Entries for Issuing Bonds and Amortizing Premium by Straight-Line Method
Daan Corporatio...
Business, 03.03.2020 01:28 alexzavaleta775
Entries for Issuing Bonds and Amortizing Premium by Straight-Line Method
Daan Corporation wholesales repair products to equipment manufacturers. On April 1, 2014, Daan Corporation issued $3,600,000 of 10-year, 12% bonds at a market (effective) interest rate of 10%, receiving cash of $4,048,640. Interest is payable semiannually on April 1 and October 1.
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a. Journalize the entry to record the issuance of bonds on April 1, 2014. For a compound transaction, if an amount box does not require an entry, leave it blank.
Bonds Payable
Cash
Discount on Bonds Payable
Interest Expense
Interest Payable
Premium on Bonds Payable
Correct 2 of Item 1
Correct 3 of Item 1
Correct 4 of Item 1
Accounts Payable
Cash
Discount on Bonds Payable
Interest Expense
Interest Payable
Premium on Bonds Payable
Correct 5 of Item 1
Correct 6 of Item 1
Correct 7 of Item 1
Accounts Payable
Bonds Payable
Cash
Discount on Bonds Payable
Interest Expense
Interest Payable
Correct 8 of Item 1
Correct 9 of Item 1
Correct 10 of Item 1
Entries for Issuing Bonds and Amortizing Premium b
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Solution
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b. Journalize the entry to record the first interest payment on October 1, 2014, and amortization of bond premium for six months, using the straight-line method. (Round to the nearest dollar.) For a compound transaction, if an amount box does not require an entry, leave it blank.
Bonds Payable
Cash
Discount on Bonds Payable
Interest Expense
Interest Payable
Interest Receivable
Correct 2 of Item 2
Correct 3 of Item 2
Correct 4 of Item 2
Bonds Payable
Cash
Discount on Bonds Payable
Interest Payable
Interest Receivable
Premium on Bonds Payable
Correct 5 of Item 2
Correct 6 of Item 2
Correct 7 of Item 2
Bonds Payable
Cash
Discount on Bonds Payable
Interest Expense
Interest Payable
Premium on Bonds Payable
Correct 8 of Item 2
Correct 9 of Item 2
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