User Account

All Pages

Prepare the journal entries to record the issue of the bonds

Assignment Help Accounting Basics
Reference no: EM131789099

Polk Incorporated issued $184,000 of 8% bonds on July 1, 2016, for $190,999.07. The bonds were dated January 1, 2016, pay interest on each June 30 and December 31, are due December 31, 2020, and were issued to yield 7%. Polk uses the effective interest method of amortization.

Required:

Prepare the journal entries to record the issue of the bonds on July 1, 2016, and the interest payments on December 31, 2016, and June 30, 2017. In addition, prepare a bond interest expense and premium amortization schedule for the bonds through June 30, 2017.

Reference no: EM131789099

Questions Cloud

Prepare the adjusting entry needed on the books : Prepare the adjusting entry needed on the books of Great Pizza to recognize uncollectible accounts under each assumptions
Show joe reservation price on graph using indifference curve : Joe is a thrill seeker and receives utility from working in a risky environment. Assume there are only two types of jobs, riskless and risky.
What is the net present value of the project : An investment of $100,000 promises returns of $40,000 per year for each of the next three years. What is the net present value of the project
What strategies do you employ to stay on-task : What are the three most important elements of personal and professional etiquette that you employ in your professional life?
Prepare the journal entries to record the issue of the bonds : Prepare the journal entries to record the issue of the bonds on July 1, 2016, and the interest payments on December 31, 2016
Consumption increase or decrease of given period : Mandy has an income of $800 in period 1 and will have an income of $500 in period 2. Her utility function is U(c1, c2) = c0.80 c0.20.
Determine the division of income among the three members : Determine the division of income among the three members. If an amount box does not require an entry
Identify the main types of business entities : Identify the main types of business entities and discuss the advantages and disadvantages of each.
Draw the market supply and demand curves : Draw the market supply and demand curves. What are the efficient price and efficient quantity? Explain the Jaw of supply and the law of demand.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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