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Your answer is partially correct. Try again. The following information is taken from Ivanhoe Corp.'s balance sheet at December 31, 2021. $ 92,000 Current liabilities
Your answer is partially correct. Try again. The following information is taken from Ivanhoe Corp.'s balance sheet at December 31, 2021. $ 92,000 Current liabilities Interest payable Long-term liabilities Bonds payable (4%, due January 1, 2032) Less: Discount on bonds payable $2,300,000 23,000 2,277,000 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Ivanhoe uses straight-line amortization for any bond premium or discount. From December 31, 2021, the bonds will be outstanding for an additional 10 years (120 months). (a) (b) (c) (d) Journalize the payment of bond interest on January 1, 2022. Prepare the entry to amortize bond discount and to accrue the interest on December 31, 2022. Assume on January 1, 2023, after paying interest, that Ivanhoe Corp. calls bonds having a face value of $460,000. The call price is 102. Record the redemption of the bonds. Prepare the adjusting entry at December 31, 2023, to amortize bond discount and to accrue interest on the remaining bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (a) Jan. 1 2022 TInterest Payable 000 Cash 92000 (b) Dec. 31 2022 Interest Expense 168360 (1) Show the balance sheet presentation for the bond issue at December 31, 2022, using the 106 selling price. PINA CORPORATION Balance Sheet (Partial) $ (2) Show the balance sheet presentation for the bond issue at December 31, 2022, using the 97 selling price. PINA CORPORATION Balance Sheet (Partial) $ Prepare journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 97. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Dec. 31 SHOW LIST OF ACCOUNTS LINK TO TEXT (1) Show the balance sheet presentation for the bond issue at December 31, 2022. using the 106 selling price. Problem 10-08A Pina Corporation sold $2,650,000, 9%, 5-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. Pina Corporation uses the straight-line method to amortize bond premium or discount. Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 106. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Dec. 31 SHOW LIST OF ACCOUNTS LINK TO TEXT
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