I need help with this porting issuance and Retirement or Long-Term Debtin the basis of the details of the following bonds payable and related discount accounts, indicate the items to be reponancing Activities section of the statement of cash flows, assuming no gain or loss on retiring the bonds:ACCOUNT Bonds PayableDateJan.June 30DatexJan.JuneACCOUNT Discount on Bonds PayableDec.Item1F42R123031F5de%5BalanceItemRetire bondsIssue bondsQ SearchBalanceRetire bondsIssue bondsAmortize discountTItemF66✈YF7&7Debit118,000Debit23,700UF8CreditSection of Statement of Cash Flows*354,0008Credit9,440LOFINGF92,04009(9F10DebitACCOUNT NO.DebitACCOUNT NO.26,55017,11040,81038,770-)0BalanceBalanceF11Credit590,000472,000826,000PCreditAdded or DeductedF12PrtSc(+ 11Ins porting issuance and Retirement or Long-Term Debtin the basis of the details of the following bonds payable and related discount accounts, indicate the items to be reponancing Activities section of the statement of cash flows, assuming no gain or loss on retiring the bonds:ACCOUNT Bonds PayableDateJan.June 30DatexJan.JuneACCOUNT Discount on Bonds PayableDec.Item1F42R123031F5de%5BalanceItemRetire bondsIssue bondsQ SearchBalanceRetire bondsIssue bondsAmortize discountTItemF66✈YF7&7Debit118,000Debit23,700UF8CreditSection of Statement of Cash Flows*354,0008Credit9,440LOFINGF92,04009(9F10DebitACCOUNT NO.DebitACCOUNT NO.26,55017,11040,81038,770-)0BalanceBalanceF11Credit590,000472,000826,000PCreditAdded or DeductedF12PrtSc(+ 11Ins

This statement reports all the cash transactions which are responsible for inflow and outflow of…

n the basis of the details of the following bonds payable and related discount accounts, indicate the items to be rep nancing Activities section of the statement of cash flows, assuming no gain or loss on retiring the bonds:

n the basis of the details of the following bonds payable and related discount accounts, indicate the items to be rep nancing Activities section of the statement of cash flows, assuming no gain or loss on retiring the bonds:

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter15: Statement Of Cash Flows

Section: Chapter Questions

Problem 14E

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Reporting Issuance and Retirement of Long-Term Debt On the basis of the details of the following bonds payable and related discount accounts, indicate the items to be reported in the Financing Activities section of the statement of cash flows, assuming no gain or loss on retiring the bonds: Account Bonds Payable Account NO. Date Item Debit Credit Balance Debit Balance Credit Jan. 1 Balance 540,000 Jan. 2 Retire bonds 108,000 432,000 Jan. 3 Issue bonds 324,000 756,000 Account Discount on Bonds Payable Account NO. Date Item Debit Credit Balance Debit Balance Credit Jan. 1 Balance 42,300 Jan. 2 Retire bonds 8,640 15,660 June 30 Issue bonds 27,700 37,360 Dec. 31 Amortize discount 1,870 35,490 Item Section of Statement of Cash Flows Added or Deducted Amount Retire bonds Financing activities section Deducted $ Issue bonds…
Reporting Issuance and Retirement of Long-Term Debt On the basis of the details of the following bonds payable and related discount accounts, indicate the items to be reported in the “Cash flows from financing activities” section of the statement of cash flows, assuming no gain or loss on retiring the bonds: ACCOUNT Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 750,000 2 Retire bonds 150,000 600,000 June 30 Issue bonds 450,000 1,050,000 ACCOUNT Discount on Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 33,750 2 Retire bonds 12,000 21,750 June 30 Issue bonds 30,000 51,750 Dec. 31 Amortize discount 2,625 49,125
Please help me answer these with the correct solutions Reporting Issuance and Retirement of Long-Term Debt On the basis of the details of the following bonds payable and related discount accounts, indicate the items to be reported in the Financing Activities section of the statement of cash flows, assuming no gain or loss on retiring the bonds: Account Bonds Payable Account NO. Date Item Debit Credit Balance Debit Balance Credit Jan. 1 Balance 540,000 Jan. 2 Retire bonds 108,000 432,000 Jan. 3 Issue bonds 324,000 756,000 Account Discount on Bonds Payable Account NO. Date Item Debit Credit Balance Debit Balance Credit Jan. 1 Balance 42,300 Jan. 2 Retire bonds 8,640 15,660 June 30 Issue bonds 27,700 37,360 Dec. 31 Amortize discount 1,870 35,490 Item Section of Statement of Cash Flows Added or Deducted Amount Retire bonds…
Reporting Issuance and Retirement of Long-Term Debt On the basis of the details of the following bonds payable and related discount accounts, indicate the items to be reported in the Financing Activities section of the statement of cash flows, assuming no gain or loss on retiring the bonds: ACCOUNT Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 750,000 2 Retire bonds 150,000 600,000 June 30 Issue bonds 450,000 1,050,000 ACCOUNT Discount on Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 33,750 2 Retire bonds 12,000 21,750 June 30 Issue bonds 30,000 51,750 Dec. 31 Amortize discount 2,625 49,125 Item Section of Statement of Cash Flows Added or Deducted Amount Retire bonds Issue bonds Amortization of discount
eBook Reporting Issuance and Retirement of Long-Term Debt On the basis of the details of the following bonds payable and related discount accounts, indicate the items to be reported in the Financing Activities section of the statement of cash flows, assuming no gain or loss on retiring the bonds: ACCOUNT Bonds Payable Jan. Date June Item Debit 1980 Retire bonds 76,000 Jan. Item Date 30 ACCOUNT Discount on Bonds Payable 1 June 30 Dec. 31 2 Issue bonds Retire bonds Balance Issue bonds Print Item Item Balance Retire bonds Issue bonds Amortize discount Amortization of discount Debit Check My Work 2 more Check My Work uses remaining. 15,300 Credit 228,000 Credit 6,080 1,320 ACCOUNT NO. Debit Section of Statement of Cash Flows Balance Debit Credit ACCOUNT NO. 380,000 304,000 532,000 Balance 17,100 11,020 26,320 25,000 Credit Added or Deducted $ Amount Previous Next
Exercise 14-8 Allocation of interest for bonds sold at a discount LO5 Huskey Mining Corporation issued bonds with a par value of $90,000 on January 1, 2020. The annual contract rate on the bonds is 8.00%, and the interest is paid semiannually. The bonds mature after three years. The annual market interest rate at the date of issuance was 10.00%, and the bonds were sold for $85,431. a. What is the amount of the original discount on these bonds? Discount b. How much total bond interest expense will be recognized over the life of these bonds? (Do not round intermediate calculations. Round the final answer to the nearest whole dollar.) Total interest expense
Exercise 14-15 Allocation of interest for bonds sold at a premium LO6 Tahoe Tent Ltd. issued bonds with a par value of $802,000 on January 1, 2020. The annual contract rate on the bonds was 13.00%, and the interest is paid semiannually. The bonds mature after three years. The annual market interest rate at the date of issuance was 11.00%, and the bonds were sold for $842,064. a. What is the amount of the original premium on these bonds? (Use financial calculator for calculating PV's. Round the final answer to the nearest whole dollar.) Premium b. How much total bond interest expense will be recognized over the life of these bonds? (Do not round intermediate calculations. Round the final answer to the nearest whole dollar.) Total interest expense
On the basis of the details of the following bonds payable and related discount accounts, indicate the items to be reported in the Financing Activities section of the statement of cash flows, assuming no gain or loss on retiring the bonds: ACCOUNT Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 750,000 2 Retire bonds 150,000 600,000 June 30 Issue bonds 450,000 1,050,000 ACCOUNT Discount on Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 33,750 2 Retire bonds 12,000 21,750 June 30 Issue bonds 30,000 51,750 Dec. 31 Amortize discount 2,625 49,125
1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1. 2a. Journalize the entry to record the first semiannual interest payment on December 31, 20Y1, and the amortization of the bond premium, using the straight-line method.Compute the price of $42,601,480 received for the bonds by using the present value tables
Campbell, Inc. produces and sells outdoor equipment. On July 1, 20Y1, Campbell issued $40,000,000 of 10-year, 10% bonds at a market (effective) interest rate of 9%, receiving cash of $42,601,480. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds. 2. Journalize the entries to record the following: a. The first semiannual interest payment on December 31, 20Y1, and the amortization of the bond premium, using the interest method. b. The interest payment on June 30, 20Y2, and the amortization of the bond premium, using the interest method. 3. Determine the total interest expense for 20Y1.
Reporting issuance and retirement of ling-term debt On the basis of the details of the following bonds payable and related descount aacounts,indicates the items to be reported in the "Cash flows from financing activities" section of the statement of cash flows, assuming no gain or loss on retiring the bonds:
Bond premium, entries for bonds payable transactions Rodgers Gridiron Co. produces and sells football equipment. On July 1, 20Y1, Rodgers issued $75,900,000 of 10- year, 13% bonds at a market (effective) interest rate of 12%, receiving cash of $80,252,470. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: For all journal entries, if an amount box does not require an entry, leave it blank. 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1. 20Y1 July 1 2. Journalize the entries to record the following: a. The first semiannual interest payment on December 31, 20Y1, and the amortization of the bond premium, using the straight-line method. Round to the nearest dollar. 20Y1 Dec. 31 b. The interest payment on June 30, 20Y2, and the amortization of the bond premium, using the straight-line method. Round to the nearest dollar. 20Y2 June 30 3.…