Retirement of Debt Moore Company is preparing its statement of cash flows for the current year. During the year, the company retired two issuances of debt and properly recorded the transactions. These transactions were as follows: 1. Paid cash of $18,000 to retire bonds payable with a face value of $20,000 and a book value of $18,300. 2. Paid cash of $38,000 to retire bonds payable with a face value of $35,000 and a book value of $37,000. Required Record, in journal entry form, the entries that Moore Company would make for the preceding transactions on its worksheet to prepare its statement of cash flows.

During two consecutive years, Antlers Company, Inc., completed the following transactions: Year 1 June 1 Issued $750,000 face value, 20-year, 12 percent bonds, dated June 1 of this year, at 103. Interest is payable semiannually on December 1 and June 1. Dec. 1 Paid semiannual interest on the bonds. 31 Recorded an adjusting entry for accrued interest payable. 31 Recorded an adjusting entry for amortization of premium on bonds. 31 Closed the Interest Expense account. Year 2 Jan. 1 Reversed the adjusting entry for accrued interest payable. June 1 Paid semiannual interest on the bonds. Dec. 1 Paid semiannual interest on the bonds. June 31 Recorded an adjusting entry for accrued interest payable. 31 Recorded an adjusting entry for amortization of premium on bonds. 31 Closed the Interest Expense account. Can I get some help for the second year?

An accounting example: Otter Products inc issued bonds on January 1, 2019. Interest to be paid semi-annually. Term in years is 2; Face value of bonds issued is $200,000; Issue Price $206,000; Specified Interest Rate each payment period is 6% Question. Calculate a. the amount of interest paid in cash every payment period. b. The amount of amortization to be recorded at each interest payment date (use straight-line method) c. complete amoritzation table by calculating interest expense and beginning and ending bond carrying amounts at the each period over 2 years.  The term is for 2 years however 3 years is showing on the workbook. How do I calcuate the 3rd year if the problem only says the term is 2 years?

On the first day of the fiscal year, a company issues a $621,000, 11%, 10-year bond that pays semiannual interest of $34,155 ($621,000 × 11% × 1/2), receiving cash of $652,050.   Required:    Journalize the entry to record the first interest payment and amortization of premium using the straight-line method. Refer to the Chart of Accounts for exact wording of account titles.     Chart Of Accounts     CHART OF ACCOUNTS   General Ledger   ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 113 Allowance for Doubtful Accounts 114 Notes Receivable 115 Interest Receivable 121 Merchandise Inventory 122 Supplies 131 Prepaid Insurance 140 Land 151 Building 152 Accumulated Depreciation-Building 153 Equipment 154 Accumulated Depreciation-Equipment   LIABILITIES 210 Accounts Payable 221 Salaries Payable 231 Sales Tax Payable 241 Notes Payable 242 Interest Payable 251 Bonds Payable 252 Discount on Bonds…

Current portion of long-term debt Connie's Bistro, Inc. reported the following information about its long-term debt in the notes to a recent financial statement (in millions): Long-term debt consists of the following: December 31 December 31 Current Year Preceding Year Total long term-debt $784,700 $431,600 Current portion (227,600) (211,900) Long-term debt $557,100 $219,700 a. How much of the long-term debt was disclosed as a current liability on the current year's December 31 balance sheet? million b. How much did the total current liabilities change between the preceding year and the current year as a result of the current portion of long-term debt? million Increase c. If Connie's Bistro did not issue additional long-term debt next year, what would be the total long-term debt on December 31 of the upcoming year? million

On January 1, 2022, Discipline Company, a calendar-year company, issued $800,000 of notes payable, of which $200,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2022, is Current liabilities, $800,000. Long-term debt, $800,000. Current liabilities, $200,000; Long-term debt, $600,000. Current liabilities, $200,000; Long-term debt, $800,000.