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Category > Accounting Posted 17 Aug 2017 My Price 11.00

Simonson Corporation

Presented below are selected transactions on the books of Simonson Corporation.

May 1, 2014  

Bonds payable with a par value of $902,400, which are dated January 1, 2014, are sold at 106 plus accrued interest. They are coupon bonds, bear interest at 10% (payable annually at January 1), and mature January 1, 2024. (Use interest expense account for accrued interest.)
Dec. 31  

Adjusting entries are made to record the accrued interest on the bonds, and the amortization of the proper amount of premium. (Use straight-line amortization.)
Jan. 1, 2015   Interest on the bonds is paid.
April 1  

Bonds with par value of $361,300 are called at 102 plus accrued interest, and redeemed. (Bond premium is to be amortized only at the end of each year.)
Dec. 31  

Adjusting entries are made to record the accrued interest on the bonds, and the proper amount of premium amortized.

Prepare journal entries for the transactions above. Show all calculations.

5/1/14       
       
       
       
12/31/14       
       

(To record the interest)

12/31/14         
       

(To amortize the premium)

1/1/15       
       
4/1/15       
       
       
       
       
12/31/15         
       

(To record the interest)

12/31/15       
       

( To amortize the premium)

Show all calculations.

Answers

Maurice Tutor
(5)
Status NEW Posted 17 Aug 2017 07:08 PM My Price 11.00

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