User Account

All Pages

Prepare the accounting entry on July

Assignment Help Accounting Basics
Reference no: EM132880056

Question - On January 1 st yield 10.0% interest is paid semiannually June 30th and December 31st of each year, 2000 the Hongmin Park Corporation sold 20,000 of its 12.0%, 25 year, $1,000 face value bond to  annually, . Interest payment dates are. The company uses the effective interest method to amortize any bond discounts or premiums. The issuing cost incurred were $500,000, they are to be amortized straight line over the estimated useful life of the bond. On July 01st, 2014, the Hongmin Park Corporation retires 6,000 of its bonds through an open market purchase (it repurchases them for cash). At that time the bonds were quoted on the market at a price of 103. Vladislav Kvan, the Toronto industrialist, had purchased the bonds. Expense/amortize the bond issue cost to Interest Expense.

Required -

Calculate the cash received from the sale of the bonds

Prepare the journal entries on the books of the Hongmin Park Corporation to record the following January 01st, 2000: issuance of the bonds (Gross or Net Method is acceptable).

Prepare the journal entries on the books of the Hongmin Park Corporation to record the following Payments of interest for the year 2000, and any other amortization.

Prepare the journal entries on the books of the Hongmin Park Corporation to record the following July 01st, 2014, the extinguishment of 6,000 bonds.

Payments of interest for December 31st, 2014, and any other amortization.

Prepare the accounting entry on July 01st, 2014 if the policy of the Hongmin Park Corporation had been to carry the bonds at fair market value.

Reference no: EM132880056

Questions Cloud

Theoretical underpinnings- PR and the Law : What legal issues are involved? Be sure to use the text. How would this strategy affect the different publics?
Describe checks balance scenario : Describe checks balance scenario that allows for whistleblowing and prevents retaliation to the informant? Please answer question
Creating creative and innovative culture : Describe the ideal qualities and characteristics of the company employees in terms of creating a creative and innovative culture.
Enhancing messages with visuals : Investigate and modify workplace visual media communication to enhance efficiency in completing tasks.
Prepare the accounting entry on July : Prepare the accounting entry on July 01st, 2014 if the policy of the Hongmin Park Corporation had been to carry the bonds at fair market value
Driving increased internationalization of business : What forces have been driving the increased internationalization of business? What are the major differences between domestic and international HR?
Applied to current or future entrepreneurial endeavor : As applied to enhancing, improving, or advancing your current professional career. As applied to a current or future entrepreneurial endeavor
Prepare the shareholders equity section of the SFP : The Retained Earnings balance is $190,000 before considering the transactions above. Prepare the shareholders' equity section of the SFP in good form
Innovation and change management process : Innovation and the change management process are vitally linked to how companies react to their environments.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is depreciation expense for sum-of-years digits method

On 1/1/2011, ABC Company purchased a piece of equipment costing $90,000. What is depreciation expense for sum-of-years digits method

  How many months before the due date was the date of discount

A 11-year $8000.00 promissory note, with interest at 8.4% compounded monthly, How many months before the due date was the date of discount

  Compute the net present value of cash flows

Compute the net present value of cash flows. A company is deciding whether to purchase new equipment that costs P5,000,000.

  Compute the estimated cost of the June inventory

Collection of accounts receivable during June 2020 250,000 and Accounts receivable, June 30, 2020 150,000. Compute the estimated cost of the June inventory

  Pretax accounting income and taxable income

Sherrod, Inc., reported pretax accounting income of $92 million for 2011. The following information relates to differences between pretax accounting income and taxable income:

  Calculate the direct material price variance for may

Accelerator, Inc. manufactures a fuel additive called surge. Calculate the direct material price variance for May

  Computing costs for university cafe

The University Café has seen sales drop since classes have been scheduled during the noon hour and only 5 minutes between classes. Students don't have enough time to choose from the buffet line.

  Discuss the three different types of costing methods

told him about the three different types of costing methods that organizations use to classify costs

  What is the payback period of this project

DYI Construction Co. is considering a new inventory system that will cost $750,000. What is the payback period of this project

  What is target conversion and administrative cost per unit

If company management desires a return equal to 30% of the final selling price, what is the target conversion and administrative cost per unit?

  What is the total amount telly will receive

When is the last day Telly can roll over the amount received into the Green Fund IRA and avoid taxation in the current year, assuming no unusual circumstances?

  Discuss computing diluted earnings per share

The average market price of Stine's common stock was $35 during 2018. The number of shares to be used in computing diluted earnings per share

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