Friday
December 19, 2014

Homework Help: Accounting

Posted by Cindy on Friday, February 13, 2009 at 11:25am.

The Dec. 31, 2001, balance sheet includes the following items:

9% bonds payable due 12/31/2010 $800,000
Discount on bonds payable $21,600

The bonds were issued on December 31, 2000, at 97, with interest payable on June 30 and December 31 of each year. The straight-line method is used for discount amortization.

On March 1, 2002, they retired $400,000 of these bonds at 98 plus accrued interest. Prepare the journal entries to record retirement of the bons, including accrual of interest since the last payment and amortization of the discount.

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

accounting - On December 31, 2013, a company issues bonds with a par value of $...
accounting - On April 1, 2008, Company issued $600,000, 9% bonds for $645, 442 ...
Accounting - On the balance sheet it states that bonds payable is $32,000 and ...
accounting - Bonds Payable has a balance of $900,000 and Premium on Bonds ...
accounting - Bonds Payable has a balance of $900,000 and Premium on Bonds ...
accounting - JTD Corporation issued $800,000 of 20-year, 12% bonds on January 1...
accounting - 1. If market interest rates are higher than the rate offered on the...
Accounting - Prepare the entry to record the accrued interest and the ...
accounting - On July 1, 2010, Brower Industries Inc. issued $8,900,000 of 9-year...
ACCOUNTING - Posted by dakota on Tuesday, August 13, 2013 at 2:03am. 1. If ...

Search
Members