Business, 16.07.2020 22:01 leahpartaka03

On January 1, 2016, Sheldon Unlimited issues 12%, 15-year bonds payable with a face value of $250, 000. The bonds are issued at 106 and pay interest on June 30 and December 31. 1. Journalize the issuance of the bonds on January 1, 2016.
2. Journalize the semiannual interest payment and amortization of bond premium on June 30, 2016.
3. Journalize the semiannual interest payment and amortization of bond premium on December 31, 2016.
4. Journalize the retirement of the bond at maturity.

Answers: 3

Show answers

Answers

Answer from: pandamarz

1. Date Account Title and Explanation Debit Credit

January 1 Cash $265,000

2016 Premium on bonds payable $15,000

Bonds payable $250,000

(To record Issuance of bonds )

2 . Date Account Title and Explanation Debit Credit

June 30 Bond interest expense $14,500

2016 Premium on bonds payable $500

Cash $15,000

(Interest on bond paid and Premium amortized)

3 . Date Account Title and Explanation Debit Credit

Dec 31 Bond interest expense $14,500

2016 Premium on bonds payable $500

Cash $15,000

(Interest on bond paid and Premium amortized)

4. Date Account Title and Explanation Debit Credit

Dec 31 2030 Bonds payable $250,000

Cash $250,000

(Bond redeemed)

Working

Bond issue price (250000 / 100*106) $265,000

Face value $250,000

Premium on bonds payable $15,000

Number of Interest payments (15 years x 2) 30 period

Discount/ premium to be amortized per Half year $500.00

Interest on bond $15,000.00

Interest expense to be recorded $14,500

(15000-500)

Answer from: Quest

christopher columbus sail the ocean blue 1492

The real estate market is categorized in which way?

Answer from: Quest

Ibelieve the answer is medicaid.

Another question on Business

Business, 22.06.2019 13:10

You have recently been made a department head of the new regional office. in getting to know your departmental staff, you have noticed that one of your inexperienced employees is not following through on assigned tasks. she is enthused about her new job and wants to get ahead in the organization. which alternative represents the most effective leadership style: a. discuss the lack of follow-through with her and explore thealternative ways this problem can be solved. b. specify what she must do to complete the tasks but incorporate any suggestions she may have. c. define the steps necessary for her to complete the assigned tasks and monitor her performance frequently. d. let her know about the lack of follow-through and give hermore time to improve her performance.

Answers: 1

Answer

Business, 22.06.2019 19:00

Andy purchases only two goods, apples (a) and kumquats (k). he has an income of $125 and can buy apples at $5 per pound and kumquats at $5 per pound. his utility function is u(a, k) = 6a + 2k. what is his marginal utility for apples and his marginal utility for kumquats? andy's marginal utility for apples (mu subscript a) is mu subscript aequals 6 and his marginal utility for kumquats (mu subscript k) is

Answers: 2

Answer

Business, 22.06.2019 20:00

Lillypad toys is a manufacturer of educational toys for children. six months ago, the company's research and development division came up with an idea for a unique touchscreen device that can be used to introduce children to a number of foreign languages. three months ago, the company produced a working prototype, and last month the company successfully launched its new device on the commercial market. what should lillypad's managers prepare for next? a. increased competition from imitators b. a prolonged period of uncontested success c. a sharp decline in demand for the product d. a difficult struggle to move from invention to innovation

Answers: 2

Answer

Business, 22.06.2019 22:30

Luggage world buys briefcases with an invoice date of september 28. the terms of sale are 2/10 eom. what is the net date for this invoice

Answers: 1

Answer

You know the right answer?

On January 1, 2016, Sheldon Unlimited issues 12%, 15-year bonds payable with a face value of $250, 0...

Questions