On july 1 2010 atwater corporation issued 1681700 face

Assignment Help Accounting Basics
Reference no: EM13598185

On July 1, 2010, Atwater Corporation issued $1,681,700 face value, 9%, 10-year bonds at $1,920,720. This price resulted in an effective-interest rate of 7% on the bonds. Atwater uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest July 1 and January 1.

Instructions
(Round all computations to 0 decimal places, e.g. 125. Use rounded amounts for future computations.)

Prepare the journal entry to record the issuance of the bonds on July 1, 2010. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)

Reference no: EM13598185

Questions Cloud

Abc co and xyz co are identical firms in all respects : abc co. and xyz co. are identical firms in all respects except for their capital structure. abc is all-equity financed
Assume if you were a stockholder who held 100 shares of : kosmier company has outstanding 500000 shares of 50 par value common stock that originally sold for 60 per share.
Sands company had accounts receivable 55600 and allowance : on january 1 2010 sands company had accounts receivable 55600 and allowance for doubtful accounts 5390. sands company
On may 1 2010 newby corp issued 634100 5 5-year bonds at : on may 1 2010 newby corp. issued 634100 5 5-year bonds at face value. the bonds were dated may 1 2010 and pay interest
On july 1 2010 atwater corporation issued 1681700 face : on july 1 2010 atwater corporation issued 1681700 face value 9 10-year bonds at 1920720. this price resulted in an
Prepare the adjusting entry at december 31 2010 to record : prepare the adjusting entry at december 31 2010 to record bad debts expense assuming that the aging schedule indicates
Ssume that on november 1 2011 newby calls the bonds at 101 : on may 1 2010 newby corp. issued 634100 5 5-year bonds at face value. the bonds were dated may 1 2010 and pay interest
Outside supplier has offered to sell company all these : direct materials 15.70direct labor 17.50variable manuf overhead 4.50fixed manuf overhead 14.60unit product cost
Minor inc had revenue of 572000 and expenses other than : minor inc had revenue of 572000 and expenses other than income taxes of 282000 for the current year. the company is

Reviews

Write a Review

Accounting Basics Questions & Answers

  Annual gift tax exclusion

The annual policy premium of $12,000 had been paid on January 1. Damitria's gift (before the annual gift tax exclusion) to Tremayne is:

  Problem related to entries

A city received supplies that had been previously encumbered. The supplies were encumbered for $5,000 and had an actual cost of $4,900. To recognize this event the county should make which of the following entries?

  As a cash dividend he orders just watch our stock rise when

as a cash dividend he orders. just watch our stock rise when we announce the stock dividend it must be a good thing if

  Dversification increases when

diversification increases when decreases.a. variabilityb. returnc. riskd. a and ce. all of

  Concept of straight-line amortization

Menke uses straight-line amortization. Ignoring income taxes, the amount reported in Menke's 2010 income statement from this investment should be $4,500.

  Preventive-detective and corrective management controls

Write a memo to the general manager describing what preventive, detective, and corrective management controls (procedures and policies) should be addressed and possibly changed to correct the issues found in the audit.

  Assuming that the books have not been closed what are the

a partial trial balance of julie hartsack corporation is as follows on december 312008.dr. cr.supplies on hand

  Determine the missing amounts associated with each letter

Determine the November 30 balances for each of the inventory accounts and factory overhead and determine the missing amounts associated with each letter.

  Hinshaw company purchased a new machine on october 1 2014

hinshaw company purchased a new machine on october 1 2014 at a cost of 87200. the company estimated that the machine

  Colerain corporation is a merchandising company that is

colerain corporation is a merchandising company that is preparing a profit plan for the third quarter of the calendar

  Store a had sales of 80000 during march a contribution

store a had sales of 80000 during march a contribution margin ratio of 30 and a segment margin of 11000. the company as

  Amount of un-realized intercompany profit

The inventory cost Yukon $260,000 and was sold to Ontario for $390,000. Ontario still had $60,000 of the goods in its inventory at the end of the year. The amount of unrealized intercompany profit which should be eliminated in the consolidation pr..

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