Acct 551 Week 3 Week 3 Homework E14 3 Entries for Bond Transactions Presented below are two independent situations.


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Asked by 3 years ago
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Acct 551 Week 3 Week 3 Homework E14-3 Entries for Bond Transactions Presented below are two independent situations.

1

A 1/1/12 Cash 300,000

Bonds payable 300,000

B 7/1/12 Interest Expense 6,750 300,000.093/12

Cash 6,750

C 12/31/12 Interest Expense 6,750

Interest Payable 6,750

2

A Cash 210,000

Bond payable 200,000

Interest Expense 10,000 200,000.0125/12

B Interest Expense 12,000 200,000.126/12

Cash 12,000

C Interest Expense 12,000

Interest payable 12,000

E14-7 (Amortization Schedule-Effective-Interest) Assume the same information

Date Cash Paid Interest Expense Discount Amortized Carrying Bond

1/1/12 2,783,724

1/1/13 300,000 334, 34, 2,817,

1/1/14 300,000 338, 38, 2,855,

1/1/15 300,000 342, 42, 2,898,

1/1/16 300,000 347,...

Acct 551
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1 Answer

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Answered by 3 years ago
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Oh Snap! This Answer is Locked

Acct 551 Week 3 Week 3 Homework E14 3 Entries for Bond Transactions Presented below are two independent situations.

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Excerpt from file: Acct 551 Week 3 Week 3 Homework E143 Entries for Bond TransactionsPresentedbelowaretwoindependentsituations. 1 A1/1/12Cash300,000 Bondspayable300,000 B7/1/12InterestExpense6,750300,000*.09*3/12 Cash6,750 C12/31/12InterestExpense6,750 InterestPayable6,750 2 ACash210,000 Bondpayable200,000

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Asked: 3 years ago

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