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AccountingIntermediate Accounting: Reporting And Analysis3rd Edition

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Chapter 14, Problem 25E
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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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Webb Corporation purchased an asset from Shaw Corporation on January 1, 2019. Shaw accepted a 3-year, non-interest-bearing note of $18,000 due December 31, 2021, in exchange for the asset. Neither the fair value of the asset nor that of the note is available. Webb’s incremental borrowing rate is 12%.

Required:

Prepare the journal entries to record the issuance of the note, retirement, and any interest expense on the books of Webb on each of the following dates:

  1. 1. January 1, 2019
  2. 2. December 31, 2019
  3. 3. December 31, 2020
  4. 4. December 31, 2021

1.

To determine

Journalize entries during January 1, 2019.

Explanation

Bonds:

Bonds are long-term promissory notes that are issued by a company while borrowing money from investors to raise fund for financing the operations.

Prepare journal entry:

DateAccount titles and ExplanationDebitCredit
January 1, 2019Asset (1)$12,812.04  
Discount on notes payable (2) $5,187.96
      Notes payable $18,000
(To record the exchange of note payable for cash and rights)  

Table (1)

  • Asset is increased. Therefore, debit asset account by $12,812.04.
  • Discount on notes payable is a contra liability and it is increased. Therefore, debit discount on notes payable account by $ $5,187.96.
  • Notes payable is a liability and it is increased. Therefore, credit notes payable account by $18,000

Note:  Present value of $1 from Table 3 of Time Value of money Module, where n=3, i= 12%...

2.

To determine

Journalize entries during December 31, 2019.

3.

To determine

Journalize entries during December 31, 2020.

4.

To determine

Journalize entries during December 31, 2021.

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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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