User Account

All Pages

Prepare the journal entries to record accrual of interest

Assignment Help Accounting Basics
Reference no: EM132778193

Kingbird Inc. issued $712,000 of 20-year, 10% bonds on January 1, 2020, at 103. Interest is payable semi-annually on July 1 and January 1. The company follows ASPE and uses the straight-line method of amortization for any bond premium or discount.

Problem (a) Prepare the journal entries to record the following: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

1. The issuance of the bonds
2. The payment of interest and the related amortization on July 1, 2020
3. The accrual of interest and the related amortization on December 31, 2020

Reference no: EM132778193

Questions Cloud

Different types of data-driven analytics : One focus of this unit is the different types of data-driven analytics being used to analyze today's big data.
Is bdb independent with respect to the audit of unigate : Susana Millar left the public accounting firm BDB, Is BDB independent with respect to the audit of Unigate's 2018 financial statements? Explain the reasoning.
What is the realized gross loss to be recognized : What is the realized gross loss to be recognized by the entity for the year ended December 31, 2021 under percentage of completion method
Should a whistleblower be allowed to bypass that system : You work for a metal fabrication company that has a trustworthy system for anonymously reporting accounting improprieties within the company.
Prepare the journal entries to record accrual of interest : Prepare the journal entries to record the accrual of interest and the related amortization on December 31, 2020 and issuance of the bonds
Research how to identify ip address of your computer : Research how to identify the IP address of your computer. After you have identified the IP address of your computer,
Establishing the necessary daily restrictions : On 12-31-2020, Establishing the necessary daily restrictions and presenting it in the financial statements before and after the evaluation
Calculate the new depreciation expense : Calculate the new depreciation expense according to the new depreciation method. And write the necessary daily entries And the presentation statement
Identity six control strengths of the purchases : Identity SIX control strengths of the purchases and payments system. You have recently been employed as an internal auditor of Jasmine Lee Ltd

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

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