Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 18 Aug 2017 My Price 7.00

County Company

On June 30, 2006, County Company issued 12% bonds with a par value of $826,300 due in 20 years. They were issued at 98 and were callable at 105 at any date after June 30, 2014. Because of lower interest rates and a significant change in the companyAc€?cs credit rating, it was decided to call the entire issue on June 30, 2015, and to issue new bonds. New 10% bonds were sold in the amount of $1,027,000 at 102; they mature in 20 years. County Company uses straight-line amortization. Interest payment dates are December 31 and June 30.

(a)   Prepare journal entries to record (1) the redemption of the old issue and (2) the sale of the new issue on June 30, 2015.
(b)   Prepare the entry required on December 31, 2015, to record the payment of the first 6 month's interest and the amortization of premium on the bonds.


(Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.

Account Titles and Explanation

Debit

Credit
(a) (1)

 

 

 

(a) (2)

 

 

(b)

 

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 04:08 PM My Price 7.00

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