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fatima-0.1
over 4 years ago
Accounting
Prepare the journal entry, Prepare the adjusting entry, bond investors for interest accrued?
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).
0
mind-m
over 4 years ago
Accounting
How to do? please answer
E17.22 (L04) HIT (Impairment) Komissarov SA has a debt investment in the bonds issued by Keune AG The bonds were purchased at par for € 400,000 and, at the end of 2019, have a remaining life of 3 years with annual interest payments at 10%, paid at the end of each year. This debt investment is classified as held-for-collection. Keune is facing a tough economic environment and informs its investors that it will be unable to make all payments according to the contractual terms. The con troller of Komissarov has prepared the following revised expected cash flow forecast for this bond investment.
++Dec. 31++ ++Expected Cash Flows++
2020 € 35,000
2021 35,000
2022 ++385,000++
total cash flow ++€ 455,000++
Instructions
a. Determine the impairment loss for Komissarov at December 31, 2019.
b. Prepare the entry to record the impairment loss for Komissarov at December 31, 2019.
c. On January 15, 2020, Keune receives a major capital infusion from a private equity investor. It informs Komissarov that the bonds now will be paid according to the contractual terms. Briefly describe how Komissarov would account for the bond investment in light of this new information.
0
katherine21000
about 7 years ago
Accounting
Does anyone still have NCEA notes?
Urgent Need Of NCEA Notes In All Levels Of Accounting.
0
marphy
about 12 years ago
Accounting
Define process?
Hi I am preparing my presentation on management and need to explain process from management perspective, please help.
0
francyne
over 12 years ago
Accounting
Kindly provide the details of large trades organizations.
Hi Docsity Q n A contributors, my question is that what are ther basis of a large trades organization.
0
francyne
over 12 years ago
Accounting
Do you know some thing about the electronic exchanges organizations?
Hi all! I have lost all hope but I believe this forum can help me. Please provide the details of my question.
0
adal-youth-ayedo
over 1 year ago
Accounting
. Which financial statement reports a company’s financial position at a specific point in time?
) Income Statementb) Balance Sheetc) Cash Flow Statementd) Statement of Retained EarningsAnswer: b) Balance Sheet
15
Solved
adal-youth-ayedo
over 1 year ago
Accounting
What are the basic requirements to learn Cloud Computing?
What are the basic requirements to learn Cloud Computing?
8
jeon-13
almost 2 years ago
Accounting
what is accounting classification
the basic accounting may be expressed as
15
Solved
julio-valenzuela-3
almost 2 years ago
Accounting
Alguien que me ayude con un trabajo de Contabilidad.
Es con respecto al Plan General Contable de España.
1
ruto-watanabe
over 2 years ago
Accounting
what are the best sites for accountancy students?
badly needed especially for worksheet
6
zyn_s
almost 3 years ago
Accounting
How can I easily determine which account does a something falls
How can I know which account does a "something" falls to? Ex. Notes payable which account does it falls?
3
francyne
over 12 years ago
Accounting
Tell me about the details of NYSE as a marketing organization.
Hi all! This seems way too difficult for me, let me try to explain the marketing organization called as NYSE.
0
jesus33
over 12 years ago
Accounting
Any one on this forum who can elaborate the financial reporting principle of time period assumption?
There must be a person out there who knows the details of 'Time Period Assumption' as a financial reporting principle.
1
mikaell
over 12 years ago
Accounting
List some details of corporation characteristic called corporation management.
Help me mates. I need details of a Corporation management.
8
francyne
over 12 years ago
Accounting
How can you define a marketing organization type called OTC?
Can some one out in the Docsity world provide the details of the "OTC" as a marketing organization?
1
thecoral
over 12 years ago
Accounting
What are the different types of financial statements?
I have an important test next week. I need the information for financial statements types.
8
francyne
over 12 years ago
Accounting
Do you know some thing about the electronic exchanges organizations?
Hi all! I have lost all hope but I believe this forum can help me. Please provide the details of my question.
0
Accounting