XACC 291 Week 4 Assignment

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XACC 291 Week 4 Assignment,Solutions E10-6,E10-8,P10-3A,P10-8A,

 

XACC 291 Week 4 Assignment,Solutions E10-6,E10-8,P10-3A,P10-8A,

 

XACC 291 Week 4 Assignment,Solutions E10-6,E10-8,P10-3A,P10-8A,

Description

 

XACC 291 Week 4 Assignment,

XACC 291 Week 4 Assignment,Solutions E10-6,E10-8,P10-3A,P10-8A,

Date Account Titles Debit Credit
(a) 2011
Jan. 1 Cash 3120000
            Bonds Payable 3000000
            Premium on Bonds Payable 120000
b)
(A) (B) (C) (D) (E)
Semi- Interest To Interest Expense Bond
annual Be Paid To Be Premium Unamortized Carrying
Interest (5% x Recorded Amortization Premium Value
Periods $3,000,000) (A) –  (C ) $120,000 ÷ 20 (D) – (C ) ($3,000,000 + D)
Issue date 120000 3120000
1 150000 144000 6000 114000 3114000
2 150000 144000 6000 108000 3108000
3 150000 144000 6000 102000 3102000
4 150000 144000 6000 96000 3096000
(c) 2011
July 1 Bond Interest Expense 144000
Premium on Bonds Payable 6000
            Cash 150000
Dec. 31 Bond Interest Expense 144000
Premium on Bonds Payable 6000
          Bond Interest Payable 150000
2012
Jan. 1 Bond Interest Expense 150000
            Cash 150000
July 1 Bond Interest Expense 144000
Premium on Bonds Payable 6000
            Cash 150000 

 

XACC 291 Week 4 Assignment,

XACC 291 Week 4 Assignment,Solutions E10-6,E10-8,P10-3A,P10-8A,

Date Account Titles Debit Credit
(a) 2011
Jan. 1 Cash 3120000
            Bonds Payable 3000000
            Premium on Bonds Payable 120000
b)
(A) (B) (C) (D) (E)
Semi- Interest To Interest Expense Bond
annual Be Paid To Be Premium Unamortized Carrying
Interest (5% x Recorded Amortization Premium Value
Periods $3,000,000) (A) –  (C ) $120,000 ÷ 20 (D) – (C ) ($3,000,000 + D)
Issue date 120000 3120000
1 150000 144000 6000 114000 3114000
2 150000 144000 6000 108000 3108000
3 150000 144000 6000 102000 3102000
4 150000 144000 6000 96000 3096000
(c) 2011
July 1 Bond Interest Expense 144000
Premium on Bonds Payable 6000
            Cash 150000
Dec. 31 Bond Interest Expense 144000
Premium on Bonds Payable 6000
          Bond Interest Payable 150000
2012
Jan. 1 Bond Interest Expense 150000
            Cash 150000
July 1 Bond Interest Expense 144000
Premium on Bonds Payable 6000
            Cash 150000 

 

 

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