Q: Teton Corporation issued $600,000 of 7% bonds on
Teton Corporation issued $600,000 of 7% bonds on November 1, 2013, for $644,636. The bonds were dated November 1, 2013, and mature in 10 years, with interest payable each May 1 and November 1. Teton u...
See AnswerQ: At December 31, 2013, Hyasaki Corporation has the following account
At December 31, 2013, Hyasaki Corporation has the following account balances: Bonds payable, due January 1, 2021 …………………… $2,000,000 Discount on bonds payable ……………………………………… 88,000 Interest payable …...
See AnswerQ: In this simulation, you are asked to address questions related to
In this simulation, you are asked to address questions related to the accounting for long-term liabilities. Prepare responses to all parts.
See AnswerQ: Wasserman Corporation issued 10-year bonds on January 1, 2013
Wasserman Corporation issued 10-year bonds on January 1, 2013. Costs associated with the bond issuance were $160,000. Wasserman uses the straight-line method to amortize bond issue costs. Prepare the...
See AnswerQ: On January 1, 2013, Henderson Corporation retired $500,
On January 1, 2013, Henderson Corporation retired $500,000 of bonds at 99. At the time of retirement, the unamortized premium was $15,000 and unamortized bond issue costs were $5,250. Prepare the corp...
See AnswerQ: Coldwell, Inc. issued a $100,000, 4
Coldwell, Inc. issued a $100,000, 4-year, 10% note at face value to Flint Hills Bank on January 1, 2013, and received $100,000 cash. The note requires annual interest payments each December 31. Prepar...
See AnswerQ: Samson Corporation issued a 4-year, $75,000
Samson Corporation issued a 4-year, $75,000, zero-interest-bearing note to Brown Company on January 1, 2013, and received cash of $47,664. The implicit interest rate is 12%. Prepare Samson’s journal e...
See AnswerQ: McCormick Corporation issued a 4-year, $40,000
McCormick Corporation issued a 4-year, $40,000, 5% note to Greenbush Company on January 1, 2013, and received a computer that normally sells for $31,495. The note requires annual interest payments eac...
See AnswerQ: Shlee Corporation issued a 4-year, $60,000
Shlee Corporation issued a 4-year, $60,000, zero-interest-bearing note to Garcia Company on January 1, 2013, and received cash of $60,000. In addition, Shlee agreed to sell merchandise to Garcia at an...
See AnswerQ: Shonen Knife Corporation has elected to use the fair value option for
Shonen Knife Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 11% and has a carrying value of $16,000. At year-end, Shonen...
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