Make journal entries to record the transactions

Assignment Help Accounting Basics
Reference no: EM132612249

Question - Make journal entries to record the following transactions relating to long-term bonds of Kirby, Inc. (Show computations)

a) On June 1, 2009, Kirby, Inc. issued $600,000, 6% bonds for $587,640, which includes accrued interest. Interest is payable semiannually on February 1 and August 1 with the bonds maturing on February 1, 2019. The bonds are callable at 102.

b) On August 1, 2009, Kirby paid interest on the bonds and recorded amortization. Kirby uses straight-line amortization.

c) On February 1, 2011, Kirby paid interest and recorded amortization on all of the bonds, and purchased $360,000 of the bonds at the call price. Assume that a reversing entry was made on January 1, 2011.

Reference no: EM132612249

Questions Cloud

Make the income statement and balance sheet for year ended : Required - Make the Income statement and Balance sheet for year ended 31st December, 2019. Closing stock is valued at Rs. 90,000
Describe the impact of successful healthcare administrators : As the healthcare industry experiences an increased demand for administrators/managers, it is necessary to ensure those serving in these roles have.
How much total overhead cost would be assigned : How much total overhead cost would be assigned to K425 and M67 using the activity-based costing system? Number of units produced per year
Different antigens with specialized function : Like other microbial pathogens, viruses also posses a unique structure equipped with different antigens with their specialized function
Make journal entries to record the transactions : Question - Make journal entries to record the following transactions relating to long-term bonds of Kirby, Inc. (Show computations)
How does compare to your energy and protein intake : To support your work, use your course and text readings and use outside sources. As in all assignments, cite your sources in your work and provide references.
Explain the different areas of the health care industry : Consider the following as you complete your research: Different areas of the health care industry, Potential growth in different areas of the health care.
Analyze costs and limitations of activity- based costing : Activity Based Costing, Analyze for craving that outlines the benefits, costs and limitations of Activity- based costing for the case that is in the picture
How the concept of assertions interact : Provide any website links or references to describe how the concept of assertions interact with the concept of materiality in auditing?

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