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AccountingCornerstones of Financial Accounting4th Edition

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Chapter 9, Problem 78E
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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

Solutions

Chapter
Section
Problem 1DQ
Problem 2DQ
Problem 3DQ
Problem 4DQ
Problem 5DQ
Problem 6DQ
Problem 7DQ
Problem 8DQ
Problem 9DQ
Problem 10DQ
Problem 11DQ
Problem 12DQ
Problem 13DQ
Problem 14DQ
Problem 15DQ
Problem 16DQ
Problem 17DQ
Problem 18DQ
Problem 19DQ
Problem 20DQ
Problem 21DQ
Problem 22DQ
Problem 1MCQ
Problem 2MCQ
Problem 3MCQ
Problem 4MCQ
Problem 5MCQ
Problem 6MCQ
Problem 7MCQ
Problem 8MCQ
Problem 9MCQ
Problem 10MCQ
Problem 11MCQ
Problem 12MCQ
Problem 13MCQ
Problem 14MCQ
Problem 15MCQ
Problem 16MCQ
Problem 17MCQ
Problem 18MCQ
Problem 19MCQ
Problem 20MCQ
Problem 21MCQ
Problem 22CE
Problem 23CE
Problem 24CE
Problem 25CE
Problem 26CE
Problem 27CE
Problem 28CE
Problem 29CE
Problem 30CE
Problem 31CE
Problem 32CE
Problem 33CE
Problem 34CE
Problem 35CE
Problem 36CE
Problem 37CE
Problem 38CE
Problem 39CE
Problem 40CE
Problem 41CE
Problem 42CE
Problem 43CE
Problem 44BE
Problem 45BE
Problem 46BE
Problem 47BE
Problem 48BE
Problem 49BE
Problem 50BE
Problem 51BE
Problem 52BE
Problem 53BE
Problem 54BE
Problem 55BE
Problem 56BE
Problem 57BE
Problem 58BE
Problem 59BE
Problem 60BE
Problem 61BE
Problem 62BE
Problem 63BE
Problem 64BE
Problem 65BE
Problem 66E
Problem 67E
Problem 68E
Problem 69E
Problem 70E
Problem 71E
Problem 72E
Problem 73E
Problem 74E
Problem 75E
Problem 76E
Problem 77E
Problem 78E
Problem 79E
Problem 80E
Problem 81E
Problem 82E
Problem 83E
Problem 84E
Problem 85E
Problem 86E
Problem 87E
Problem 88E
Problem 89E
Problem 90E
Problem 91PSA
Problem 92PSA
Problem 93PSA
Problem 94PSA
Problem 95PSA
Problem 96PSA
Problem 97PSA
Problem 98PSA
Problem 99PSA
Problem 91PSB
Problem 92PSB
Problem 93PSB
Problem 94PSB
Problem 95PSB
Problem 96PSB
Problem 97PSB
Problem 98PSB
Problem 99PSB
Problem 100C
Problem 101.1C
Problem 101.2C
Problem 102.1C
Problem 102.2C
Problem 102.3C
Problem 102.4C
Problem 103.1C
Problem 103.2C
Problem 103.3C
Problem 103.4C
Problem 104.1C
Problem 104.2C
Problem 104.3C
Problem 104.4C
Problem 105.1C
Problem 105.2C
Problem 105.3C
Problem 105.4C
Problem 105.5C
Problem 105.6C
Problem 105.7C
Problem 106.1C
Problem 106.2C
Problem 106.3C
BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Exercise Zero Coupon Note

Dodge City Products borrowed SI00,000 cash by issuing a 36-month, $120,880 zero coupon note on January 1, 2021. The note matures on December 31, 2023.

Required:

  1. Prepare the entry to recognize the issuance of the note.
  2. Prepare the adjustments to recognize 2021 and 2022 interest.
  3. Prepare the entry to recognize 2023 interest and repayment of the note at maturity

To determine

(a)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Journal entry for the issuance of Notes.

Explanation

Given:

$120,880 zero coupon Notes were issued at $100,000 for 36 months.

Cash will be debited as it is being borrowed from the lender and Notes payable will credited as the funds have been raised by issuing Notes Payable...

To determine

(b)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Adjusting Journal entry for interest expense for year 2021 and 2022.

To determine

(c)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Journal entry for interest expense for year 2023 and repayment of note.

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Ch-9 P-1DQCh-9 P-2DQCh-9 P-3DQCh-9 P-4DQCh-9 P-5DQCh-9 P-6DQCh-9 P-7DQCh-9 P-8DQCh-9 P-9DQCh-9 P-10DQ
Ch-9 P-11DQCh-9 P-12DQCh-9 P-13DQCh-9 P-14DQCh-9 P-15DQCh-9 P-16DQCh-9 P-17DQCh-9 P-18DQCh-9 P-19DQCh-9 P-20DQCh-9 P-21DQCh-9 P-22DQCh-9 P-1MCQCh-9 P-2MCQCh-9 P-3MCQCh-9 P-4MCQCh-9 P-5MCQCh-9 P-6MCQCh-9 P-7MCQCh-9 P-8MCQCh-9 P-9MCQCh-9 P-10MCQCh-9 P-11MCQCh-9 P-12MCQCh-9 P-13MCQCh-9 P-14MCQCh-9 P-15MCQCh-9 P-16MCQCh-9 P-17MCQCh-9 P-18MCQCh-9 P-19MCQCh-9 P-20MCQCh-9 P-21MCQCh-9 P-22CECh-9 P-23CECh-9 P-24CECh-9 P-25CECh-9 P-26CECh-9 P-27CECh-9 P-28CECh-9 P-29CECh-9 P-30CECh-9 P-31CECh-9 P-32CECh-9 P-33CECh-9 P-34CECh-9 P-35CECh-9 P-36CECh-9 P-37CECh-9 P-38CECh-9 P-39CECh-9 P-40CECh-9 P-41CECh-9 P-42CECh-9 P-43CECh-9 P-44BECh-9 P-45BECh-9 P-46BECh-9 P-47BECh-9 P-48BECh-9 P-49BECh-9 P-50BECh-9 P-51BECh-9 P-52BECh-9 P-53BECh-9 P-54BECh-9 P-55BECh-9 P-56BECh-9 P-57BECh-9 P-58BECh-9 P-59BECh-9 P-60BECh-9 P-61BECh-9 P-62BECh-9 P-63BECh-9 P-64BECh-9 P-65BECh-9 P-66ECh-9 P-67ECh-9 P-68ECh-9 P-69ECh-9 P-70ECh-9 P-71ECh-9 P-72ECh-9 P-73ECh-9 P-74ECh-9 P-75ECh-9 P-76ECh-9 P-77ECh-9 P-78ECh-9 P-79ECh-9 P-80ECh-9 P-81ECh-9 P-82ECh-9 P-83ECh-9 P-84ECh-9 P-85ECh-9 P-86ECh-9 P-87ECh-9 P-88ECh-9 P-89ECh-9 P-90ECh-9 P-91PSACh-9 P-92PSACh-9 P-93PSACh-9 P-94PSACh-9 P-95PSACh-9 P-96PSACh-9 P-97PSACh-9 P-98PSACh-9 P-99PSACh-9 P-91PSBCh-9 P-92PSBCh-9 P-93PSBCh-9 P-94PSBCh-9 P-95PSBCh-9 P-96PSBCh-9 P-97PSBCh-9 P-98PSBCh-9 P-99PSBCh-9 P-100CCh-9 P-101.1CCh-9 P-101.2CCh-9 P-102.1CCh-9 P-102.2CCh-9 P-102.3CCh-9 P-102.4CCh-9 P-103.1CCh-9 P-103.2CCh-9 P-103.3CCh-9 P-103.4CCh-9 P-104.1CCh-9 P-104.2CCh-9 P-104.3CCh-9 P-104.4CCh-9 P-105.1CCh-9 P-105.2CCh-9 P-105.3CCh-9 P-105.4CCh-9 P-105.5CCh-9 P-105.6CCh-9 P-105.7CCh-9 P-106.1CCh-9 P-106.2CCh-9 P-106.3C

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