Question
In: Accounting
Cullumber Company sold $7,100,000,7%, 15-year bonds on January 1, 2022. The bonds were dated January 1,...
Cullumber Company sold $7,100,000,7%, 15-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on December 31. The bonds were sold at 97.
Prepare the journal entry to record the issuance of the bonds on January 1, 2022.
At December 31, 2022, $8,000 of the bond discount had been amortized. Show the long-term liability balance sheet presentation of the bond liability at December 31, 2022.
Solutions
Expert Solution
--Remaining INCORRECT part
| Balance Sheet (Partial) | ||
| Dec 31, 2022 | ||
| Long Term Liabilities | ||
| Bonds Payable | $7,100,000 | |
| Less: Discount on Bonds Payable ($213000 - 8000 amortised) | $205,000 | $6,895,000 |
ekkarill92 answered 2 years agoRelated Solutions
Crane Company sold $5,900,000, 7%, 15-year bonds on January 1, 2022. The bonds were dated January...
Crane Company sold $5,900,000, 7%, 15-year bonds on January 1,
2022. The bonds were dated January 1, 2022, and pay interest on
December 31. The bonds were sold at 98.
Prepare the journal entry to record the issuance of the bonds on
January 1, 2022. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1
enter an account title for the journal entry on January 1
enter...
Blossom Company sold $3,100,000, 7%, 10-year bonds on January 1, 2022. The bonds were dated January...
Blossom Company sold $3,100,000, 7%, 10-year bonds on January 1,
2022. The bonds were dated January 1, 2022, and pay interest on
January 1. The company uses straight-line amortization on bond
premiums and discounts. Financial statements are prepared
annually.
Prepare the journal entries to record the issuance of the bonds
assuming they sold at: (1) 101 and (2) 95. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Prepare amortization table for issuance of the...
Blossom Company sold $3,100,000, 7%, 10-year bonds on January 1, 2022. The bonds were dated January...
Blossom Company sold $3,100,000, 7%, 10-year bonds on January 1,
2022. The bonds were dated January 1, 2022, and pay interest on
January 1. The company uses straight-line amortization on bond
premiums and discounts. Financial statements are prepared
annually.
Prepare the journal entries to record the issuance of the bonds
assuming they sold at: (1) 101 and (2) 95. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Prepare amortization table for issuance of the...
Grouper Corporation sold $2,400,000, 9%, 5-year bonds on January 1, 2022. The bonds were dated January...
Grouper Corporation sold $2,400,000, 9%, 5-year bonds on January
1, 2022. The bonds were dated January 1, 2022, and pay interest on
January 1. Grouper Corporation uses the straight-line method to
amortize bond premium or discount. (a) Prepare all the necessary
journal entries to record the issuance of the bonds and bond
interest expense for 2022, assuming that the bonds sold at 103.
(Credit account titles are automatically indented when amount is
entered. Do not indent manually.) Date Account Titles...
Ayayai Corporation sold $2,100,000, 6%, 5-year bonds on January 1, 2022. The bonds were dated January...
Ayayai Corporation sold $2,100,000, 6%, 5-year bonds on January
1, 2022. The bonds were dated January 1, 2022, and pay interest on
January 1. Ayayai Corporation uses the straight-line method to
amortize bond premium or discount. Prepare all the necessary
journal entries to record the issuance of the bonds and bond
interest expense for 2022, assuming that the bonds sold at 102.
Prepare journal entries to record the issuance of the bonds and
bond interest expense for 2022, assuming that...
Wildhorse Co. sold $3,200,000, 9%, 10-year bonds on January 1, 2022. The bonds were dated January...
Wildhorse Co. sold $3,200,000, 9%, 10-year bonds on January 1,
2022. The bonds were dated January 1, 2022, and pay interest on
January 1. The company uses straight-line amortization on bond
premiums and discounts. Financial statements are prepared annually.
Prepare the journal entries to record interest expense for 2022
under both of the bond issuances assuming they sold at: (1) 101 and
(2) 98. Show the long-term liabilities balance sheet presentation
for issuance of the bonds sold at 101 at...
Bridgeport Corporation sold $2,250,000, 7%, 5-year bonds on January 1, 2022. The bonds were dated January...
Bridgeport Corporation sold $2,250,000, 7%, 5-year bonds on
January 1, 2022. The bonds were dated January 1, 2022, and pay
interest on January 1. Bridgeport Corporation uses the
straight-line method to amortize bond premium or discount.
1. Prepare all the necessary journal entries to record the issuance
of the bonds and bond interest expense for 2022, assuming that the
bonds sold at 102
2. Prepare journal entries to record the issuance of the bonds
and bond interest expense for 2022,...
Culver Corporation sold $3,000,000, 7%, 5-year bonds on January 1, 2022. The bonds were dated January...
Culver Corporation sold $3,000,000, 7%, 5-year bonds on January
1, 2022. The bonds were dated January 1, 2022, and pay interest on
January 1. Culver Corporation uses the straight-line method to
amortize bond premium or discount.
Prepare all the necessary journal entries to record the issuance
of the bonds and bond interest expense for 2022, assuming that the
bonds sold at 104. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually.)
Prepare journal entries to...
Bridgeport Corporation sold $2,250,000, 7%, 5-year bonds on January 1, 2022. The bonds were dated January...
Bridgeport Corporation sold $2,250,000, 7%, 5-year bonds on
January 1, 2022. The bonds were dated January 1, 2022, and pay
interest on January 1. Bridgeport Corporation uses the
straight-line method to amortize bond premium or discount.
(1) Show the balance sheet presentation for the bond issue at
December 31, 2022, using the 102 selling price.
(2) Show the balance sheet presentation for the bond issue at
December 31, 2022, using the 96 selling price.
Cheyenne Corporation sold $2,300,000, 6%, 5-year bonds on January 1, 2022. The bonds were dated January...
Cheyenne Corporation sold $2,300,000, 6%, 5-year bonds on
January 1, 2022. The bonds were dated January 1, 2022, and pay
interest on January 1. Cheyenne Corporation uses the straight-line
method to amortize bond premium or discount.
Prepare all the necessary journal entries to record the issuance
of the bonds and bond interest expense for 2022, assuming that the
bonds sold at 106. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually.)
Date
Account Titles and...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- 1. Consider the following nuclides: &
- In general, teams can be described three ways. Name and define each.
- JAVASCRIPT: Please create an array of student names and another array of student grades. - Create...
- Topic - Construction: Structural, loads, tension 1.) Explain why pure tension members are the most efficient...
- Procter and Gamble (PG) paid an annual dividend of $ 1.62$1.62 in 2009. You expect PG...
- locate a recent case of online child pornography. Write a summary of the incident and describe...
- #Python 5. Write function called evaluate() that evaluates the following Python expressions or assignments as specified:...
ADVERTISEMENT