Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Bond sinking fund balance sheet

10/11/2021 Client: muhammad11 Deadline: 2 Day

On September 1, 2015, Evansville Lumber Company issued $80 million in 20-year, 10 percent bonds payable. Interest is payable semiannually on March 1 and September 1. Bond discounts and premiums are amortized at each interest payment date and at year-end. The company’s fiscal year ends at December 31.

Question #1

Instructions

a-1.

Prepare the necessary adjusting entries at December 31, 2015, and the journal entry to record the payment of bond interest on March 1, 2016, under the bonds were issued at 98: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest dollar amount.)

Date

General Journal

Debit

Credit

1

Dec 31, 2015

Bond interest expense

2,693,334

2

Bond interest payable

2,666,667

3

Discount on bonds payable

26,667

4

5

Mar 01, 2016

Bond interest expense

1,346,666

6

Bond interest payable

2,666,667

7

Cash

4,000,000

8

Discount on bonds payable

13,333

Prepare the necessary adjusting entries at December 31, 2015, and the journal entry to record the payment of bond interest on March 1, 2016, under the bonds were issued at 101: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest dollar amount.)

Date

General Journal

Debit

Credit

1

Dec 31, 2015

Bond interest expense

2

Cash

3

Premium on bonds payable

4

5

Mar 01, 2016

Bond interest expense

6

Premium on bonds payable

As of December 31 of the current year, Petersen Corporation has prepared the following information regarding its liabilities and other obligations:

Question #2

Notes payable, of which $12,000 will be repaid within the next 12 months

$

80,000

Interest expense that will result from existing liabilities over the next 12 months

125,000

Lawsuit pending against Petersen, in which $600,000 is claimed in damages. Legal counsel can make no reasonable estimate of the company’s ultimate liability at this time

600,000

20-year bond issue that matures in two years. The entire amount will be repaid from a bond sinking fund

900,000

Accrued interest on the 20-year bond issue as of the balance sheet date

36,000

Three-year commitment to John Hoskins as chief financial officer at a salary of $275,000 per year

825,000

Note payable due within 90 days (but that is approved to be extended for an additional 18 months

75,000

Cash deposits from customers for goods and services to be delivered over the next nine months

300,000

Income taxes, of which $100,000 are currently payable and the remainder deferred indefinitely

185,000

PETERSEN CORPORATION

Balance Sheet (Partial)

December 31

Liabilities:

Current liabilities:

Notes payable (current portion)

$12,000

Income taxes payable

100,000

Accrued bond interest payable

36,000

Unearned revenues

300,000

Total current liabilities

$448,000

Long-term liabilities:

Bonds payable

Notes payable

Deferred income taxes

Legal fees

Total long-term liabilities

$0

Total liabilities

$448,000

+

Question #3

Using this table to complete the next question:

http://lectures.mhhe.com/connect/0078111048/Appendix%20B/exhibitb-4.jpg

Tilman Company is required by a bond indenture to make equal annual payments to a bond sinking fund at the end of each of the next 20 years. The sinking fund will earn 8 percent interest and must accumulate to a total of $500,000 at the end of the 20-year period. Use Table FA–2 (in Exhibit B-4)

Instructions

a.

Calculate the amount of the annual payments. (Round FV factor to 3 decimal places and final answer to the nearest dollar amount.)

Annual Payment=____________

b.

Calculate the total amount of interest that will be earned by the fund over the 20-year period. (Round your answer to the nearest dollar amount.)

Total Interest=_______________

Make the general journal entry to record redemption of the bond issue at the end of the 20-year period, assuming that the sinking fund is recorded on Tilman's accounting records at $500,000 and bonds payable are recorded at the same amount. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Transaction

General Journal

Debit

Credit

1

Bond payable

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Unique Academic Solutions
Top Class Results
Math Exam Success
Engineering Guru
Instant Assignments
Assignment Solver
Writer Writer Name Offer Chat
Unique Academic Solutions

ONLINE

Unique Academic Solutions

I am an experienced researcher here with master education. After reading your posting, I feel, you need an expert research writer to complete your project.Thank You

$17 Chat With Writer
Top Class Results

ONLINE

Top Class Results

I am a PhD writer with 10 years of experience. I will be delivering high-quality, plagiarism-free work to you in the minimum amount of time. Waiting for your message.

$20 Chat With Writer
Math Exam Success

ONLINE

Math Exam Success

This project is my strength and I can fulfill your requirements properly within your given deadline. I always give plagiarism-free work to my clients at very competitive prices.

$15 Chat With Writer
Engineering Guru

ONLINE

Engineering Guru

I am an elite class writer with more than 6 years of experience as an academic writer. I will provide you the 100 percent original and plagiarism-free content.

$19 Chat With Writer
Instant Assignments

ONLINE

Instant Assignments

I reckon that I can perfectly carry this project for you! I am a research writer and have been writing academic papers, business reports, plans, literature review, reports and others for the past 1 decade.

$39 Chat With Writer
Assignment Solver

ONLINE

Assignment Solver

I have done dissertations, thesis, reports related to these topics, and I cover all the CHAPTERS accordingly and provide proper updates on the project.

$49 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Biopsychology of emotion stress and health - A parallel plate condenser has a capacitance 50 - The vark questionnaire how do i learn best paper - Which one of the following students most clearly has a work-avoidance goal? - POWERPOINT - War Dance movie review - Radiology registrar job description - Forensic Accounting - Discussion Post - House foundation plan drawing - Delta galil investor relations - Code of ethics guiding nobility - Tim burton style analysis - Sony market segmentation targeting and positioning - How much does an elan system cost - 12 month photo banner kmart - Certsy admin basics answers - Logical database design and the relational model - Wedjat eye amulet meaning - Algebra anticipated salary - An outline of the law of partnership - Susan beal hypothesized that _____ played a role in sids deaths. - Jeffrey toobin our broken constitution summary - The curse of atreus - Cocktail sugar syrup woolworths - Big Data Analytics for Manufacturing Internet of Things - Oxford brookes architecture part 2 - Global Climate Change writing assignment - Galileo proved aristotle wrong - Prepare an income statement for last year using variable costing - The global economy hsc questions - Free camping you yangs - Animal cell membrane color - Html css tutorial ppt - Cousin kate poem text - Baby albert conditioning worksheet answers - Hp blade server architecture - Pandora 6 game list - Socialization into professional nursing ati - Primary manifestation of psora - How are fold mountains formed - LEGAL Forum Week 1# - Discussion - Harris company manufactures and sells a single product - How much does a tinnie weigh - Bright child learning center - Brigance test score interpretation - Juveniles And Adult Crimes - Research Paper - Devilbiss fluid tip chart - Modern day troy map - How to one way anova spss - Double block and bleed valve catalogue - Informatics in healthcare - Animal farm review answers - One Q- 250 words - MBA515 Week 4 Disc 4 - The hedgehog and the fox pdf - What might a french peasant have grumbled about in 1789 - Florida everglades ecosystem food web - Animals in captivity suffer from stress boredom and confinement - How to cite shakespeare plays in an essay - Asme y14 24 1999 - HR - Why is Internal Pay Equity a major challenge in the U.S. and in the United Arab Emirates? What are the internal pay equity problems in the U.S. and United Arab Emirates? - Hsc data sheet physics - Cross cultural contradictions arise due to - Media ethics issues and cases pdf - Behavior of gases lab report - One by kathryn otoshi summary - Table i heats of reaction answers - Help for philosophy - East keilor leisure centre prices - Square root utility function - Static regain method duct design - Data governance at insuracorp - Myunisa student home page - Organ and delivery week 5 discussion - Ethical standards for human service professionals - Water displacement worksheet answer key - Saddle stitcher sd 511 - Mi casa su casa meaning - October sky parents guide - Baking powder scientific name - Mr owen sparrow neurosurgeon - Sociology mall observation paper - Jukebox rebellion at vapor nightclub march 29 - Unit VIII Power point - Answer questions after learning how to use google scholar - Test of problem solving 3 - What are the five project management process groups - Four star hotels at two star prices - 0 - Discussion & Journal - Discussion - 2016 vcaa grade distributions - Servant leadership takes flight - Sephora value proposition - Law of superposition evidence - What is the true meaning of christmas essay - Where was bill henson born - Week 6 Individual Project - Research Paper