User Account

All Pages

What is the premium or discount on the bonds

Assignment Help Accounting Basics
Reference no: EM132828022

Question - On July 1, 2020 Shamrock Limited issued bonds with a face value of $990,000 due in 20 years, paying interest at a face rate of 7% on January 1 and July 1 each year. The bonds were issued to yield 9%. The company's year-end was September 30. The company used the effective interest method of amortization.

Required -

1) What is the premium or discount on the bonds?

2) Prepare partial Bond Premium/Discount Amortization Schedule for Shamrock Limited. Only the entries in the schedule for July 1, 2020, January 1, 2021, and July 1, 2021.

3) What it the journal entry to record the issue of the bonds.

4) What is the year-end accrual entry for Shamrock Limited at September 30, 2020.

5) What is the journal entry on January 1, 2021 when Shamrock makes the first payment of interest on the bonds?

Reference no: EM132828022

Questions Cloud

What are important preparatory steps : What are important preparatory steps that key stakeholders need to take in a very large non-profit organization for change implementation?
Summarize alfred mccoys argument on covert netherworld : Summarize the main points in Alfred McCoy's argument on Covert Netherworld - You must support your arguments and claims by using scholarly sources
How do provide the journal entries to record the revaluation : How do provide the journal entries to record the revaluation on 1 July 2017 and the subsequent sale on 1 July 2018. Warren Ltd acquires a four-wheel-drive bus
Determine the applicability of each control : Create a table that lists the 8 controls from the Gail Industries case study. Determine the applicability of each control based on the elements provided.
What is the premium or discount on the bonds : The company's year-end was September 30. The company used the effective interest method of amortization. What is the premium or discount on the bonds
How do you think globalization affects talent management : How do you think globalization affects talent management? What are some of the different approaches corporations take now to find new talent?
Implementation of a new strategic plan : How should the implementation of a new strategic plan in a very large non-profit organization be sustained?
Calculate the depreciation expense to be reported : BC Co. acquired equipment on January 1, 2020. Calculate the depreciation expense to be reported in the income statement for the year ended December 31, 2021.
Explain how you would utilize each of the assessments : Explain how you would utilize each of the assessments. Identify 1 benefit and 1 potential drawback that each assessment provides.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Stojko corporation had a net decrease in cash of 10000 for

stojko corporation had a net decrease in cash of 10000 for the current year. net cash used in investing activities was

  Analyze the use as an entrepreneur of financial statements

How do these help an entrepreneur to evaluate the feasibility of a venture?Analyze the use as an entrepreneur of financial statements

  How can a company marketing organization ensure

How can a company's marketing organization ensure that it is able to identify newly emerging competitors in time to plan and execute an effective marketing

  Number of oil spills off the east coast discrete

1. Decide whether the random variable is discrete or continuous.

  Compute the increase in the total assets of lion company

LION Company, a small-medium enterprise acquires, Compute the increase in the total assets of LION Company as a result of the business combination.

  Explain disadvantages of cliff current investment approach

Cliff Swatner is single, 33, and owns a condominium in New York City worth $250,000. Explain some disadvantages of Cliff's current investment approach

  The manufacturing overhead budget of lewison corporation is

the manufacturing overhead budget of lewison corporation is based on budgeted direct labor-hours. the june direct labor

  On january 1 2013 princess corporation leased equipment to

on january 1 2013 princess corporation leased equipment to king company. the lease term is 10 years. the first payment

  What is the yield to call of a 20 year to maturity bond

What is the yield to call of a 20 year to maturity bond that pays a coupon rate of 8.02% per year, has a $1,000 par value, and is currently priced at $1,026?

  Discuss the comprehensive annual financial report

The county is preparing its financial statements for the comprehensive annual financial report and you have been given the following statement review

  Management identified a material weakness in first bank

for each of the following cases indicate why management and the auditors determined that control deficiency was a

  Prepare journal entries on its internal accounting records

On January 1, 2019, Peking purchased 20% interest in Sara Company with cash. The purchase prise of 246,000 reflected an assessment that all of Sara's accounts.

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