List the journal entry to record the repurchase of the bonds

Assignment Help Accounting Basics
Reference no: EM132477171

Question - On June 1. 2017. Picasa, Inc. issued $8,000,000, 6% bonds for $7,841,000, with includes accrued interest. Interest is payable semiannually on February 1 and August 1 with the bonds maturing on February 1, 2027.

Picasa uses the straight line method for amortization.

On February 1, 2019, Picasa re-purchased $5,000,000 of the bonds at 102.

Required - List the journal entry to record the repurchase of the bonds.

Reference no: EM132477171

Questions Cloud

What recommendations to the firm is to add the subscription : The recommendations to the firm is to add the subscription on the app and collect money from customers in order to increase revenue? is this correct?
Formulate a set of values : Formulate a set of values that should be the foundation of a caring Perspective in the health and human services
What is the total cost of Job : The Jase Company allocates overhead based on a predetermined overhead rate of $9.00 per direct labor hour. What is the total cost of Job
Task-completion focus to an outcomes : Consider the fact that nurses our knowledge workers, how does nursing move from a task-completion focus to an outcomes-achievement focus?
List the journal entry to record the repurchase of the bonds : On June 1. 2017. Picasa, Inc. issued $8,000,000, 6% bonds for $7,841,000, with includes accrued interest. List journal entry to record repurchase of the bonds
Department of health and human services : The readings in this Unit introduced the Department of Health and Human Services and the sub-organizations it has created to help assist with the delivery
What will the carrying value of the bonds : GameKing Inc. Issues $25,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2016. What will the carrying value of the bonds be on the December 31, 2017
Should put a memo in the financial statement : Should put a memo in the financial statement. CI is currently engaged in a legal case over the patent for Check Me Out. Mark Ramsey, the ex-boyfriend
Resource-health care reform projects : Prepare a Microsoft® PowerPoint® presentation in which you summarize health care reform material.

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.

  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!

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