The balance sheet for Gelher Company reports the following Information on July l, 2017. Gelher decides to
Question:
Gelher decides to redeem these bonds at 102 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2017.
Transcribed Image Text:
GELHER COMPANY Balance Sheet (partial) Long-term liabilities Bonds payable Less: Discount on bonds payable $2,000,000 45,000$1,955,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (18 reviews)
Bonds Payable 2000000 Loss on Bond ...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Question Posted:
Students also viewed these Cost Accounting questions
-
The balance sheet for Gelher Company reports the following information on July 1, 2022. Gelher decides to redeem these bonds at 102 after paying annual interest. Prepare the journal entry to record...
-
The balance sheet for Miley Consulting reports the following information on July 1, 2021. Non-current liabilities Bonds payable, 4%, due 2024 ............... $940,000 The face value of these bonds is...
-
The balance sheet for Miley Consulting reports the following information on July 1, 2019. Long-term liabilities Bonds payable..........................................$1,000,000 Less: Discount on...
-
The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $70,720 $47,940 Accounts receivable (net) 207,230 188,190...
-
A list of committed and discretionary costs follows. Annual audit fees ............Internal audit salaries Annual report preparation and printing ....Marketing research Building flood insurance...
-
Issued check (Doc. No. 20) to Interstate Motor Freight for the amount of vfreight bill (Doc. No. 19) for the Velocity Sporting Goods shipment received December 22. Follow the flowchart steps on page...
-
MRVis too small to have an HR department, and so no formal employee termination procedure exists. Nonetheless, Sue or Eddie should think about proper procedures to protect IS and IT when employees...
-
Granger Service Company, Inc., was organized by Ted Granger and five other investors. The following activities occurred during the year: a. Received $70,000 cash from the investors; each was issued...
-
Explain what is understood to be the conceptual framework for financial reporting?
-
Nanson Company, a publicly owned corporation listed on a major stock exchange, forecasted operations for the fiscal year ending December 31 as shown in the following forecasted income statement:...
-
Clooney Corporation issued 3,000 7%. 5-year, $1,000 bonds dated January 1, 2017, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on...
-
Presented here are long-term liability Items for Stevens Inc. at December 31, 2017. Prepare the long-term liabilities section of the balance sheet for Stevens Inc. Bonds payable (due 2021)...
-
What would give more meaning to this stage in your life?
-
I need help with discussion posts that respond to 3 of these comments. 2 of them being the first on each picture. RUBRIC: articles to mention Coleman, R., & Banning, S. (2006). Network TV news'...
-
2. Best Use of Scarce Resource DigiCom Corporation produces three sizes of television sets: 12-inch screen, 26-inch screen, and 40-inch screen. Revenue and cost information per unit for each product...
-
Gunther invested $15,000 into a segregated fund with a 65% maturity guarantee 10 years ago. The fund is now maturing and has a current market value of $22,261. Gunther decides to withdraw his...
-
(a) Consider the following financial data (in millions of dollars) for Costello Laboratories over the period of 2014-2018: Year Sales Net income Total assets Common equity 2014 $3,800 $500 $3,900...
-
The Pizza Pie 'N Go sells about 2300 one-topping pizzas each month. The circle graph displays the most requested one-topping pizzas, by percentage, for one month. Most Popular One-Topping Pizzas...
-
How do monopolists maintain their monopoly? How does this violate assumptions of a perfectly competitive market? Explain.
-
Ball bearings are widely used in industrial applications. You work for an industrial food machinery manufacturer and your role is to design the driveshaft assembly on a new type of equipment that...
-
What purposes are served by reporting Unrealized Gains (Losses)Equity in the stockholders equity section?
-
Justin Corporation had these transactions pertaining to debt investments: Jan. 1 Purchased 90 10%, $1,000 Graham Co. bonds for $90,000 cash plus brokerage fees of $1,200. Interest is payable...
-
Rojas Company had these transactions pertaining to stock investments: Feb. 1 Purchased 1,200 shares of MJ common stock (2% of outstanding shares) for $8,000 cash plus brokerage fees of $400. July 1...
-
explain in excel please For a particular product the price per unit is $6. Calculate Revenue if sales in current period is 200 units. Conduct a data analysis, on revenue by changing the number of...
-
Hall Company sells merchandise with a one-year warranty. In the current year, sales consist of 35,000 units. It is estimated that warranty repairs will average $10 per unit sold and 30% of the...
-
Q 4- Crane Corporation, an amusement park, is considering a capital investment in a new exhibit. The exhibit would cost $ 167,270 and have an estimated useful life of 7 years. It can be sold for $...
Study smarter with the SolutionInn App