Presented here are long term liabity itema for Marin inc. at December 31, 2017. Bonds payable (due 2021) $870,000 Notes payable (due 2010) 79,000 Discount on bonds payable 30,000 Propare the long term liabikies section of the balance sheet for Marin inc. MARIN INC. Ralance Sheet (Parttal)
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- Cagney Company sold $248,000 of bonds on January 1, 2024. A portion of the amortization table follows. Period CashPayment(Credit) InterestExpense(Debit) Discounton BondsPayable(Credit) Discounton BondsPayableBalance CarryingValue At issue $8,000 $240,000 06/30/24 $12,000 $12,800 $800 7,200 240,800 12/31/24 12,000 12,800 800 6,400 241,600 06/30/25 ? ? ? ? ? Required: 1. Determine the stated interest rate on these bonds. Round your answer to the nearest whole number.fill in the blank 1 % 2. Calculate the interest expense and the discount amortization for the interest period ending on June 30, 2025. Interest expense $fill in the blank 2 Discount amortization $fill in the blank 3 3. Calculate the liability balance shown on a balance sheet after the interest payment is recorded on June 30, 2025.$fill in the blank 4The following items were identified to comprise CHI company’s liabilities as of December 31, 2016 Accounts payable P500,000 6% notes payable – due January 15, 2017 750,000 7% notes payable – due January 31, 2017 1,200,000 8% notes payable – due January 31, 2017 1,500,000 The following information was made available at the time the 2016 financial statements were being prepared: The accounts payable balance included a P150,000 advance from the company’s president which is due on June 30, 2018 The board decided unanimously that it would refinance its 6% notes from bulls lending company. On December 31, 2016. CHI Company completed an agreement with bears financing company to refinance its existing note 7% with another one maturing on January 31, 2018. At January 2, 2017 CHI company completed an agreement with cubs financing company rescheduling the maturity date of the 8% notes to January 31, 2018 How much is the total…On August 1, 2022, Bramble Corp. issued $482,400, 8%, 10-year bonds at face value. Interest is payable annually on August 1. Bramble’s year-end is December 31. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 1 enter an account title to record the issuance of the bonds on August 1 enter a debit amount enter a credit amount enter an account title to record the issuance of the bonds on August 1 enter a debit amount enter a credit amount eTextbook and Media List of Accounts Prepare the journal entry to record the accrual of interest on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an…
- PB6. 13.3 Edward Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1, 2018 and received $480,000. Interest is payable semiannually. The discount is amortized using the straightline method. Prepare journal entries for the following transactions. A. July 1, 2018: entry to record issuing the bonds B. Dec. 31, 2018: entry to record payment of interest to bondholders C. Dec. 31, 2018: entry to record amortization of discountWhat should be the needed entries for this amortization table?ony Hawk's Adventure (THA) issued callable bonds on January 1, 2021. THA's accountant has projected the following amortization schedule from issuance until maturity: Date cash paid Interest Expense Increase in carrying value carrying value 01/01/2021 $218,690 06/30/2021 $11,500 $13,121 $1,621 220,311 12/31/2021 11,500 13,219 1,719 222,030 06/30/2022 11,500 13,322 1,822 223,852 12/31/2022 11,500 13,431 1,931 225,783 06/30/2023 11,500 13,547 2,047 227,830 12/31/2023 11,500 13,670 2,170 230,000 THA issued the bonds for: Multiple Choice $230,000. $218,690. $299,000. Cannot be determined from the given information.
- 1.) On Janaury 31, 2016, Large Corp. issued P 3,000,000 maturity value 12% bonds for P 3,000,000 cash. The bonds are dated Dec. 31, 2015 and mature on Dec. 31, 2025. Interest is payable semiannually on June 30 and Dec. 31. What amount of accrued interest payable should be reported on Sept. 30, 2016? 2.) On January 1, 2016, Truffle Corp. issued 9% bonds in the face amount of P 5,000,000, which maature on Janaury 1, 2016. The bonds were issued for P 4,695,000 to yield 10%. Interest is payable annually on Dec. 31. The entity used the interest method of amortizing bond discount. What is the amortization discount for 2016?On June 30, 2017, ABC Co. Issued $ 6,000,000, 6%, 4-year bonds. The sold to yield an effective interest rate of 8%. Interest is paid semiannually on June 30 and December 31. The company uses the effective interest method of amortization. Required: For ABC Co. answer the following independent requirements STONERE a Prepare the necessary journal entry on June 30, 2017Recording in the Accounting System On January 1, 2014, Jack Company issues the $4,110,000, 8%, 10-year bonds described above for cash of $3,373,263. Journalize the issuance of the Jack Company bonds.
- On January 1, 2016, Phoenix Corporation issued 10-year $200,000 bonds with a 6% stated rate of interest at 103. Phoenix Corporation pays the interest annually on December 31 and uses the straight-line amortization method. What is the carrying value of the bonds that Phoenix Corporation will report on its balance sheet at the end of 2017? A. $200,000 B. $206,000 c. $204,800 d. $207,200Cypress Oil Company's December 31, 2024, balance sheet listed $645,000 of notes receivable and $16,000 of interest receivable included in current assets. The following notes make up the notes receivable balance: Note 1 Dated 8/31/2024, principal of $300,000 and interest at 10% due on 2/28/2025. Note 2 Dated 6/30/2024, principal of $150,000 and interest due 3/31/2025. Note 3 $200,000 face value noninterest-bearing note dated 9/30/2024, due 3/31/2025. Note was issued in exchange for merchandise. The company records adjusting entries only at year-end. There were no other notes receivable outstanding during 2024. Required: 1. Determine the rate used to discount the noninterest-bearing note. 2. Determine the explicit interest rate on Note 2. 3. What is the amount of interest revenue that appears in the company's 2024 income statement related to these notes? 1. Discount rate 2. Interest rate 3. Interest revenue % %can you show me how to solve this problem for accounting? Presented here are long-term liability items for Metlock, Inc. at December 31, 2022. Bonds payable (due 2026) $660,000 Notes payable (due 2024) 90,000 Discount on bonds payable 28,000