Reference no: EM13127501
On March 31, 2011, Gardner Corporation received authorization to issue $50,000 of 9 percent, 30-year bonds payable. The bonds pay interest on March 31 and September 30. The entire issue was dated March 31, 2011, but the bonds were not issued until April 30, 2011. They were issued at face value.
a. Prepare the journal entry at April 30, 2011, to record the sale of the bonds.
b. Prepare the journal entry at September 30, 2011, to record the semiannual bond interest payment.
c. Prepare the adjusting entry at December 31, 2011, to record bond interest expense accrued since September 30, 2011. (Assume that no monthly adjusting entries to accrue interest expense had been made prior to December 31, 2011.)
d. Explain why the issuing corporation charged its bond investors for interest accrued in April 2011, prior to the issuance date (see part B above).
|
Illustrate what amount of equity income should deuce
: On Deuce's December 31, 2012 balance sheet, what balance was reported for the Investment in Wiz Co. account? Illustrate what amount of equity income should Deuce have reported for 2012?
|
|
What is the heat gain in calories
: a beaker containing 250g of water is heated from 23 degrees C to 100 degrees C. what is the heat gain in calories?
|
|
Distribution deduction of the trust
: During the year, the trust makes a mandatory distribution to Sarah of $5,000 and a discretionary distribution of $10,000 to Kyle. The trust has no tax-exempt income. The distribution deduction of the trust is:
|
|
Improve performance without major disruption
: What are the unspoken rules that give Toyota its competitive edge and how do they make it possible for the company to change and improve performance without major disruption?
|
|
Explain why the issuing corporation charged
: On March 31, 2011, Gardner Corporation received authorization to issue $50,000 of 9 percent, 30-year bonds payable. The bonds pay interest on March 31 and September 30. The entire issue was dated March 31, 2011, but the bonds were not issued until..
|
|
Calculate the amount of hcn formed
: If a sample of 0.190 grams of KCN is treated with an excess of HCL, calculate the amount of HCN formed, in grams.
|
|
Find randomly selected person from sample is employed
: Let B be the event that a randomly selected person from this sample is employed. What is P(A|B) (rounded to two decimal places)?
|
|
Dividing by zero and imaginary numbers
: Mathematicians say that division by zero is forbidden. The expression 5/0, for example, is undefined. "Undefined" in this sense means "unable to be determined". Why is this?
|
|
Capital loss pass-through
: This year the trust is terminated. Albert has a 40% interest in the trust, and Barbara has a 60% interest. Barbara receives a capital loss pass-through of:
|