Business, 22.02.2020 02:07 venancialee8805
On January 1, 2014, Aumont Company sold 12% bonds having a maturity value of $500,000 for $537,907, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2014, and mature January 1, 2019, with interest payable December 31 of each year. Aumont Company allocates interest and unamortized discount or premium on the effective-interest basis.
(a) Prepare the journal entry at the date of the bond issuance. (Round answers 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.)
Date
Account Titles and Explanation
Debit
Credit
January 1, 2014
On January 1, 2014, Aumont Company sold 12% bonds
On January 1, 2014, Aumont Company sold 12% bonds
On January 1, 2014, Aumont Company sold 12% bonds
On January 1, 2014, Aumont Company sold 12% bonds
On January 1, 2014, Aumont Company sold 12% bonds
On January 1, 2014, Aumont Company sold 12% bonds
On January 1, 2014, Aumont Company sold 12% bonds
On January 1, 2014, Aumont Company sold 12% bonds
On January 1, 2014, Aumont Company sold 12% bonds
(b) Prepare a schedule of interest expense and bond amortization for 2014?2016. (Round answers to 0 decimal places, e. g. 38,548.)
Schedule of Interest Expense and Bond Premium Amortization
Effective-Interest Method
Date
Cash
Paid
Interest
Expense
Premium
Amortized
Carrying
Amount of Bonds
1/1/14 $On January 1, 2014, Aumont Company sold 12% bonds $On January 1, 2014, Aumont Company sold 12% bonds $On January 1, 2014, Aumont Company sold 12% bonds $On January 1, 2014, Aumont Company sold 12% bonds
12/31/14 On January 1, 2014, Aumont Company sold 12% bonds On January 1, 2014, Aumont Company sold 12% bonds On January 1, 2014, Aumont Company sold 12% bonds On January 1, 2014, Aumont Company sold 12% bonds
12/31/15 On January 1, 2014, Aumont Company sold 12% bonds On January 1, 2014, Aumont Company sold 12% bonds On January 1, 2014, Aumont Company sold 12% bonds On January 1, 2014, Aumont Company sold 12% bonds
12/31/16 On January 1, 2014, Aumont Company sold 12% bonds On January 1, 2014, Aumont Company sold 12% bonds On January 1, 2014, Aumont Company sold 12% bonds On January 1, 2014, Aumont Company sold 12% bonds
(c) Prepare the journal entry to record the interest payment and the amortization for 2014. (Round answers 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.)
Date
Account Titles and Explanation
Debit
Credit
December 31, 2014
On January 1, 2014, Aumont Company sold 12% bonds
On January 1, 2014, Aumont Company sold 12% bonds
On January 1, 2014, Aumont Company sold 12% bonds
On January 1, 2014, Aumont Company sold 12% bonds
On January 1, 2014, Aumont Company sold 12% bonds
On January 1, 2014, Aumont Company sold 12% bonds
On January 1, 2014, Aumont Company sold 12% bonds
On January 1, 2014, Aumont Company sold 12% bonds
On January 1, 2014, Aumont Company sold 12% bonds
(d) Prepare the journal entry to record the interest payment and the amortization for 2016. (Round answers 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.)
Date
Account Titles and Explanation
Debit
Credit
December 31, 2016
On January 1, 2014, Aumont Company sold 12% bonds
On January 1, 2014, Aumont Company sold 12% bonds
On January 1, 2014, Aumont Company sold 12% bonds
Answers: 3
Business, 22.06.2019 04:00
Match the type of agreements to their descriptions. will trust living will prenuptial agreement
Answers: 2
Business, 22.06.2019 16:50
The cost of labor is significantly lower in many countries than in the united states. if you move manufacturing to a facility to a country labeled as part of the axis of evil and a threat to world peace you will increase the net income of your client by $10 million per the facility is located in a country which limits personal freedom and engages in state sponsored terrorism. imagine you are a marketing consultant. (a) what would you tell the executives to do? (b) what are the alternatives? what are your recommendations? why do you recommend this course of action?
Answers: 1
Business, 23.06.2019 13:00
How should the financial interests of stockholders be balanced with varied interests of stakeholders? if you were writing a code of conduct for your company, how would you address this issue?
Answers: 1
On January 1, 2014, Aumont Company sold 12% bonds having a maturity value of $500,000 for $537,907,...
Mathematics, 11.03.2021 23:20
Mathematics, 11.03.2021 23:20
Mathematics, 11.03.2021 23:20
Computers and Technology, 11.03.2021 23:20
Mathematics, 11.03.2021 23:20
Social Studies, 11.03.2021 23:20
English, 11.03.2021 23:20
Mathematics, 11.03.2021 23:20
Mathematics, 11.03.2021 23:20