chasitythompso1
19.04.2021 •
Business
Orange Co. sells $1,000,000 of 10% bonds on August 1, 2019. The bonds pay interest on February 1 and August 1. The due date of the bonds is August 1, 2022. The bonds yield 12%. On October 1, 2020, Lemon Co. buys back $200,000 worth of bonds for $228,000 (includes accrued interest). Give entries through October 1, 2020
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Ответ:
price of the bonds:
$1,000,000 / (1 + 6%)⁶ = $704,961
$50,000 x 4.9173 (PVIFA, 6%, 6 periods) = $245,865
August 1, 2019, bonds sold at a discount
Dr Cash 950,826
Dr Discount on bonds payable 49,174
Cr Bonds payable 1,000,000
Assuming straight amortization of discount = $49,174 / 6 = $8,195.67
February 1, 2020, first coupon payment
Dr Interest expense 58,196
Cr Cash 8,196
Cr Discount on bonds payable 50,000
August 1, 2020, second coupon payment
Dr Interest expense 58,195
Cr Cash 8,195
Cr Discount on bonds payable 50,000
October 1, 2020
Dr Bonds payable 200,000
Dr Interest expense 3,879
Dr Loss on redemption of bonds 24,667
Cr Cash 228,000
Cr Discount on bonds payable 546
Ответ:
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