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AC116 Unit 5 Lab Assignment
Question 10 of 11
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The following section is taken from Sheridan’s balance sheet at December 31, 2021.
Current liabilities
Interest payable
$30,000
Long-term liabilities
Bonds payable (10%, due January 1, 2025)
300,000
Interest is payable annually on January 1. The bonds are callable on any annual interest date.
(a)
Journalize the payment of the bond interest 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,
2022
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List of Accounts
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(b)
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Assume that on January 1, 2022, after paying interest, Sheridan calls bonds having a face value of $120,000. The call
AC116
5 Lab
price
is 102.Unit
Record
theAssignment
redemption of the bonds. (Credit account titles are automatically indented when amount is entered.
Do not indent manually.)
Question 10 of 11
Date
Account Titles and Explanation
Debit
-/3
Credit
Jan.
1,
2022
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List of Accounts
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(c)
Prepare the adjusting entry on December 31, 2022, to accrue the interest on the remaining bonds. (Credit account titles
are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Dec.
31,
2022
eTextbook and Media
List of Accounts
Save for Later
Attempts: 0 of 5 used
Submit Answer
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NWP Assessment Player UI Application
AC116 Unit 5 Lab Assignment
Question 10 of 11
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AC116 Unit 5 Lab Assignment
Question 11 of 11
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Pharoah Electric sold $3,950,000, 8%, 10-year bonds on January 1, 2022. The bonds were dated January 1 and pay interest annually on January 1. Pharoah Electric uses the straight-line method to amortize bond premium or discount. The bonds were
sold at 103.
(a)
Prepare the journal entry to record the issuance of the 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, 2022
eTextbook and Media
List of Accounts
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Submit Answer
Attempts: 0 of 5 used
Submit Answer
(b)
Prepare a bond premium amortization schedule for the first 4 interest periods.
Annual Interest Periods
Interest to Be Paid
Interest Expense to Be Recorded
Premium Amortization
Unamortized Premium
$
Issue date
$
1
$
Bond Carrying Value
$
$
2
3
4
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(c)
Prepare the journal entries for interest and the amortization of the premium in 2022 and 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Dec. 31, 2022
Dec. 31, 2023
Date
Account Titles and Explanation
Debit
Credit
eTextbook and Media
List of Accounts
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(d)
Show the balance sheet presentation of the bond liability at December 31, 2023. (Enter account name only and do not provide descriptive information.)
Pharoah Electric
Balance Sheet (Partial)
$
$
:
$
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List of Accounts
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AC116 Unit 5 Lab Assignment
Question 10 of 11
2.83 / 3
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Show Attempt History
Current Attempt in Progress
The following section is taken from Sheridan’s balance sheet at December 31, 2021.
Current liabilities
Interest payable
$30,000
Long-term liabilities
Bonds payable (10%, due January 1, 2025)
300,000
Interest is payable annually on January 1. The bonds are callable on any annual interest date.
(a)
Your answer is correct.
Journalize the payment of the bond interest on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Jan. 1, 2022
Account Titles and Explanation
Debit
Interest Payable
Credit
30,000
Cash
30,000
eTextbook and Media
List of Accounts
Attempts: 3 of 5 used
(b)
Your answer is partially correct.
Assume that on January 1, 2022, after paying interest, Sheridan calls bonds having a face value of $120,000. The call price is 102. Record the redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Jan. 1, 2022
Account Titles and Explanation
Bonds Payable
Debit
Credit
120,000
2,400
Cash
122,400
eTextbook and Media
List of Accounts
Save for Later
Last saved 1 day ago.
Attempts: 3 of 5 used
Submit Answer
(c)
Your answer is correct.
Prepare the adjusting entry on December 31, 2022, to accrue the interest on the remaining bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Dec. 31, 2022
Account Titles and Explanation
Interest Expense
Interest Payable
Debit
Credit
18,000
18,000
eTextbook and Media
List of Accounts
Attempts: 3 of 5 used
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