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ACC 206 Week 6 Homework Chapter 15

ACC 206 Week 6 Homework Chapter 15

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ACC 206 Week 6 Homework Chapter 15 -

Brief Exercise 15-2 (Part Level Submission)

Meera Corporation issued 3,220, 9%, 5-year, $1,000 bonds dated January 1, 2014, at 100.

Prepare the journal entry to record the sale of these bonds on January 1, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

Brief Exercise 15-8

Presented below are long-term liability items for Lind Company at December 31, 2014.

Bonds payable, due 2016                   $610,000

Lease liability                                      64,590

Notes payable, due 2019                    77,140

Discount on bonds payable                 42,700

Prepare the long-term liabilities section of the balance sheet for Lind Company. (For Bonds Payable, Notes Payable and Mortgage payable enter the account name only and do not provide any additional descriptive information e.g. due 2019.)

 

Exercise 15-2

Gilliland Airlines is considering two alternatives for the financing of a purchase of a fleet of airplanes. These two alternatives are:

1. Issue 115,500 shares of common stock at $30 per share. (Cash dividends have not been paid nor is the payment of any contemplated.)

2. Issue 8%, 10-year bonds at face value for $3,465,000.

It is estimated that the company will earn $741,000 before interest and taxes as a result of this purchase. The company has an estimated tax rate of 30% and has 107,200 shares of common stock outstanding prior to the new financing.

Determine the effect on net income and earnings per share for these two methods of financing.(Round earnings per share to 2 decimal places, e.g. 2.25.)

 

Exercise 15-5 (Part Level Submission)

Laudie Company issued $389,000 of 8%, 10-year bonds on January 1, 2014, at face value. Interest is payable semiannually on July 1 and January 1.

Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

Exercise 15-10

Jernigan Co. receives $217,200 when it issues a $217,200, 11%, mortgage note payable to finance the construction of a building at December 31, 2014. The terms provide for semiannual installment payments of $18,100 on June 30 and December 31.

Prepare the journal entries to record the mortgage loan and the first two installment payments.(Round answers to 0 decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

Problem 15-2A (Part Level Submission)

Asquith Electric sold $577,000, 11%, 10-year bonds on January 1, 2014. The bonds were dated January 1 and paid interest on January 1 and July 1. The bonds were sold at 103.

Prepare the journal entry to record the issuance of the bonds on January 1, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 1, 2014

Entry field with correct answer

Entry field with correct answer

Entry field with correct answer

 

Entry field with correct answer

Entry field with correct answer

Entry field with correct answer

 

Entry field with correct answer

Entry field with correct answer

Entry field with correct answer

At December 31, 2014, the balance in the Premium on Bonds Payable account is $15,579. Show the balance sheet presentation of accrued interest and the bond liability at December 31, 2014. (For Bonds Payable, Notes Payable and Mortgage payable enter the account name only and do not provide any additional descriptive information e.g. due 2024.)

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