User Account

All Pages

Journalize the entries to record the bond was called back

Assignment Help Accounting Basics
Reference no: EM132822248

On January 1, 2019 Fanning Company issued $3,000,000 of ten year 8% bonds to finance its operations. Interest is payable on June 1, and December 31. The bonds were issued at an effective rate of 10%, resulting in Fanning Company receiving cash of $2,626,135. Fanning uses the straight-line method to amortize the bond, and the bonds are 10-year bonds.

Problem 1: Journalize the entries to record the following:

a) Sale of the bonds.

b) The June 1, interest payment.

c) The December 31, Interest Payment.

d) The bond was called back @ 101 on January 5, 2020.

Reference no: EM132822248

Questions Cloud

What are the benefits of a hospital expansion : What are the benefits of a hospital expansion? What criteria does a hospital have to meet before an expansion is approved
What is the present value of these cash flows : Zevon Co. has identified an investment project with the following cash flows - Assume the discount rate is 10 percent, what is the present value of cash flows
Synthesise key principles of requirements management : Synthesise key principles of requirements management and communicate to stakeholders in order to solve problems - Requirements Elicitation Report
What is the principle of total rewards : What is the principle of total rewards and its importance to reward strategy.
Journalize the entries to record the bond was called back : Journalize the entries to record the bond was called back @ 101 on January 5, 2020 and December 31, Interest Payment and June 1, interest payment.
Prepare journal entries for the transactions : Common shares, no par, 100,000 shares authorized 80,000 issued and outstanding 640,000. Prepare journal entries for the transactions
How is strategic planning and implementation used : How is strategic planning and implementation used in healthcare systems to define and improve weaknesses identified in a healthcare setting?
Create a diagram of a security model for your research paper : Considering the importance of data in organization, it is absolutely essential to secure the data present in the database. What are the strategic and technical.
Draw a hierarchy of a software house mentioning : Draw a hierarchy of a software house mentioning at least 1-2 job titles in three levels of management of that software house.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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