Prepare the journal entry to record the redemption

Assignment Help Accounting Basics
Reference no: EM13140128

The balance sheet for Lemay Company reports the following information on July 1, 2008.

Long-term liabilities
Bonds payable $1,290,000
Less: Discount on bonds payable
68,000

$1,222,000

Lemay decides to redeem these bonds at 101 after paying semiannual interest. Prepare the journal entry to record the redemption on July 1, 2008. (List multiple debit/credit entries in descending order of amount.)

Reference no: EM13140128

Questions Cloud

The historical origins of mental health services : Discuss the historical origins of mental health services in the United States. Have students discuss how mental health services have changed in recent years. Ask students to discuss some of the public perception challenges there are surrounding menta..
Use a chi-square test to evaluate : Use a chi-square test to evaluate whether the two loci are linked or assort independently.
How does this rate of change in operating cash flow compare : How much cash did "Lawson Software inc,." provide from operating activities for the current year and prior year? What was the rate of change from 2009 to 2010? How does this rate of change in operating cash flow compare to the rate of change in..
Interval for the proportion of adults who attended church : Give a 99% confidence interval for the proportion of adults who attended church or synagogue during the week preceding the poll.
Prepare the journal entry to record the redemption : Lemay decides to redeem these bonds at 101 after paying semiannual interest. Prepare the journal entry to record the redemption on July 1, 2008. (List multiple debit/credit entries in descending order of amount.)
What mass of f2 is needed to produce : P4(s) + F2(g)-> PF3(g) What mass of F2 is needed to produce 187 g of PF3 if the reaction has a 80.1% yield?
What tax issues regarding exchanges should mary and peter : At the same time, Peter contributes $15,000 in cash for 15 newly issued Trenton shares. What tax issues regarding the exchanges should Mary and Peter consider?
Similarities of islam-judaism and christianity : What are the similarities of Islam, Judaism and Christianity? What are the differences?
Can tom be considered a hero in the play"the glass menagerie : Can Tom be comsidered a hero in the play "The Glass Menagerie"?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Write an analysis about test of liquidity

Write an analysis about test of liquidity that compare Radio Shack and Conn's to Best buy.

  Standard using traditional costing by direct labor

Overhead applied to Standard using traditional costing using direct labor hours is:

  Analyze how involuntary conversions differ from condemnation

Under the authority of the IRS, real property can be seized for nonpayment of taxes. In addition, the local government could confiscate personal property for public use. Analyze how involuntary conversions differ from condemnations and how to dete..

  Give the journal entry made on sears

Sears collected $57000 from the issuance of bonds with a face value of $50000. A portion of the cash receivable, $2000 was accrued interest. give the journal entry made on sears book to account the issuance of the bonds.

  Federal income tax liability for pace

Pace Corporation had a taxable income of $300,000 in 2010. They had a taxable income of $1,200,000 in 2011. What is their federal income tax liability for the company for each year?

  Early extinguishment of debt

A company accomplished an early extinguishment of debt, and the auditors believe that literal application of SFAS No. 98 would cause recognition of a loss that would materially distort the financial statements and cause them to be misleading.

  Determining the interest expense

On September 1, 2009, Barrett Corporation signed a one-year, 8% interest-bearing note payable for $50,000. Assume that Barrett Corporation maintains its books on a calendar year basis. What amount should Barrett Corp. record as interest expense fo..

  Income tax and earnings per share

On February 28, 2009, Dow sold 60,000 common shares. In keeping with its long-term share repurchase plan, 2,000 shares were retired on July 1. Dow's net income for the year ended December 31, 2009, was $2,100,000. The income tax rate is 40%.

  Events affecting the firm balance sheet

Sources and Uses of Cash. State how each of the following events would affect the firm's balance sheet. State whether each change is a source or use of cash.

  Direct labor rate and efficiency variances

A company has a standard of 2 hours of direct labor per unit produced and $18 per hour for the labor rate. During last period, the company used 9,500 hours of direct labor at a $152,000 total cost to produce 4,000 units. Compute the direct labor r..

  Construction contracted to build a bridge

Dalton construction contracted to build a bridge for $5,000,000. Construction began in 2010 and was completed in 2011. Data relating to construction are:

  Problem regarding demand for catnip

If the demand for 'catnip' increases: A. The supply of 'catnip' must have gone up B. The incomes of cat owners must have gone up.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd