Reference no: EM131151040
On January 1, 2013, Hi and Lois Company purchased 12% bonds, having a maturity value of $300,000, for $322,744.44. The bonds provide the bondholders with a 10.00% yield. They are dated January 1, 2013, and mature January 1, 2018, with interest receivable December 31 of each year. Hi and Lois Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale category. The fair value of the bonds at December 31 of each year-end is as follows.
2013 $320,500 2016 $310,000
2014 $309,000 2017 $300,000
2015 $308,000
(a) Prepare the journal entry at the date of the bond purchase.
(b) Prepare the journal entries to record the interest received and recognition of fair value for 2013.
(c) Prepare the journal entry to record the recognition of fair value for 2014.
(Round answers to 2 decimal places, e.g. 2,525.25. Credit account titles are automatically indented when 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.)
No. Date Account Titles and Explanation Debit Credit
(a) Jan. 1, 2013
(b) Dec. 31, 2013
(c) Dec. 31, 2013
(d) Dec. 31, 2014
|
How either or both of the opportunities compliment
: Explain which proposal best supports the marketing opportunities outlined by the firm's CEO. In other words, does targeting one or the other group make sense in light of either of the proposals you have just drafted?
|
|
Compute the npv and irr of each project
: Compute the NPV and IRR of each project. If there were no budget constraint, which projects would you recommend - In words, describe how the analysis might change if the opportunity to invest in the machinery of the bankrupt competitor expired afte..
|
|
Determine the state of stress at points c and d
: Assume the vertical reaction F at this end acts in the center and on the edge of the bracket as shown.
|
|
Who were the key actors involved in the decision-making
: Who were the key actors involved in the decision-making to go to Iraq and how did their ideas evolve? Why were some actors involved and others excluded from the decision-making to go to Iraq and did the exclusion of some actors affect the decision th..
|
|
Prepare the journal entries to record the interest received
: Prepare the journal entries to record the interest received and recognition of fair value for 2013. Prepare the journal entry to record the recognition of fair value for 2014.
|
|
Determine the state of stress at points c and d
: determine the state of stress at points C and D on the strap at B . Assume the vertical reaction F at this end acts in the center and on the edge of the bracket as shown.
|
|
Identify ways that culture has influenced the structure
: Research your chosen company (BP OIL). Find a minimum of three library sources, which will support your thesis in this assignment. Review your assigned weekly lecture and text reading. Select from this reading 8-10 key concepts, which will also..
|
|
Implement methods insert and extract
: The abstract class provides methods to add and remove a string from the front or back of the list. You will need to implement two additional methods: insert and extract.
|
|
How did each development influence american culture
: Write a 700- to 1,050-word paper in which you answer the following questions: What were the major developments in the evolution of mass media during the last century? How did each development influence American culture
|