Gatrong to record the purchase of the bonds

Assignment Help Accounting Basics
Reference no: EM13871007

Refer to the information in RE15 5. Prepare the journal entry on June 30 for Gatrong to record the first interest receipt, using the effective interest method. Round to the nearest dollar.
In RE15 5, On January 1, Year 1, the Gatrong Corporation purchased 12%, five year Fleming Corporation bonds with a face value of $200,000. It expects to hold these bonds until maturity. The bonds pay interest semiannually on June 30 and December 31. Gatrong paid $215,443, a price that yields a 10% effective annual interest rate.

Prepare the journal entry of Gatrong to record the purchase of the bonds.

Reference no: EM13871007

Questions Cloud

Generate a vector x of length : Problem: Using Matlab, generate a vector x of length 1,000,000 whose components are N (0, 1) random variables (use random command of Matlab).
Show the transition from autarky to trade in your diagram : Draw a diagram describing autarky and a pattern of absolute advantage for your example. Show the transition from autarky to trade in your diagram, label the trade flows, and demonstrate the gains from trade.
How does economic theory contribute to managerial decisions : How does economic theory contribute to managerial decisions - explain the law of demand. Briefly discuss the exception to the law of demand.
Explain difference of inter-industry and intraindustry trade : In your own words, please explain the difference between inter-industry and intra-industry trade. How is the phenomenon of horizontal intra-industry trade related to product diversification?
Gatrong to record the purchase of the bonds : Refer to the information in RE15 5. Prepare the journal entry on June 30 for Gatrong to record the first interest receipt, using the effective interest method. Round to the nearest dollar.
Identify and describe the brand : Identify and describe the brand. Give a brief description of their previous image as a brand. Thoroughtly escribe the rebanding that the company went through. Provide examples
Year end income statement and classified balance : Prepare the year-end Income Statement and classified Balance Sheet, using the formats presented in Exhibits 6.9 and 4.11. Calculate to one decimal place the inventory turnover ratio and days to sell, assuming that inventory was $ 500 on January 1 of ..
What is meant by nondiscrimination in international trade : What is meant by nondiscrimination in international trade agreements? Be as specific as you can. One criticism of the Agreement on Agriculture is that it involves something known as dirty tariffication.
What is the financial break-even quantity? : What is the financial break-even quantity?

Reviews

Write a Review

Accounting Basics Questions & Answers

  From your text and at least one scholarly source research

from your text and at least one scholarly source research information on responsibility centers. explain how

  Assume that the company produces and sells 86000 units

assume that the company produces and sells 86000 units during the year at the selling price of 7.81 per unit. prepare a

  Participation in the years net income

Determine Hassell's and Lawson's participation in the year's net income of $342,000 under each of the independent assumptions above.

  Problem related to passive activity

Kim made a gift to Sam of a passive activity (adjusted basis of $50,000, suspended losses of $20,000, and a fair market value of $80,000). No gift tax resulted from the transfer.

  Assess the initiatives methods and ways the hr department

assess the initiatives methods and ways the hr department can address employee well-being to determine at least three

  Magnolia inc manufactures bedding sets the budgeted

magnolia inc. manufactures bedding sets. the budgeted production is for 30100 comforters in 2012. each comforter

  Depreciation on factory equipment b depreciation on

glaser health products of ranier falls georgia is organized functionally into three divisions operations sales and

  Purpose of the substantive audit procedure

An auditor traced a sample of purchase orders and the related receiving reports to the purchases journal and the cash disbursements journal. The purpose of this substantive audit procedure most likely was to

  Horizontal analysis of income statement and balance sheet

Prepare a three-year horizontal analysis of the income statement and balance sheet of your selected company. Discuss the importance and meaning of horizontal analysis. Discuss both the positive and negative trends presented in your company.

  Payable to borrow for a major expansion

Williams is planning to issue $620,000 of 5%, five-year bonds payable to borrow for a major expansion. The owner, Williams Robinson, asks your advice on some related matters.

  Abc about an unusual number of items

ABC about an unusual number of items that were lost or damaged during shipment.

  Assume that the average firm in your companys industry is

assume that the average firm in your companys industry is expected to grow at a constant rate of 4 and that its

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd