Maurice Tutor

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About Maurice Tutor

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Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 5 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Aug 2017 My Price 12.00

Heathrow issues

Heathrow issues $2,200,000 of 7%, 15-year bonds dated January 1, 2011, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $2,692,790.

 

Required:
1.

Prepare the January 1, 2011, journal entry to record the bonds%u2019 issuance. (Omit the "$" sign in your response.)

 

Date General Journal Debit Credit
Jan. 1 (Click to select) Discount on bonds payable Bond interest expense Accounts receivable Bond interest payable Accounts payable Premium on bonds payable Bonds payable Cash    
  (Click to select) Accounts receivable Premium on bonds payable Bond interest payable Accounts payable Bonds payable Cash Bond interest expense Discount on bonds payable    
  (Click to select) Premium on bonds payable Cash Accounts payable Bond interest expense Bond interest payable Discount on bonds payable Bonds payable Accounts receivable    

 

2(a)

For each semiannual period, compute the cash payment. (Omit the "$" sign in your response.)

 

Cash payment $
2(b)

For each semiannual period, compute the the straight-line premium amortization. (Round your answer to the nearest dollar amount. Omit the "$" sign in your response.)
Amount of premium amortized $
2(c)

For each semiannual period, compute the the bond interest expense. (Omit the "$" sign in your response.)
Bond interest expense $

 

3.

Determine the total bond interest expense to be recognized over the bonds' life. (Omit the "$" sign in your response.)

 

Total bond interest expense $

 

4.

Prepare the first two years of an amortization table using the straight-line method. (Omit the "$" sign in your response.)

 

Semiannual
Period-End		 Unamortized Premium Carrying
Value
1/01/2011 $ $
6/30/2011    
12/31/2011    
6/30/2012    
12/31/2012    

 

5.

Prepare the journal entries to record the first two interest payments. (Omit the "$" sign in your response.)

 

Date General Journal Debit Credit
June 30 (Click to select) Premium on bonds payable Bond interest payable Discount on bonds payable Bonds payable Bond interest expense Cash Accounts receivable Accounts payable    
  (Click to select) Accounts payable Premium on bonds payable Cash Discount on bonds payable Bonds payable Bond interest expense Accounts receivable Bond interest payable    
  (Click to select) Accounts payable Cash Bond interest expense Accounts receivable Premium on bonds payable Bonds payable Discount on bonds payable Bond interest payable    
       
Dec. 31 (Click to select) Bond interest expense Accounts receivable Discount on bonds payable Premium on bonds payable Cash Bond interest payable Accounts payable Bonds payable    
  (Click to select) Premium on bonds payable Accounts receivable Bond interest payable Accounts payable Discount on bonds payable Bond interest expense Bonds payable Cash    
  (Click to select) Accounts receivable Accounts payable Discount on bonds payable Cash Bond interest expense Bond interest payable Premium on bonds payable Bonds payable

 

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 06:08 PM My Price 12.00

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