User Account

All Pages

Prepare partial bond premium amortization schedule

Assignment Help Accounting Basics
Reference no: EM132848726

Question - On July 1, 2020 Shamrock Limited issued bonds with a face value of $990,000 due in 20 years, paying interest at a face rate of 7% on January 1 and July 1 each year. The bonds were issued to yield 9%. The company's year-end was September 30. The company used the effective interest method of amortization.

Required -

1) What is the premium or discount on the bonds.

2) Prepare partial Bond Premium/Discount Amortization Schedule for Shamrock Limited. Only the entries in the schedule for July 1, 2020, January 1, 2021, and July 1, 2021.

3) What it the journal entry to record the issue of the bonds.

4) What is the year-end accrual entry for Shamrock Limited at September 30, 2020.

5) What is the journal entry on January 1, 2021 when Shamrock makes the first payment of interest on the bonds.

Reference no: EM132848726

Questions Cloud

Count the number of possible passwords : Count the number of possible passwords that can be created in each of the following scenarios. Consider each part of this questions separately.
How did the historians and other commentators featured : What are the differences between the two documentaries' characterizations? Why do you think that the characterizations are different?
How did the historians featured in documentary characterize : How did the historians and other commentators featured in the documentary characterize the type of education Booker T. Washington provided his black students
What is the present value of a perpetuity : What is the present value of a perpetuity that pays you annual, end-of-year payments of $1,397? Use a nominal rate of 10.84%
Prepare partial bond premium amortization schedule : Prepare partial Bond Premium/Discount Amortization Schedule for Shamrock Limited. Only the entries in the schedule for July 1, 2020, January 1, 2021
How did african americans respond to the end of slavery : How did African Americans respond to the end of slavery and the realities of freedom? How did southern whites respond to the loss of their slave
Which had the most significant political impact and why : Which had the most significant political impact and why? In each case be sure to highlight what actions they took, statements they made.
Calculate the firm cost of capital : The CCC Corporation made available the following data as requested: Common Stock 300,000. Calculate the firm Cost of Capital
Contrast wartime and presidential reconstruction : Contrast wartime and presidential Reconstruction. What were the key di?erences among the three phases? Were there any similarities in the phases?

Reviews

Write a Review

Accounting Basics Questions & Answers

  What are the inherent limitations of internal controls

Enumerate, in chronological order, the steps followed in the study and evaluation of internal controls. Explain each step briefly.

  During the current period department a finished and

during the current period department a finished and transferred 50000 units to department b. of the 50000 units 20000

  Calculate the present value of cash inflow without taxes

Calculate the present value of cash inflow without taxes. Calculate the present value of cash inflow with taxes. Calculate the NPV of the project.

  Wmc corporation discovered that its ending inventories

During 2013, WMC Corporation discovered that its ending inventories reported on its financial statements were misstated by the following amounts:

  What does material mean in the context of an audit

What does "material" mean in the context of an audit, and who determines whether an item is material? How does the materiality of an item affect

  Assume that the company computes variances at the earliest

cost standards for one unit of product no. c77direct material 3 pounds at 2.80 per pound8.40direct labor 6 hours at

  What would recognize the sale of inventory on march

If Bremmer were to keep records denominated in dollars, it would recognize the sale of inventory on March 24, by crediting cost of goods sold for

  During the month he purchased $10,000 of fuel and repair

During the month he purchased $10,000 of fuel and repair parts on credit He received $50,000 during the month from customers who paid in cash.

  Prepare a pension worksheet for the pension plan

On January 1, 2012, Cisco Company had the following defined benefit pension plan balances. Prepare a pension worksheet for the pension plan for 2012 and 2013.

  What amount represents the cost basis of this truck

Jose Company purchased a used delivery truck paying $8600 cash, What amount represents the cost basis of this truck for subsequent depreciation purposes

  The capital project fund has just been created to account

the capital project fund has just been created to account for resources received and expended for the construction of a

  Why would your boss be concerned about this issue

What kinds of conflicts can arise by having "shareholder maximization" as the primary goal of a firm? Do you believe that firms should have a different "objective"? Please explain.

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