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Category > Accounting Posted 18 Aug 2017 My Price 12.00

Mellilo Corporation

Mellilo Corporation issued $5,300,000 of 20-year, 9.5 percent bonds on July 1, 2009, at 98. Interest is due on June 30 and December 31 of each year, and all of the bonds in the issue mature on June 30, 2029. Mellilo's fiscal year ends on December 31. Prepare the following journal entries:

a. July 1, 2009, to record the issuance of the bonds.
b. December 31, 2009, to pay interest and amortize the bond discount.
c. June 30, 2029, to pay interest, amortize the bond discount, and retire the bonds at maturity (make two separate entries).
(Omit the "$" sign in your response.)
2009      
  July 1   (Click to select)Bonds Payable Interest Expense Accounts PayableCashDiscount on Bonds Payable     
    (Click to select)Discount on Bonds Payable Bonds Payable CashInterest Expense Accounts Payable     
          (Click to select)Bond Interest ExpenseDiscount on Bonds PayableInterest expenseBonds PayableCash     
    To record issuance of bonds at 98.    
2009      
  Dec. 31   (Click to select)CashBond Interest ExpenseBonds PayableAmortization ExpenseDiscount on Bonds Payable     
          (Click to select)Accounts PayableCashInterest Expense Discount on Bonds Payable Bonds Payable     
          (Click to select)Interest Expense CashDiscount on Bonds Payable Bonds Payable Accounts Payable     
    To pay interest and amortize bond discount:    
    Semiannual interest payment      
        $  Af— 9A??1% Af— A??1 $      
    Add discount amortized:      
       [$  Af·20 yrs.] Af— A??1           
         
             Interest expense $       
         
2029      
  June 30   (Click to select)Amortization ExpenseBond Interest ExpenseCashBonds PayableDiscount on Bonds Payable     
          (Click to select)Discount on Bonds Payable CashBond Interest PayableAccounts PayableBond Interest Expense     
          (Click to select)Bond Interest PayableCashAccounts PayableDiscount on Bonds Payable Bond Interest Expense     
    To make final interest payment and amortize bond   discount. (same calculation as in part b. above)    
  June 30   (Click to select)Bond PayableDiscount on Bonds PayableBond Interest ExpenseInterest expenseCash     
          (Click to select)Bond PayableDiscount on Bonds PayableBond Interest ExpenseInterest expenseCash     
    To retire bonds at maturity.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 05:08 PM My Price 12.00

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