EBK ACCOUNTING PRINCIPLES
13th Edition
ISBN: 9781119411017
Author: Weygandt
Publisher: WILEY
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Required:
A. Prepare journal entries to record the transactions.B. Present the shareholders' equity on December 31, 2020.
Show your detailed solutions.
For Scenarios 1, you are required to make all necessary journal entries related to these transactions, including initial transactions, adjusting journal entries on the closing date of the financial year, payment transactions, including transactions for making forward contracts, contract settlements, and settlements. . Include your calculations.
Exercise 14-9 Amortization table and accrued interest LO5
SweetFish Corp. issued bonds with a par value of $920,000 and a five-year life on May 1, 2020. The contract interest rate is 11.50%.
The bonds pay interest on October 31 and April 30. They were issued at a price of $903,072 when the market interest rate was
12.00%. SweetFish Corp's year-end is December 31.
a. Prepare an amortization table for these bonds that covers their entire life. Use the effective interest method of allocating interest.
(Do not round intermediate calculations. Round the final answers to the nearest whole dollar. Enter all the amounts as positive
values.)
Cash
Unamortized
Discount
Period
Period Interest
Discount
Interest
Carrying Value
Ending
Expense
Amortization
Paid
May 1/20
Oct 31/20
|Apг 30/21
Oct 31/21
Apr 30/22
Oct 31/22
Apr 30/23
Oct 31/23
Apr 30/24
Oct 31/24
Apr 30/25
Totals
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