User Account

All Pages

Prepare any required journal entries on books of willowing

Assignment Help Financial Accounting
Reference no: EM132743046

On January 1, 2020, Willowing Birch Corporation, a company that follows IFRS, purchased newly issued bonds. The bonds matured on December 31, 2022, with semi-annual interest payments being made every June 30 and December 31. Willowing Birch had the intention and ability to hold the bonds until their maturity date. The bonds will be accounted for using the amortized cost model. Other information pertaining to Willowing Birch and its purchase of the bonds follows

Willowing Birch's year end date  October 31, 2020

Face value of bonds     $1,386,000

Stated rate of interest    4%

Market rate of interest  6%

Required:

Problem a) Calculate the purchase price of the bonds.

Problem b) Prepare an amortization schedule for the bonds.

Problem c) Prepare any required journal entries on the books of Willowing Birch for each of the following dates:

January 1, 2020
June 30, 2020
October 31, 2020
December 31, 2020
December 31, 2022

Reference no: EM132743046

Questions Cloud

Explain the classification of service : Explain the classification of service based on intangibility through customer-driven strategy.
Producing text documents in an organisational environment : List five important questions to ask before producing text documents in an organisational environment.
Construct a personal development plan : Construct a personal development plan with achievable but challenging goals and Develop a business case to secure the resources to support the personal
Five characteristics of a good leader : What are the top five for a good manager? Discuss the similarities and differences between a manager and a leader.
Prepare any required journal entries on books of willowing : On January 1, 2020, Willowing Birch Corporation, Prepare any required journal entries on the books of Willowing Birch for each of the October 31, 2020.
David christopher and orthopedic surgeon : Speculate how you would apply the theory of constraints to this medical practice. Explain your position and support your answer.
Culture and structure of the organization influence : What type of processes and documentation will you need to get this project initialized?
Explain the application of job-order costing : Explain the application of job-order costing and process costing in different types of manufacturing environments. Giving TWO (2) examples of companies
List seven things you should consider when saving : List seven things you should consider when saving, naming, and storing documents.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Product should be produced to maximize net operating income

Your Company makes three products in a single facility. How much of each product should be produced to maximize net operating income?

  How much should be reported as net cash provided

Accounts receivable increased by $15,000. How much should be reported as net cash provided by operating activities by the indirect? method?

  Gideon company uses the allowance

Gideon Company uses the allowance method of accounting for uncollectible accounts.

  What domestic production activities deduction

George operates a business that generated adjusted gross income of $250,000 and taxable income of $170,000 this year (before the domestic production activities deduction). Included in income was $70,000 of qualified production activities income. Geor..

  How is statement of cash flows differ from income statement

How is a statement of cash flows different from an income statement? How do investors, creditors, and others typically use the information in the statement of cash flows?

  Find what amount appear for retained earning in southlake

Dividends declared in FY2019 were actually paid in FY2020. What amount should appear for retained earnings in Southlake's FY2019 year end balance sheet?

  Prepare the cash collections budget based

The Blix Company makes and sells a product called Blix Bars. Below are the units to be sold and the selling price per unit. Calculate the total sales for Quarter 1: January February March Units to be sold 30,000 20,000 50,000 Selling Price per unit $..

  Evaluation of adjusted contract price

Given base index and index at delivery, evaluation of adjusted contract price. Given the following contract information, calculate the adjusted contract price

  Purchase and sale agreement for the purchase of a house

Are there situations when someone can be bound to keep their promise even though they received nothing in return for their promise? If the parties sign a purchase and sale agreement for the purchase of a house and the house is destroyed shortly befor..

  Compute the balance in the inventory control

STAR-TRACK sells satellite tracking systems for receiving television broadcasts from communications satellites in space. At December 31, 2018

  Summarize and conclude the causes of accounting fraud

Conclude the causes of accounting fraud and what is the internal audit responsibility for detecting fraud? and what are the changes need to prevent fraud

  Cost accumulation and allocation

Determine the total estimated cost of the products made in Departments M and N. Assume that Maller produced 2,000 units of Product M and 4,000 units of Product N during the year.

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