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Anаlyzing аnd Repоrting Finаncial Statement Effects оf Bоnd Transactions On January 1, Hutton Corp. issued $400,000 of 15-year, 11% bonds payable for $503,753, yielding an effective interest rate of 8%. Interest is payable semiannually on June 30 and December 31. a. Prepare journal entries to record the bond issuance, semiannual interest payment, and premium amortization on June 30, and semiannual interest payment and premium amortization on December 31. Use the effective interest rate method. ● Note: Carry all decimals in calculations; round the final answer to the nearest dollar. Date Account Debit Credit Jan. 1 {#1} {#2} {#3} Jun. 30 {#4} {#5} {#6} Dec. 31 {#7} {#8} {#9} b. Post the journal entries to their respective T-accounts. ● Note: Enter your answers, in transaction order, in the first open field of the appropriate column in each account. Cash {#10} {#11} {#12} {#13} Bonds payable {#14} {#15} {#16} {#17} Interest expense {#18} {#19} {#20} {#21} Bond premium {#22} {#23} {#24} {#25}
Anаlyzing аnd Repоrting Finаncial Statement Effects оf Bоnd Transactions (FSET) On January 1, Hutton Corp. issued $400,000 of 15-year, 11% bonds payable for $503,753, yielding an effective interest rate of 8%. Interest is payable semiannually on June 30 and December 31. a. Show computations to confirm the issue price of $503,753. ● Note: Round your answers to the nearest whole dollar. Amount Present value of principal repayment ${#1} Present value of interest payments {#2} Selling price of bonds b. Record the bond issuance, semiannual interest payment, and premium amortization on June 30, and semiannual interest payment and premium amortization on December 31 in the financial statement effects template. Use the effective interest rate method. ●Note: Use negative signs with your answers, when appropriate. ●Note: Select "N/A" as your answer if a part of the accounting equation is not affected. ● Note: Carry all decimals in calculations; round the final answer to the nearest dollar. Balance Sheet Income Statement Cash Noncash Contributed Earned Net Transaction Asset + Assets = Liabilities + Capital + Capital Revenue - Expenses = Income Jan. 1: Issue of bonds. {#3} {#4} {#5} {#6} {#7} {#8} {#9} {#10} Bonds payable {#11} {#12} {#13} {#14} Jun. 30: Interest payment. {#15} {#16} {#17} {#18} {#19} {#20} {#21} {#22} {#23} {#24} {#25} Dec. 31: Interest payment. {#26} {#27} {#28} {#29} {#30} {#31} {#32} {#33} {#34} {#35} {#36}
Recоrding аnd Assessing the Effects оf Instаllment Lоаns: Semiannual Installments On December 31, 2021, Wasley Corporation borrowed $300,000 on a 6%, 10-year mortgage note payable. The note is to be repaid with equal semiannual installments, beginning June 30, 2022. ● Note: Compute the amount of the semiannual installment payment. Use the appropriate table (in Appendix A near the end of the book) or a financial calculator, and round the amount to the nearest dollar. a. Prepare journal entries for transactions described above. ● Note: Round your answers to the nearest whole dollar. Date Account Debit Credit Dec. 31, 21 {#1} {#2} Jun. 30, 22 {#3} {#4} {#5} Dec. 31, 22 {#6} {#7} {#8} b. Post the journal entries to their respective T-accounts. ● Note: Enter your answers, in transaction order, in the first open field of the appropriate column in each account. Cash {#9} {#10} {#11} {#12} Mortgage note payable {#13} {#14} {#15} {#16} Interest expense {#17} {#18} {#19} {#20}