Intermediate Accounting: Reporting and Analysis
2nd Edition
ISBN: 9781285453828
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Chapter 14, Problem 23E
1.
To determine
Prepare
2.
To determine
Prepare journal entry to record account for the note at the end of 2019.
3.
To determine
Prepare journal entry to record account for the note at the end of 2017.
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Keesha Co. borrows $200,000 cash on November 1, 2018, by signing a 90-day, 9% note with a face value of $200,000
1. On what date does this note mature?
2. & 3. What is the amount of interest expense in 2018 and 2019 from this note?
4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest at the end of 2018, and (c) payment of the note at
maturity. (Assume no reversing entries are made.)
Complete this question by entering your answers in the tabs below.
Req 1
Req 2 and 3
Req 4
On what date does this note mature?
On what date does this note mature?
1. CJ, Inc. issued a promissory note to AJ,
Inc. in the amount of $400,000 on January 1,
2014, the due date is December 31, 2018.
The note has a stated rate of 4%. Interest is
due each year on December 31. The current
yield rate of interest is 8%.
a) What is the present value of the note.
b) What entry would AJ, Inc. journalize for
the issuance of the note?
|
K
Bethany Realty loaned money and received the following notes during 2024.
(Click the icon to view the notes received.)
Read the requirements.
Requirement 1. Determine the maturity date and maturity value of each note. (For each applicable note, compute interest using a 365-day year. Round to the nearest dollar.)
Note
Note (1)
Note (2)
Note (3)
Jun. 19
Date
Principal Amount
Interest Rate
Term
Due date
Month/Day
Year
Apr. 1
Sep. 30
$
18,000
8%
1 year
24,000
12%
6 months
20,000
9%
180 days
Data table
Principal
Note
Date
Amount
Interest Rate
Term
Note (1)
Note (2)
Note (3)
Jun. 19
Apr. 1
Sep. 30
$
18,000
8%
1 year
24,000
12%
6 months
20,000
9%
180 days
Print
Done
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Chapter 14 Solutions
Intermediate Accounting: Reporting and Analysis
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Ch. 14 - Prob. 11GICh. 14 - Prob. 12GICh. 14 - Prob. 13GICh. 14 - What is a call provision? Why do companies often...Ch. 14 - Prob. 15GICh. 14 - When do companies recognize gains and losses from...Ch. 14 - Prob. 17GICh. 14 - Prob. 18GICh. 14 - Prob. 19GICh. 14 - Prob. 20GICh. 14 - Prob. 21GICh. 14 - Prob. 22GICh. 14 - Prob. 23GICh. 14 - Prob. 24GICh. 14 - Prob. 25GICh. 14 - Prob. 26GICh. 14 - Prob. 27GICh. 14 - Prob. 1MCCh. 14 - Prob. 2MCCh. 14 - Prob. 3MCCh. 14 - Prob. 4MCCh. 14 - Prob. 5MCCh. 14 - Prob. 6MCCh. 14 - Prob. 7MCCh. 14 - When the cash proceeds from a bond issued with...Ch. 14 - Prob. 9MCCh. 14 - Prob. 10MCCh. 14 - Prob. 11MCCh. 14 - Prob. 12MCCh. 14 - Prob. 1RECh. 14 - Prob. 2RECh. 14 - Prob. 3RECh. 14 - Prob. 4RECh. 14 - Prob. 5RECh. 14 - Prob. 6RECh. 14 - Prob. 7RECh. 14 - Prob. 8RECh. 14 - Prob. 9RECh. 14 - Prob. 10RECh. 14 - Prob. 11RECh. 14 - Prob. 12RECh. 14 - Prob. 13RECh. 14 - Prob. 14RECh. 14 - Prob. 15RECh. 14 - Prob. 1ECh. 14 - Prob. 2ECh. 14 - Prob. 3ECh. 14 - Recording Bond Issuance On January 1, 2016, Knorr...Ch. 14 - Prob. 5ECh. 14 - Prob. 6ECh. 14 - Prob. 7ECh. 14 - Prob. 8ECh. 14 - Prob. 9ECh. 14 - Prob. 10ECh. 14 - Prob. 11ECh. 14 - Prob. 12ECh. 14 - Prob. 13ECh. 14 - Prob. 14ECh. 14 - Prob. 15ECh. 14 - Prob. 16ECh. 14 - On January 1, 2015, when its 30 par value common...Ch. 14 - Prob. 18ECh. 14 - On January 1, 2019, Conroe Corporation sold...Ch. 14 - Prob. 20ECh. 14 - Prob. 21ECh. 14 - Prob. 22ECh. 14 - Prob. 23ECh. 14 - Prob. 24ECh. 14 - Prob. 25ECh. 14 - Prob. 26ECh. 14 - Prob. 27ECh. 14 - Prob. 28ECh. 14 - Prob. 29ECh. 14 - Prob. 30ECh. 14 - Prob. 31ECh. 14 - Prob. 1PCh. 14 - Prob. 2PCh. 14 - Prob. 3PCh. 14 - Prob. 4PCh. 14 - Prob. 5PCh. 14 - Prob. 6PCh. 14 - Prob. 7PCh. 14 - Prob. 8PCh. 14 - Prob. 9PCh. 14 - Prob. 10PCh. 14 - Prob. 11PCh. 14 - Prob. 12PCh. 14 - Prob. 13PCh. 14 - Prob. 14PCh. 14 - Prob. 15PCh. 14 - Prob. 16PCh. 14 - Prob. 1CCh. 14 - One way for a corporation to accomplish long-term...Ch. 14 - Prob. 3CCh. 14 - Recording Convertible Debt Zakin Co. recently...Ch. 14 - Prob. 5CCh. 14 - Long-Term Notes Payable Business transactions...Ch. 14 - Prob. 7CCh. 14 - Prob. 8CCh. 14 - Prob. 9CCh. 14 - You are an accountant for Taos Company, which has...Ch. 14 - Prob. 11CCh. 14 - Prob. 12CCh. 14 - Prob. 13C
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