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Acct 551 Week 3 Essay

548 words - 3 pages

Week 3 Homework
E14-3 (Entries for Bond Transactions) Presented below are two independent situations.
1
A 1/1/12 Cash 300,000
Bonds payable 300,000
B 7/1/12 Interest Expense 6,750 300,000*.09*3/12
Cash 6,750
C 12/31/12 Interest Expense 6,750
Interest Payable 6,750
2
A Cash 210,000
Bond payable 200,000
Interest Expense 10,000 200,000*.012*5/12
B Interest Expense 12,000 200,000*.12*6/12
Cash 12,000
C Interest Expense 12,000
Interest payable 12,000
E14-7 (Amortization Schedule—Effective-Interest) Assume the same information
Date Cash Paid Interest Expense Discount Amortized Carrying Bond
1/1/12 2,783,724
1/1/13 300,000 334,046.88 34,046.88 2,817,770.88
1/1/14 300,000 ...view middle of the document...

79
1/1/13 96,000 86,065.18 9,934.82 850,716.97
1/1/14 96,000 85,071.70 10,928.30 850,716.97
1/1/15 96,000 83,978.87 12,021.13 827,767.54
1/1/16 96,000
1/1/17 96,000
C Interest Expense 86,065.18
Bonds Payable 9,934.82
Cash 96,000
E14-17 (Imputation of Interest) Presented below are two independent situations
A Zero-interest-bearing note 600,000
Discount * .71178 12% 3periods
Recorded Land =427,068
B Cash 4,000,000 10% 4 period Discount Notes Payable 1,267, 960 4,000,000-(4,000,000*.68301)
Notes Payable 4,000,000
Unearned Sales 1,267,960
Carrying value 2,732,040 4,000,000-1,267,960
Interest rate * .10
Total Interest rate =273,204
E14-21 (Settlement of Debt)
A
Strickland Company
Notes Payable 200,000
Interest Payable 18,000
Acc Depr Machinery 221,000
Machinery 390,000
Gain or Disposal Machinery 11,000 180,000-(390,000-221,000)
Gain on Restructuring of debt 38,000 (200,000+18,000)-180,000
Moran State Bank
Machinery 180,000
Allowance for Doubtful Account 38,000
Notes Receivable 200,000
Interest Receivable 18,000
B They should reported it as ordinary gain
C
Moran State Bank Creditor
Machinery 180,000
Allowance for Doubtful Account 38,000
Notes Receivable 200,000
Interest Receivable 18,000
Strickland Company Debtor
Notes Payable 200,000
Interest Payable 18,000
Common Stock 150,000
Paid in cap in ex of par common stock 30,000
Gain on Restructuring of Debt 38,000

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