ACCOUNTING PRINCIPLES 222 5/16 >C<
2nd Edition
ISBN: 9781323461525
Author: Horngren
Publisher: PEARSON C
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Textbook Question
Chapter 14, Problem E14.25E
Retiring bonds payable before maturity
Parkview Magazine issued $690,000 of 15-year, 5% callable bonds payable on July 31, 2016, at 95. On July 31, 2019, Parkview called the bonds at 101. Assume annual interest.
Requirements
- Without making
journal entries , compute the carrying amount of the payable at July 31, 2019 - Assume all amortization has been recorded properly. Journalize the retirement of the bonds on July 31, 2019. No explanation is required.
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Eastview Magazine issued $690,000 of 15-year, 6% callable bonds payable on July 31, 2024, at 99. On July 31, 2027,
Eastview called the bonds at 101. Assume annual interest payments.
Requirements
1. Without making journal entries, compute the carrying amount of the bonds payable at July 31, 2027.
2. Assume all amortization has been recorded properly. Journalize the retirement of the bonds on July 31, 2027. No
explanation is required.
First, complete the sentence below.
The carrying amount of the bonds payable at issuance (July 31,
2024) is
$ 683,100. The
discount
on the bonds at
Issuance amounts to $
6,900
The carrying amount of the bonds payable at July 31, 2027 is
$ 684,480
Requirement 2. Assume all amortization has been recorded properly. Journalize the retirement of the bonds on July 31,
2027. No explanation is required. (Record debits first, then credits. Exclude explanations from any journal entries.)
text peace
Date
Accounts
Debit
2027
Jul. 31
Bonds Payable
690,000
Loss on…
Seaview Magazine issued $660,000 of 15-year, 6% callable bonds payable on July 31, 2024, at 99. On July 31, 2027, Seaview called the bonds at 103. Assume annual interest payments.
Requirements
1.
Without making journal entries, compute the carrying amount of the bonds payable at July 31, 2027.
2.
Assume all amortization has been recorded properly. Journalize the retirement of the bonds on July 31, 2027. No explanation is required.
.....
Requirement 1. Without making journal entries, compute the carrying amount of the bonds payable at July 31, 2027. (Assume bonds payable are amortized using the straight-line amortization method.)
First, complete the sentence below.
The carrying amount of the bonds payable at issuance (July 31, 2024) is
The
on the bonds at
issuance amounts to
Oceanview
Magazine issued
$690,000
of 15-year,
6%
callable bonds payable on July 31,
2024,
at
98.
On July 31,
2027,
Oceanview
called the bonds at
102.
Assume annual interest payments.
Requirements:
1.
Without making journal entries, compute the carrying amount of the bonds payable at July 31,
2027.
2.
Assume all amortization has been recorded properly. Journalize the retirement of the bonds on July 31,
2027.
No explanation is required.
Chapter 14 Solutions
ACCOUNTING PRINCIPLES 222 5/16 >C<
Ch. 14 - Prob. 1QCCh. 14 - Daniels's bonds payable carry a stated interest...Ch. 14 - Prob. 3QCCh. 14 - Prob. 4QCCh. 14 - Prob. 5QCCh. 14 - Prob. 6QCCh. 14 - Prob. 7QCCh. 14 - Prob. 8QCCh. 14 - Prob. 9AQCCh. 14 - 10B Hicks Corporation issued S500.000 of 5%,...
Ch. 14 - Prob. 1RQCh. 14 - Prob. 2RQCh. 14 - Prob. 3RQCh. 14 - Prob. 4RQCh. 14 - Prob. 5RQCh. 14 - Prob. 6RQCh. 14 - Prob. 7RQCh. 14 - Prob. 8RQCh. 14 - Prob. 9RQCh. 14 - Prob. 10RQCh. 14 - Prob. 11RQCh. 14 - Prob. 12RQCh. 14 - 13. What type of account is Premium on Bonds...Ch. 14 - Prob. 14RQCh. 14 - Prob. 15RQCh. 14 - Prob. 16RQCh. 14 - What does the debt to equity ratio show, and how...Ch. 14 - Prob. 18ARQCh. 14 - Prob. 19ARQCh. 14 - Prob. 20ARQCh. 14 - Prob. 21BRQCh. 14 - Prob. S14.1SECh. 14 - Prob. S14.2SECh. 14 - Prob. S14.3SECh. 14 - Pricing bonds Bond prices depend on the market...Ch. 14 - Determining bond amounts Quick Drive-Ins borrowed...Ch. 14 - Journalizing bond transactions Piper Company...Ch. 14 - Journalizing bond transactions Ogden issued a...Ch. 14 - Journalizing bond transactions Watson Mutual...Ch. 14 - Journalizing bond transactions including...Ch. 14 - Retiring bonds payable before maturity On January...Ch. 14 - Preparing the liabilities section of the balance...Ch. 14 - Prob. S14.12SECh. 14 - Prob. S14A.13SECh. 14 - Determining the present value of bond at issuance...Ch. 14 - Using the effective-interest amortization method...Ch. 14 - Prob. S14B.16SECh. 14 - Accounting for long-term notes payable...Ch. 14 - Preparing an amortization schedule and recording...Ch. 14 - Analyzing alternative plans to raise money AF...Ch. 14 - Determining bond prices and interest expense Nooks...Ch. 14 - Journalizing bond issuance and interest payments...Ch. 14 - Journalizing bond issuance and interest payments...Ch. 14 - Prob. E14.23ECh. 14 - Journalizing bond issuance and interest payments...Ch. 14 - Retiring bonds payable before maturity Parkview...Ch. 14 - Prob. E14.26ECh. 14 - Prob. E14.27ECh. 14 - Prob. E14.28ECh. 14 - Prob. E14.29ECh. 14 - Prob. E14A.30ECh. 14 - A Journalizing liability transactions and...Ch. 14 - Analyzing, journalizing, and reporting bond...Ch. 14 - Analyzing and journalizing bond transactions On...Ch. 14 - Analyzing and journalizing bond transactions On...Ch. 14 - Prob. P14.35APGACh. 14 - Determining the present value of bonds payable and...Ch. 14 - Determining the present value of bands payable and...Ch. 14 - Journalizing liability transactions and reporting...Ch. 14 - Prob. P14.39BPGBCh. 14 - Prob. P14.40BPGBCh. 14 - Prob. P14.41BPGBCh. 14 - Prob. P14.42BPGBCh. 14 - Prob. P14.43BPGBCh. 14 - Prob. P14AB.44BPGBCh. 14 - Describing bonds and journalizing transactions for...Ch. 14 - Decision Case 14-1 The following questions are not...Ch. 14 - Ethical Issue 14-1 Raffle's Kids, a nonprofit...Ch. 14 - Prob. 14.1FCCh. 14 - Prob. 14.1FSC
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