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- Question 24 What Securities Act requires a listed company to file an annual report on Form 10K? The Securities Act of 1933 The Internal Revenue Code The Securities Act of 1934 The Securities Act of 1954Ya.4 On January 1, 2019, Bradley, Inc., issued 12% bonds with a face amount of $66 million, dated January 1. The bonds mature in 2040 (20 years). The market yield for bonds of similar risk and maturity is 12%. Interest is paid semiannually. Instructions 1. Determine the price of the bonds at January 1, 2019, and prepare the journal entry to record their issuance by Bradley. 2. Assume the market rate was 8,5%. Determine the price of the bonds at January 1, 2018, and prepare the journal entry to record their issuance by Bradley.M 10 Selected transactions on the books of Sheridan Corporation follow:May 1, 2023 Bonds payable with a par value of $720,000, dated January 1, 2023, are sold at 109 plus accrued interest.They are coupon bonds, bear interest at 11% (payable annually at January 1), and mature on January 1, 2033. (Use int exp as accrued) Dec. 31Adjusting entries are made to record the accrued interest on the bonds and the amortization of the proper amount of premium (use the straight-line method) Jan. 1, 2024Interest on the bonds is paid. April 1Par value bonds of $360,000 are repurchased at 105 plus accrued interest and are retired. (Bond premium is to be amortized only at the year-end, Dec. 31Adjusting entries are made to record the accrued interest on the bonds, and the proper amount of premium amortize(a) Assume that Sheridan follows ASPE. Prepare the journal entries for the transactions above. (Round answers to 0 decimal places
- € 17.4 (L01) (Debt Investments) Assume the same information as in E17.3 (in the picture)except that Roosevelt has an active trading strategy for these bonds. The fair value of the bonds at December 31 of each year end is as follows. 2019 $ 534.200 2020 $ 515,000 2021 $ 513,000 2022 $ 517,000 2023 $ 500,000 Instructions a. Prepare the journal entry at the date of the bond purchase. b. Prepare the journal entries to record the interest received and recognition of fair value for 2019. c. Prepare the journal entry to record the recognition of fair value for 2020. d. Discuss how the response to (c) will be different assuming Roosevelt has a strategy of held-for-collection and selling.sh2 Universal Foods issued 8% bonds, dated January 1, with a face amount of $160 million on January 1, 2024. The bonds mature on December 31, 2038 (15 years). The market rate of interest for similar issues was 10%. Interest is paid semiannually on June 30 and December 31. Universal uses the straight-line method. Required: 1. Determine the price of the bonds at January 1, 2024. 2. to 4. Prepare the journal entries to record their issuance by Universal Foods on January 1, 2024, interest on June 30, 2024 and interest on December 31, 2031.Q#9 On June 30, 2021, Singleton Computers issued 5% stated rate bonds with a face amount of $280 million. The bonds mature on June 30, 2036 (15 years). The market rate of interest for similar bond issues was 4% (2.0% semiannual rate). Interest is paid semiannually (2.5%) on June 30 and December 31, beginning on December 31, 2021. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)Required:1. Determine the price of the bonds on June 30, 2021.2. Calculate the interest expense Singleton reports in 2021 for these bonds using the effective interest method. 1. Table values are based on: n = i = Cash Flow Amount Present Value Interest Principal Price of bonds
- ACCT 102 - Please do subparts A1 and A2 ONLY. A1 is two steps, first "record the accrual of bond interest expense for 4 months in 2021" A2 starts off exactly like this as well. However the second step of A1 is to "Record semiannual bond interest payment and interest expense for two months." A2 says "Record payment of bond interest on March 1st, 2022, under assumption bonds were issued at 101." ALL QUESTIONS MUST BE ANSWERED USING GENERAL JOURNALQ 11 On January 1, 20x8, James Corporation issued $500,000, 10%, 5-year bonds, at 98. The bonds pay semiannual interest on January 1 and July 1. The company uses the straight-line method of amortization and has a calendar year end. The journal entry on July 1, 20x8 would include which of the following? Select one: a. Debit to Bond Interest Expense for $26,000 b. Debit to Bond Interest Expense for $25,000 c. Credit to cash for $26,000 d. None of the abovequestion 3 4 5 BONDS Use the present value tables to calculate the issue price and make the journal entry of a $100,000 bond issue in each of the following independent cases. Assume that the bond was issued on January 1, 2010 and that interest is paid semi-annually on June 30 and December 31. A) A 10-year, 8 percent bond issue; the market interest rate is 10 percent B) A 10-year, 8 percent bond issue; the market interest rate is 6 percent C) A 10-year, 10 percent bond issue; the market interest rate is 8 percent D) A 20-year, 10 percent bond issue; the market interest rate is 12 percent E) A 20-year,10 percent bond issue; the market interest rate is 6 percent F) A 15-year,12 percent bond issue; the market interest rate is 10 percent G) A 15-year, 10 percent bond issue; the market interest rate is 12 percent Use the present value tables to calculate the issue price of a $500,000 bond issue in each of the following independent cases. Assume that the bond was issued on January 1,…
- Ma2. on January 1 2020, marin incorporated redeemed bonds prior to their maturity date of january 1, 2021. the face value of the bonds was $510,000, and the redemption was performed at 97. as at the redemption date, the unamortized premium was $8,780. prepare the corporation's journal entry to record the redemption of the bonds.Current position analysis The bond indenture for the 10-year, 9% debenture bonds issued January 2, 20Y5, required working capital of 100,000, a current ratio of 1.5, and a quick ratio of 1.0 at the end of each calendar year until the bonds mature. At December 31, 20Y6, the three measures were computed as follows: 1. Current assets: Cash...................................... 102,000 Temporary investments.................... 48,000 Accounts and notes receivable (net)......... 120,000 Inventories................................ 36,000 Prepaid expenses.......................... 24,000 Intangible assets.......................... 124,800 Property, plant, and equipment............. 55,200 Total current assets (net)................ 510,000 Current liabilities: Accounts and short-term notes payable..... 96,000 Accrued liabilities.......................... 204,000 Total current liabilities.................. 300,000 Working capital............................. 210,000 2. Current ratio................................ 1.7 510,000 300,000 3. Quick ratio.............................................. 1.2 115,200 96,000 a. List the errors in the determination of the three measures of current position analysis. b. Is the company satisfying the terms of the bond indenture? Explain.
