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AC116 Unit 5 Lab Assignment
Question 4 of 11
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Wildhorse Company issues $6,000,000, 10-year, 10% bonds at 97, with interest payable annually on January 1. The straightline method is used to amortize bond discount.
(a)
Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically
indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan.
1
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(b)
Prepare the adjusting journal entry to record interest expense and bond discount amortization on December 31, 2022.
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Dec.
31
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AC116 Unit 5 Lab Assignment
Question 4 of 11
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AC116 Unit 5 Lab Assignment
Question 7 of 11
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Crane Company issued $560,000 of 5-year, 9% bonds at 95 on January 1, 2022. The bonds pay interest annually.
(a1)
Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
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(a2)
Compute the total cost of borrowing for these bonds.
Total cost of borrowing
$
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(b1)
Prepare the journal entry to record the issuance of the bonds, assuming the bonds were issued at 105. (Credit account
titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
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(b2)
Compute the total cost of borrowing for these bonds, assuming the bonds were issued at 105.
Total cost of borrowing
$
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AC116 Unit 3 Lab Quiz
Question 8 of 20
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A petty cash fund of $120 is replenished when the fund contains $3 in cash and receipts for $114. The entry to replenish the fund
would
debit Cash Over and Short for $3.
credit Cash Over and Short for $3.
debit Miscellaneous Expense for $3.
credit Miscellaneous Revenue for $3.
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AC116 Unit 5 Lab Assignment
Question 8 of 11
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The adjusted trial balance for Sandhill Farm Corporation at the end of the current year contained the following accounts.
Interest Payable
$9,500
Lease Liability
87,000
Bonds Payable, due 2027
177,000
Premium on Bonds Payable
34,000
Prepare the long-term liabilities section of the balance sheet. (Enter account name only and do not provide descriptive information.)
Sandhill Farm Corporation
Balance Sheet (Partial)
$
:
$
$
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AC116 Unit 5 Lab Assignment
List of Accounts
Question 8 of 11
Accounts Payable
Assistance Used
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Accounts Receivable
Accumulated Depreciation-Buildings
Accumulated Depreciation-Equipment
Allowance for Doubtful Accounts
Bad Debt Expense
Bonds Payable
Buildings
Cash
Cash Dividends
Common Stock
Depreciation Expense
Discount on Bonds Payable
Dividends Payable
Equipment
Gain on Bond Redemption
Interest Expense
Interest Payable
Inventory
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AC116 Unit 5 LabLand
Assignment
Lease Liability
Question 8 of 11
Leased Asset-Equipment
-/3
Loss on Bond Redemption
Mortgage Payable
Notes Payable
Other Operating Expenses
Paid-in Capital in Excess of Par-Common Stock
Paid-in Capital in Excess of Par-Preferred Stock
Preferred Stock
Premium on Bonds Payable
Rent Expense
Rent Revenue
Retained Earnings
Right-of-Use-Asset
Salaries and Wages Expense
Salaries and Wages Payable
Sales Revenue
Treasury Stock
Unearned Rent Revenue
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AC116 Unit 5 Lab Assignment
Question 8 of 11
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AC116 Unit 5 Lab Assignment
Question 9 of 11
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On May 1, 2022, Crane Corp. issued $530,000, 9%, 5-year bonds at face value. The bonds were dated May 1, 2022, and pay
interest annually on May 1. Financial statements are prepared annually on December 31.
(a)
Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is
entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
May
1,
2022
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AC116 Unit 5(b)
Lab Assignment
Question
of adjusting
11
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Prepare9the
entry to record the accrual of interest on December 31, 2022. (Credit account titles are automatically
indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Dec.
31,
2022
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(c)
Show the balance sheet presentation on December 31, 2022. (Enter account name only and do not provide descriptive
information.)
Crane Corp.
Balance Sheet (Partial)
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AC116 Unit 5 Lab Assignment
$
Question 9 of 11
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$
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(d)
Prepare the journal entry to record payment of interest on May 1, 2023. (Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
May
1,
2023
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(e)
Prepare the adjusting entry to record the accrual of interest on December 31, 2023. (Credit account titles are automatically
indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Dec.
31,
2023
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(f)
Assume that on January 1, 2024, Crane pays the accrual bond interest and calls the bonds. The call price is 102. Record the
payment of interest and redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do
not indent manually.)
Date
Account Titles and Explanation
Debit
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AC116 Unit 5 LabJan.
Assignment
1,
2024
Question 9 of 11
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(To record payment of interest)
Jan.
1,
2024
(To record redemption of the bonds)
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