Current Attempt in Progress Selected transactions on the books of Pharoah Corporation follow: May 1, 2023 Bonds payable with a par value of $700,000, which are dated January 1, 2023, are sold at 109 plus accrued interest. They are coupon bonds, bear interest at 12% (payable annually at January 11, and mature on January 1, 2033. (Use ar Adjusting entries are made to record the accrued interest on the bonds and the amortization of the proper amount o Interest on the bonds is paid Par value bonds of $420,000 are repurchased at 105 plus accrued interest and are retired. (Bond premium is to be ar Adjusting entries are made to record the accrued interest on the bonds, and the proper amount of premium amortize Dec. 31 Jan 1, 2024 April 1 Dec. 31 (a) Assume that Pharoah follows ASPE. Prepare the journal entries for the transactions above. (Round answers to O decimal places, eg 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries. Do not round intermediate calculations) Date Account Titles and Explanation (To record accrued interest expense) (To amortize the premium) (To amortize the premium) Debit Credit (To record reacquisition of bonds) (To record accrued interest expense) (To amortize the premium)

The balance sheet for Ivanhoe Consulting reports the following information on July 1, 2022. Long-term liabilities                Bonds payable   $4,500,000            Less: Discount on bonds payable   315,000   $4,185,000 Ivanhoe decides to redeem these bonds at 101 after paying annual interest.Prepare the journal entry to record the redemption on July 1, 2022.

Lisa Anderson Company issued $516,000 of 10%, 20-year bonds on January 1, 2025, at 102. Interest is payable semiannually on July 1 and January 1. Lisa Anderson Company uses the effective-interest method of amortization for bond premium or discount. Assume an effective yield of 9.7705% Click here to view factor tables. Prepare the journal entries to record the following. (Round intermediate calculations to 6 decimal places, eg. 1.251247 and final answer to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) a. The issuance of the bonds. b. The payment of interest and related amortization on July 1, 2025. с The accrual of interest and the related amortization on December 31, 2025. Date Account Titles and Explanation Debit Credit

The following section is taken from Crane's balance sheet at December 31, 2024. Current liabilities Interest payable Long-term liabilities Bonds payable (9%, due January 1, 2028) (a) (b) $41,000 Interest is payable annually on January 1. The bonds are callable on any annual interest date. (c) 510,000 Journalize the payment of the bond interest on January 1, 2025. Assume that on January 1, 2025, after paying interest, Crane calls bonds having a face value of $105,000. The call price is 105. Record the redemption of the bonds. Prepare the adjusting entry on December 31, 2025, to accrue the interest on the remaining bonds.

Paul White Company sells 10% bonds having a maturity value of $1,900,000 for $1,763,025. The bonds are dated January 1, 2025, and mature January 1, 2030. Interest is payable annually on January 1. Click here to view factor tables. Set up a schedule of interest expense and discount amortization under the straight-line method. (Round answers to 2 decimal places, e.g. 38,548.25.)

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prepare the appropriate journal entry for the redemption or conversion of the bonds.   Pharoah Company redeemed $155,000 face value, 17% bonds on June 30, 2020, at 96. The carrying value of the bonds at the redemption date was $158,000. The bonds pay annual interest, and the interest payment due on June 30, 2020, has been made and recorded.

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Munabhai

Sunland Company sold \(\$ 3, 170, 000, 9 \ %, 10 \) - year bonds on January 1, 2025. The bonds were dated January 1, 2022 5 and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually. (a) Prepare amortization table for issuance of the bonds sold at 103 for the first three interest payments. Prepare amortization table for issuance of the bonds sold at 97 for the first three interest payments.