Download Bond Journal Entries and Calculations for Various Companies - Prof. Nancy M. Records and more Assignments Financial Accounting in PDF only on Docsity!
Student Name: Class: Problem 10-02A BRAEBURN General Journal Part 1. Trans. Date Account Titles no. Debit Credit 2009 Jan 1 Cash 3,024, Discount on Bonds Payable 476, Bonds Payable 3,500, Part 2. Cash payment $ 3,024,000 «- Try again! Straight-line discount amortization 311,733 «- Try again! Bond interest expense 140,000 «- Try again! Part 3. Thirty payments of $140,000 $ 4,200, Par value at maturity 3,500, Total repaid $ 7,700, Less amount borrowed 3,024, Total bond interest expense $ 4,676,000 «- Correct! or: Thirty payments of $140,000 $ 4,200, Plus discount 476, Total bond interest expense $ 4,676,000 «- Correct! Part 4. BRAEBURN Unamortized Carrying Semiannual Period End Discount Value 1/1/2009 $ 476,000 $ 3,024,000 «- Correct! 6/30/2009 460,133 $ 3,039,867 «- Correct! 12/31/2009 444,267 $ 3,055,733 «- Try again! 6/30/2010 428,400 $ 3,071,600 «- Try again! 12/31/2010 412,533 $ 3,087,467 «- Try again!
Student Name: Class: Problem 10-02A BRAEBURN General Journal Part 5. Trans. Date Account Titles no. Debit Credit 2009 Jun 30 Bond Interest Expense 311, Discount on Bonds Payable 31,733 «- Try again! Cash 343,467 «- Try again! Dec 31 Bond Interest Expense 311, Discount on Bonds Payable 31,733 «- Try again! Cash 343,467 «- Try again! BRAEBURN General Journal Part 6-1. Trans. Date Account Titles no. Debit Credit 2008 Jan 1 Cash 4,284,000 «- Correct! Premium on Bonds Payable 784,000 «- Correct! Bonds Payable 3,500,000 «- Correct! Part 6-2. Cash payment $ 4,284,000 «- Try again! Straight-line premium amortization Bond interest expense 420,000 «- Try again!
Given Data P10-02A: BRAEBURN Bonds issued, face value $ 3,500, Annual interest 8% Maturity in years 15 Issuance price 3,024, Issue price for Part 6 $ 4,284, Check figures: (3) $ 4,676, (4) 12/31/2010 carrying value 3,087,
Student Name: Class: Problem 10-03A JULES Part 1. Ten payments of $5,175 $ 51, Par value at maturity 230, Total repaid $ 281, Less amount borrowed 235, Total bond interest expense $ 46,590 «- Correct! or: Ten payments of $5,175 $ 51, Less premium 98, Total bond interest expense $ 46,590 «- Correct! Part 2. JULES Semiannual Interest Unamortized Carrying Period-End Premium Value 1/1/2009 $ 5,160 $ 235,160 «- Correct! 6/30/2009 4,644 234,644 «- Correct! 12/31/2009 4,128 234,128 «- Correct! 6/30/2010 3,612 233,612 «- Correct! 12/31/2010 3,096 233,096 «- Correct! 6/30/2011 2,580 232,580 «- Correct! 12/31/2011 2,064 232,064 «- Correct! 6/30/2012 1,548 231,548 «- Correct! 12/31/2012 1,032 231,032 «- Correct! 6/30/2013 516 230,516 «- Correct! 12/31/2013 - 230,000 «- Correct! JULES General Journal Part 3 Trans. Date Account Titles no. Debit Credit 2009 June 30 Bond Interest Expense 4,084 «- Try again! Premium on Bonds Payable 516 «- Correct! Cash 4, Dec. 31 Bond Interest Expense 4,084 «- Try again! Premium on Bonds Payable 516 «- Correct! Cash 4,
Student Name: Class: Problem 10-06A LEGACY General Journal Part 1. Trans. Date Account Titles no. Debit Credit 2009 Jan 1 Cash Discount on Bonds Payable Bonds Payable Part 2. Eight payments of $8, Par value at maturity Total repaid Less amount borrowed Total bond interest expense or: Eight payments of $8, Plus discount Total bond interest expense Part 3. LEGACY Semiannual Cash Bond Interest Interest Interest Discount Unamortized Carrying Period-End Paid Expense Amortization Discount Value 1/1/ 6/30/ 12/31/ 6/30/ 12/31/ LEGACY General Journal Part 4 Trans. Date Account Titles no. Debit Credit 2009 June 30 Bond Interest Expense Discount on Bonds Payable Cash Dec. 31 Bond Interest Expense Discount on Bonds Payable Cash
Given Data P10-06A: LEGACY Bonds issued, face value $ 345, Annual interest 5% Maturity in years 4 Issuance price $ 332, Market interest rate 6% Check figures: (2) $ 81, (3) Carrying value 338,
Student Name: Class: Problem 10-07A Cash Gain on Retirement of Bonds Part 6: Assume that the market rate on January 1, 2009, is 13% instead of 11%. Without presenting numbers, describe how this change affects amounts reported on Ike's financial statements.
Given Data P10-07A: SHOPKO Bonds issued, face value $ 185, Annual interest 12% Maturity in years 3 Issuance price $ 189, Market interest rate 11% Check figures: (3) Carrying value $ 187, (5) Gain 7,
