Reference no: EM132817765
Question - On October 1, 2021, Blue Corp. issued $744,000, 7%, 10-year bonds at face value. The bonds were dated October 1, 2021, and pay interest annually on October 1. Financial statements are prepared annually on December 31.
Required -
Part 1 - Prepare the journal entry to record the issuance of the bonds.
Part 2 - Prepare the adjusting entry to record the accrual of interest on December 31, 2021.
Part 3 - Show the balance sheet presentation of bonds payable and bond interest payable on December 31, 2021.
Part 4 - Prepare the journal entry to record the payment of interest on October 1, 2022.
Part 5 - Prepare the adjusting entry to record the accrual of interest on December 31, 2022.
Part 6 - Assume that on January 1, 2023, Blue pays the accrued bond interest and calls the bonds. The call price is 103. Record the payment of interest and redemption of the bonds.
|
Direct labor cost of making airplanes
: The direct labor cost of making airplanes decreases with repetition (learning curve). As a result, the cost of manufacturing of airplanes depend on the unit pro
|
|
Prepare the journal entry to bring the books of the company
: Prepare the journal entry to bring the books of the company up to date in 2021, assuming that the books have been closed for 2020.
|
|
Compute the correct final balance of inventory
: Inventory items with a cost of $2,660 were included in ending inventory. Using the information given above, compute the correct final balance of Inventory
|
|
Determine the level of dollar sales needed to double
: Calculate the company's current income and determine the level of dollar sales needed to double that figure, assuming that manufacturing operations
|
|
Prepare the journal entry to record the issuance of bonds
: On October 1, 2021, Blue Corp. issued $744,000, 7%, 10-year bonds at face value. Prepare the journal entry to record the issuance of the bonds
|
|
Define piagets concept of object permanence
: Define Piaget's concept of object permanence, and describe the connection between object permanence and why is it so important for babies to develop a concept.
|
|
Design an e-portfolio to be used with preschool children
: Design an e-portfolio to be used with preschool children. Include (1) sections or dividers for the portfolio, (2) the types of teacher assessments you would.
|
|
What day should report a transaction gain of
: On December 31, 2021, the spot rate will be expected to be P0.65. For the year ended December 31, 2021, Day should report a transaction gain of
|
|
What percentage of time is judy idle
: Students arrive at the Administrative Services Office at an average of one every 6 minutes, and their requests take, on average, 4 minutes to be processed.
|