EBK FINANCIAL & MANAGERIAL ACCOUNTING
13th Edition
ISBN: 9780100545052
Author: WARREN
Publisher: YUZU
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Textbook Question
Chapter 12, Problem 12.9EX
Entries for issuing and calling bonds; gain
Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $15,000,000 of 20-year, 9% callable bonds on May 1, 2016 at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year.
2016
May 1. Issued the bonds for cash at their face amount.
Nov.1. Paid the interest on the bonds.
2022
Nov.1. Called the bond issue at 96, the rate provided in the bond indenture. (Omit entry for payment of interest.)
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Entries for issuing and calling bonds; gain
Mia Breen Company produces and sells wind-energy-driven engines. To finance its operations, Mia Breen issued
$396,000 of 10-year, 8% callable bonds on May 1, 20Y5, at their face amount, with interest payable on May 1 and
November 1. The fiscal year of the company is the calendar year.
Journalize the entries to record the following selected transactions:
20Y5
May 1
November 1
20Y9
November 1
20Y5 May 1
Issued the bonds for cash at their face amount.
If an amount box does not require an entry, leave it blank.
Paid the interest on the bonds.
Issued the bonds for cash at their face amount.
20Y5 Nov. 1
Called the bond issue at 97, the rate provided in the bond indenture. (Omit entry for payment of
interest.)
Paid the interest on the bonds.
20Y9 Nov. 1
88
Called the bond issue at 97, the rate provided in the bond indenture. (Omit entry for payment of interest.)
88
Entries for Issuing and Calling Bonds; Gain
Mia Breen Corp. produces and sells wind-energy-driven engines. To finance its operations, Mia Breen issued $722,000 of 10-year, 12% callable bonds on May 1, 20Y5, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year.
Journalize the entries to record the following selected transactions:
20Y5
May 1
Issued the bonds for cash at their face amount.
Nov. 1
Paid the interest on the bonds.
20Y9
Nov. 1
Called the bond issue at 98, the rate provided in the bond indenture. (Omit entry for payment of interest.)
If an amount box does not require an entry, leave it blank.
Entries for Issuing and Calling Bonds; Gain
Mia Breen Corp. produces and sells wind-energy-driven
engines. To finance its operations, Mia Breen issued
$22,000,000 of 20-year, 4% callable bonds on May 1,
20Y5, at their face amount, with interest payable on May 1
and November 1. The fiscal year of the company is the
calendar year.
Journalize the entries to record the following selected
transactions:
20Y5
May 1
Nov. 1 Paid the interest on the bonds.
20Y9
Issued the bonds for cash at their face
amount.
Nov. 1
Called the bond issue at 97, the rate
provided in the bond indenture. (Omit entry
for payment of interest.)
If an amount box does not require an entry, leave it blank.
Issued the bonds for cash at their face amount.
20Y5 May 1
Paid the interest on the bonds.
20Y5 Nov. 1
Called the bond issue at 97, the rate provided in the bond
indenture. (Omit entry for payment of interest.).
20Y9 Nov. 1
Chapter 12 Solutions
EBK FINANCIAL & MANAGERIAL ACCOUNTING
Ch. 12 - Describe the two distinct obligations incurred by...Ch. 12 - Explain the meaning of each of the following terms...Ch. 12 - Prob. 3DQCh. 12 - A corporation issues 26,000,000 of 9% bonds to...Ch. 12 - Prob. 5DQCh. 12 - The following data relate to a 2,000,000, 8% bond...Ch. 12 - Prob. 7DQCh. 12 - Prob. 8DQCh. 12 - Fleeson Company needs additional funds to purchase...Ch. 12 - Prob. 10DQ
Ch. 12 - Prob. 12.1APECh. 12 - Prob. 12.1BPECh. 12 - Issuing bonds at face amount On January 1, the...Ch. 12 - Prob. 12.2BPECh. 12 - Issuing bonds at a discount On the first day of...Ch. 12 - Prob. 12.3BPECh. 12 - Prob. 12.4APECh. 12 - Prob. 12.4BPECh. 12 - Prob. 12.5APECh. 12 - Prob. 12.5BPECh. 12 - Prob. 12.6APECh. 12 - Prob. 12.6BPECh. 12 - Redemption of bonds payable A 1,500,000 bond Issue...Ch. 12 - Prob. 12.7BPECh. 12 - Prob. 12.8APECh. 12 - Prob. 12.8BPECh. 12 - Prob. 12.9APECh. 12 - Prob. 12.9BPECh. 12 - Prob. 12.1EXCh. 12 - Prob. 12.2EXCh. 12 - Prob. 12.3EXCh. 12 - Prob. 12.4EXCh. 12 - Prob. 12.5EXCh. 12 - Prob. 12.6EXCh. 12 - Prob. 12.7EXCh. 12 - Entries for issuing and calling bonds; loss Adele...Ch. 12 - Entries for issuing and calling bonds; gain Emil...Ch. 12 - Entries for installment note transactions On the...Ch. 12 - Prob. 12.11EXCh. 12 - Entries for installment note transactions On...Ch. 12 - Prob. 12.13EXCh. 12 - Prob. 12.14EXCh. 12 - Prob. 12.15EXCh. 12 - Prob. 12.16EXCh. 12 - Present value of amounts due Tommy John is going...Ch. 12 - Present value of an annuity Determine the present...Ch. 12 - Prob. 12.19EXCh. 12 - Prob. 12.20EXCh. 12 - Prob. 12.21EXCh. 12 - Prob. 12.22EXCh. 12 - Amortize discount by interest method On the first...Ch. 12 - Prob. 12.24EXCh. 12 - Prob. 12.25EXCh. 12 - Prob. 12.26EXCh. 12 - Prob. 12.1APRCh. 12 - Prob. 12.2APRCh. 12 - Bond premium, entries for bonds payable...Ch. 12 - Prob. 12.4APRCh. 12 - Prob. 12.5APRCh. 12 - Prob. 12.6APRCh. 12 - Prob. 12.1BPRCh. 12 - Prob. 12.2BPRCh. 12 - Prob. 12.3BPRCh. 12 - Prob. 12.4BPRCh. 12 - Prob. 12.5BPRCh. 12 - Prob. 12.6BPRCh. 12 - Prob. 12.1CPCh. 12 - Prob. 12.2CPCh. 12 - Prob. 12.3CPCh. 12 - Preferred stock vs. bonds Xentec Inc. has decided...Ch. 12 - Prob. 12.5CPCh. 12 - Prob. 12.6CP
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