interest payments. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 5 Prepare the January 1 journal entry to record the bonds' issuance. General Journal 1 Req 1 No Req 2A to 2C Date January 01 Req 3 Req 4 Cash Discount on bonds payable Bonds payable Rag Debit 1,382,579 217,421 Req 2A to 2C > Credit 1,600,000 Reg 1 2(a) 2(b) Req 2A to 2C For each semiannual period, compute (a) the cash payment, (b) the straight-line discount amortization, and (c) the bond interest expense. (Round you nearest whole dollar.) Par (maturity) value $ 1,600,000 Par (maturity) value 1,600,000 Semiannual cash payment 2(c) S Req 3 72,000 Req 4 Annual Rate 9% Bonds price 1,382,579 Discount amortization Req 5 7,247 Year 6/12 Discount on Bonds Payable 217,421 Bond interest expense 79,247 Straight-line discount. amortization 7,247 Total bond interest expense over life of bonds: Amount repaid: 30 payments of $ 72,000 $ 2,160,000 Par value at maturity 1,600,000 3,760,000 1,382,579 $ 2,377,421 Total repaid Less amount borrowed Total bond interest expense Complete this question by entering your answers in the tabs below. Req 1 Req 2A to 2C Req 4 Prepare the first two years of a straight-line amortization table. (Round your intermediate and final answers to the neares whole dollar.) Semiannual Period-End 01/01/2021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 Req 3 Unamortized Discount Carrying Value $ 217,421 $ 1,382,579 210,174 202,927 195,680 188,433 Step by Step Solution
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