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AccountingIntermediate Accounting: Reporting And Analysis3rd Edition

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Chapter 14, Problem 15RE
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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

Solutions

Chapter
Section
Problem 1GI
Problem 2GI
Problem 3GI
Problem 4GI
Problem 5GI
Problem 6GI
Problem 7GI
Problem 8GI
Problem 9GI
Problem 10GI
Problem 11GI
Problem 12GI
Problem 13GI
Problem 14GI
Problem 15GI
Problem 16GI
Problem 17GI
Problem 18GI
Problem 19GI
Problem 20GI
Problem 21GI
Problem 22GI
Problem 23GI
Problem 24GI
Problem 25GI
Problem 26GI
Problem 27GI
Problem 28GI
Problem 1MC
Problem 2MC
Problem 3MC
Problem 4MC
Problem 5MC
Problem 6MC
Problem 7MC
Problem 8MC
Problem 9MC
Problem 10MC
Problem 11MC
Problem 12MC
Problem 1RE
Problem 2RE
Problem 3RE
Problem 4RE
Problem 5RE
Problem 6RE
Problem 7RE
Problem 8RE
Problem 9RE
Problem 10RE
Problem 11RE
Problem 12RE
Problem 13RE
Problem 14RE
Problem 15RE
Problem 1E
Problem 2E
Problem 3E
Problem 4E
Problem 5E
Problem 6E
Problem 7E
Problem 8E
Problem 9E
Problem 10E
Problem 11E
Problem 12E
Problem 13E
Problem 14E
Problem 15E
Problem 16E
Problem 17E
Problem 18E
Problem 19E
Problem 20E
Problem 21E
Problem 22E
Problem 23E
Problem 24E
Problem 25E
Problem 26E
Problem 27E
Problem 28E
Problem 29E
Problem 30E
Problem 31E
Problem 1P
Problem 2P
Problem 3P
Problem 4P
Problem 5P
Problem 6P
Problem 7P
Problem 8P
Problem 9P
Problem 10P
Problem 11P
Problem 12P
Problem 13P
Problem 14P
Problem 15P
Problem 16P
Problem 1C
Problem 2C
Problem 3C
Problem 4C
Problem 5C
Problem 6C
Problem 7C
Problem 8C
Problem 9C
Problem 10C
Problem 11C
Problem 12C
Problem 13C
BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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On January 2, 2019, Jennings Company purchases machinery and equipment and borrows $200,000 on a 5-year non-interest-bearing note. The principal of $200,000 will be paid at the maturity date of December 31, 2023. To place a fair value on the transaction, the accountant will impute an interest rate and use that rate to compute the present value of the note. Assuming that an 8% interest rate is applicable, record the journal entry for interest expense for the year ended December 31, 2019.

To determine

Prepare journal entry to record for interest expense for the year ended December 31, 2019.

Explanation

Interest Expense:

Interest expense is the amount of interest that is accrued to be paid on the face value of debt borrowed. The basic sources of debt-financing are bonds, notes and leases.

Prepare journal entry to record for interest expense.

DateAccount titles and ExplanationDebitCredit
December 31, 2019Interest expense (1)$10,889.33  
      Discount on notes payable $10,889.33
 (To record payment of interest expense)  

Table (1)

Calculate interest expense.

Working note:

(1)Calculate interest expense...

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Ch-14 P-1GICh-14 P-2GICh-14 P-3GICh-14 P-4GICh-14 P-5GICh-14 P-6GICh-14 P-7GICh-14 P-8GICh-14 P-9GICh-14 P-10GI
Ch-14 P-11GICh-14 P-12GICh-14 P-13GICh-14 P-14GICh-14 P-15GICh-14 P-16GICh-14 P-17GICh-14 P-18GICh-14 P-19GICh-14 P-20GICh-14 P-21GICh-14 P-22GICh-14 P-23GICh-14 P-24GICh-14 P-25GICh-14 P-26GICh-14 P-27GICh-14 P-28GICh-14 P-1MCCh-14 P-2MCCh-14 P-3MCCh-14 P-4MCCh-14 P-5MCCh-14 P-6MCCh-14 P-7MCCh-14 P-8MCCh-14 P-9MCCh-14 P-10MCCh-14 P-11MCCh-14 P-12MCCh-14 P-1RECh-14 P-2RECh-14 P-3RECh-14 P-4RECh-14 P-5RECh-14 P-6RECh-14 P-7RECh-14 P-8RECh-14 P-9RECh-14 P-10RECh-14 P-11RECh-14 P-12RECh-14 P-13RECh-14 P-14RECh-14 P-15RECh-14 P-1ECh-14 P-2ECh-14 P-3ECh-14 P-4ECh-14 P-5ECh-14 P-6ECh-14 P-7ECh-14 P-8ECh-14 P-9ECh-14 P-10ECh-14 P-11ECh-14 P-12ECh-14 P-13ECh-14 P-14ECh-14 P-15ECh-14 P-16ECh-14 P-17ECh-14 P-18ECh-14 P-19ECh-14 P-20ECh-14 P-21ECh-14 P-22ECh-14 P-23ECh-14 P-24ECh-14 P-25ECh-14 P-26ECh-14 P-27ECh-14 P-28ECh-14 P-29ECh-14 P-30ECh-14 P-31ECh-14 P-1PCh-14 P-2PCh-14 P-3PCh-14 P-4PCh-14 P-5PCh-14 P-6PCh-14 P-7PCh-14 P-8PCh-14 P-9PCh-14 P-10PCh-14 P-11PCh-14 P-12PCh-14 P-13PCh-14 P-14PCh-14 P-15PCh-14 P-16PCh-14 P-1CCh-14 P-2CCh-14 P-3CCh-14 P-4CCh-14 P-5CCh-14 P-6CCh-14 P-7CCh-14 P-8CCh-14 P-9CCh-14 P-10CCh-14 P-11CCh-14 P-12CCh-14 P-13C

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