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Presented below are selected transactions on the books of Coronado Corporation. June 1, 2020   Bonds payable with a par value of $564,000, which are dated January 1, 2017, are sold at 99 plus accrued interest. They are coupon bonds, bear interest at 9% (payable annually at January 1), and mature January 1, 2030. (Use interest expense account for accrued interest.) Dec. 31   Adjusting entries are made to record the accrued interest on the bonds, and the amortization of the proper amount of discount. (Use straight-line amortization.) Jan. 1, 2021   Interest on the bonds is paid. August 1   Bonds with par value of $225,600 are called at 102 plus accrued interest, and retired. (Bond discount is to be amortized only at the end of each year.) Dec. 31   Adjusting entries are made to record the accrued interest on the bonds, and the proper amount of discount amortized. Prepare journal entries for the transactions above. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Presented below are selected transactions on the books of Coronado Corporation. June 1, 2020   Bonds payable with a par value of $564,000, which are dated January 1, 2017, are sold at 99 plus accrued interest. They are coupon bonds, bear interest at 9% (payable annually at January 1), and mature January 1, 2030. (Use interest expense account for accrued interest.) Dec. 31   Adjusting entries are made to record the accrued interest on the bonds, and the amortization of the proper amount of discount. (Use straight-line amortization.) Jan. 1, 2021   Interest on the bonds is paid. August 1   Bonds with par value of $225,600 are called at 102 plus accrued interest, and retired. (Bond discount is to be amortized only at the end of each year.) Dec. 31   Adjusting entries are made to record the accrued interest on the bonds, and the proper amount of discount amortized. Prepare journal entries for the transactions above. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Accounting Information Systems
Accounting Information Systems
10th Edition
ISBN:9781337619202
Author:Hall, James A.
Publisher:Hall, James A.
Chapter9: Database Management Systems
Section: Chapter Questions
Problem 5MCQ
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Presented below are selected transactions on the books of Coronado Corporation.

June 1, 2020   Bonds payable with a par value of $564,000, which are dated January 1, 2017, are sold at 99 plus accrued interest. They are coupon bonds, bear interest at 9% (payable annually at January 1), and mature January 1, 2030. (Use interest expense account for accrued interest.)
Dec. 31   Adjusting entries are made to record the accrued interest on the bonds, and the amortization of the proper amount of discount. (Use straight-line amortization.)
Jan. 1, 2021   Interest on the bonds is paid.
August 1   Bonds with par value of $225,600 are called at 102 plus accrued interest, and retired. (Bond discount is to be amortized only at the end of each year.)
Dec. 31   Adjusting entries are made to record the accrued interest on the bonds, and the proper amount of discount amortized.


Prepare journal entries for the transactions above. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

Date Account Titles and Explanation Debit Credit > > > >
Transcribed Image Text:Date Account Titles and Explanation Debit Credit > > > >
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