Semiannual period-end unamortized discount carrying value

Assignment Help Financial Accounting

Reference no: EM131221108

Paulson Company issues 7%, four-year bonds, on December 31, 2015, with a par value of $104,000 and semiannual interest payments. Semiannual Period-End Unamortized Discount Carrying Value

(0) 12/31/2015 $ 6,813 $ 97,187

(1) 6/30/2016 5,961 98,039

(2) 12/31/2016 5,109 98,891 Use the above straight-line bond amortization table and prepare journal entries for the following.

(a) The issuance of bonds on December 31, 2015.

(b) The first interest payment on June 30, 2016. (c) The second interest payment on December 31, 2016.

Reference no: EM131221108

Questions Cloud

Identify category of accounts on the financial statements : How to Identify category of accounts on the Financial Statements ? Example How to Post transactions using journal entries and determine values of various accounts ? Examples Analysis of transactions, noting the total effect on assets, liabilities, ow..

Difference between financial accounting-internal auditing : What theimportance of FASB and what it does for the accounting profession? What are the major classifications of accounting activity?, and what is the difference between financial accounting, internal auditing, public auditing, and managerial account..

Calculate adjusted tax basis in asset : ABC Company purchased business property several years ago, paying $25,000 cash and borrowing $80,000 to fund the acquisition. ABC also incurred $2,000 of freight costs for shipping the property to its business location. ABC has also deducted $56,000 ..

Uses plantwide predetermined overhead rate based : Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. It started only two jobs during March—Job P and Job Q. Job P was completed and sold by the end of the March and Job Q was incomplete at the end of the Mar..

Semiannual period-end unamortized discount carrying value : Paulson Company issues 7%, four-year bonds, on December 31, 2015, with a par value of $104,000 and semiannual interest payments. Semiannual Period-End Unamortized Discount Carrying Value

Compute the amount of each of the four equal total payments : On January 1, 2015, Eagle borrows $25,000 cash by signing a four-year, 7% installment note. The note requires four equal total payments of accrued interest and principal on December 31 of each year from 2015 through 2018. Compute the amount of each o..

Operations based upon the statement of cash flows : Select a publicly traded company and access its most recent financial statements from its annual report. Providee a link to the statements. Examine the statement of cash flows for the companu, and calculate the cash flow ratios presented in the lectu..

Reported a retained earnings balance : Flam Co. reported a retained earnings balance of $400,000 at December 31, 2014. In August, 2015, Flam determined that insurance premiums of $60,000 for the three-year period beginning January 1, 2014, had been paid and fully expensed in 2014. Flam ha..

Lease required an up-front payment : Journal entries for the following: On Janurary 1st the owners signed a renewable 24-month lease for a new store. The lease required an up-front payment for the first six months (covering Janurary through June) at the rate of $3,000 per month, plus an..

User Account

All Pages