Bonds payable (due 2026) Notes payable (due 2024) Discount on bonds payable $720,000 78,000 28,000 Prepare the long-term liabilities section of the balance sheet for Marin Inc. MARIN INC. Balance Sheet (Partial) S
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- Wilbury Corporation issued 1 million of 13.5% bonds for 985,071.68. The bonds are dated and issued October 1, 2019, are due September 30, 2020, and pay interest semiannually on March 31 and September 30. Assume an effective yield rate of 14%. Required: 1. Prepare a bond interest expense and discount amortization schedule using the straight-line method. 2. Prepare a bond interest expense and discount amortization schedule using the effective interest method. 3. Prepare adjusting entries for the end of the fiscal year December 31, 2019, using the: a. straight-line method of amortization b. effective interest method of amortization 4. If income before interest and income taxes of 30% in 2020 is 500,000, compute net income under each alternative. 5. Assume the company retired the bonds on June 30, 2020, at 98 plus accrued interest. Prepare the journal entries to record the bond retirement using the: a. straight line method of amortization b. effective interest method of amortization 6. Compute the companys times interest earned (pretax operating income divided by interest expense) for 2020 under each alternative.Naval Inc. issued $200,000 face value bonds at a discount and received $190,000. At the end of 2018, the balance in the Discount on Bonds Payable account is $5,000. This years balance sheet will show a net liability of ________. A. $200,000 B. $180,000 C. $195,000 D. $205,000Presented here are long-term liability items for Shamrock, Inc. at December 31, 2022. Bonds payable (due 2026) Notes payable (due 2024) Discount on bonds payable $720,000 VI 75,000 22,000 Prepare the long-term liabilities section of the balance sheet for Shamrock, Inc. SHAMROCK, INC. Balance Sheet (Partial)
- Presented here are long-term liability items for Blossom Inc. at December 31, 2022. Bonds payable (due 2026) $605,000 Lease liability 68,000 Notes payable (due 2024) 78,000 Discount on bonds payable 45,375 Prepare the long-term liabilities section of the balance sheet for Blossom Inc. (Enter account name only and do not provide descriptive information.) Blossom Inc. Balance Sheet $ 69 $ $Presented here are long-term liability items for Teal Mountain Inc. at December 31, 2022. Bonds payable (due 2026) Notes payable (due 2024) Discount on bonds payable $790,000 V: 72,000 33,000 Prepare the long-term liabilities section of the balance sheet for Teal Mountain Inc. TEAL MOUNTAIN INC. Balance Sheet (Partial) please dont provide solutions image based thnxWith the stated information provided by Clover Inc as at Dec 31, 2021, prepare long-term liabilities section of its balance sheet in proper format: Bonds Payable which was due on 2025 =$900,000 Notes payable which was due on 2023=$85,000 Discount on Bonds payable=$30,000
- Presented here are long-term liability itema for Marin Inc. at December 31, 2017. Bonds payable (due 2021) $870,000 Notes payable (due 2019) 79,000 Discount on bonds payable 30,000 Prepare the long term labikties section of the balance sheet for Marin inc. MARIN INC. Ralance Sheet (Parta)Presented here are long-term liability items for Splish Brothers Inc. at December 31, 2025. Bonds payable (due 2029) $720,000 Notes payable (due 2027) 72,000 Discount on bonds payable 37,000 Prepare the long-term liabilities section of the balance sheet for Splish Brothers Inc. < SPLISH BROTHERS INC. Balance Sheet (Partial) Next question $ $ $Presented here are long-term liabity items for Marin Inc. at December 31, 2017. Bonds payable (due 2021) $870,000 Notes payable (due 2019) 79,000 30,000 Discount on bonds payable Prepare the long-term liabities section of the balance sheet for Marin inc. MARIN INC. Rabance Sheet (Part)
- Presented here are liability items for kingbird inc.at December 31,2022 accounts payable 251200 notes payable (due may 1 2023) 3200 bonds payable (due 2026) 1440000 unearned rent revenue 384000 discount on bonds payable 65600 fica 12480 interest payable 64000 notes payable (due 2024) 128000 income taxes payable 5600 sales taxes payable 2720 prepare the liabilities section of kingbird's balance sheetThe following section is taken from Oriole Company's balance sheet at december 31, 2021. Current liabilities, Interest payable $87, 750 Long liabilities, Bonds payable, 5% due january 1, 2024 1,755,000. Bond interest ispayable annually on January 1. The bonds are callable on any interest date. Prepare the entry to record the accrual of interest on December 31, 2022Presented below are long-term liability items for Crane Company at December 31, 2020. Bonds payable, due 2022 $575,000 Lease liability 70,000 Notes payable, due 2025 80,000 Discount on bonds payable 37,375 Prepare the long-term liabilities section of the balance sheet for Crane Company. (Enter account name only and do not provide descriptive information.) Crane CompanyBalance Sheet (Partial) For the Month Ended December 31, 2020For the Year Ended December 31, 2020December 31, 2020 Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity $ Add Less :…
