Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Prepare the necessary journal entries to record the following transactions relating to the long-term issuance of bonds payable of Pynchon Apparel:

March 1, 2014: Pynchon issued $400,00 face vale, 8% bonds, dated December 1, 2013, for $437,000, including accrued interest which is recorded as interest expense on 3/1/2014. In addition, bond issue costs amounted to $2,900, which are not included in the $437,000. Interest is payable semiannually on December 1 and June 1 with the bonds maturing 10 years from the past December 1, 2013. Straight-line amortization is used for any bond premium and bond issue costs amortization. Bond issue costs are only amortized on December 31 of each year. The bonds are callable at 102.

December 1, 2014: Paid the semiannual interest on Pynchon Apparel bonds and amortized the bond issue costs. Pynchon subsequently purchased $200,000 face value bonds at the call price.

-->Interest Payment - Record for all $400,000 of the Bonds Payable

-->Amortization of Bond Issue Costs - Record for all $400,000 of the Bonds Payable

--->Purchase of $200,000 Callable Bonds Payable

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M945897

Have any Question? 


Related Questions in Accounting Basics

Required 1 provide fletchers ceo with an interactive report

Required 1. Provide Fletcher's CEO with an interactive report presenting the sales and profits of SuperDepot for the last four years. Use an interactive visualization software(Power BI) to produce one or more Interactive ...

Discussionpart 1 please respond the following question no

Discussion Part 1 please respond the following question no less then 350 words (original work, no plagiarism, 1 reference "fairness of the federal estate tax and income and principal in fiduciary accounting" please respo ...

In your own words explain the recording process and the

In your own words, explain the recording process and the accounting equation to someone who has no accounting experience. Then, give your opinion on the elements or areas that might cause the most confusion or be the mos ...

1 the manufacture of herbal health tonic is a competitive

1. The manufacture of herbal health tonic is a competitive industry. The manufacturing facilities have an annual output of 100,000 gallons. Operating costs are $2 per gallon. A 100,000 gallon capacity plant costs $500,00 ...

Assignmentpart 1the president of eec recently called a

Assignment Part 1 The President of EEC recently called a meeting to announce that one of the firm's largest suppliers of component parts has approached EEC about a possible purchase of the supplier. The President has req ...

Assignmentduring your examination of the accounts

Assignment During your examination of the accounts receivable of Hope Ranch, a new client, you notice that one account is much larger than the rest, and you therefore decide to examine the evidence supporting this custom ...

Company annual report studychoose any company and make a

COMPANY ANNUAL REPORT STUDY Choose any company and make a report on financial report of company: David Jones Introduction (about 100 words) Conceptual framework (200 words) Critical analysis (200 words) Ethics (not more ...

Maher inc reported income from continuing operations before

Maher Inc. reported income from continuing operations before taxes during2014 of $790,000. $790,000 Additional transactions occurring in 2014 but not considered in the $790,000 are as follows. 1. The corporation experien ...

Landscaping service pricing analysisyou own a landscaping

Landscaping Service Pricing Analysis You own a landscaping company for residential properties. Your average cost for design and implement a standard landscape change per residential property is as follows Bushes @ $130 F ...

Accounting paperfor this assignment you will decide what

Accounting paper For this assignment, you will decide what type of budget to implement for a start-up company. Write a three to four page paper in which you: 1. Summarize the type of manufacturing company you plan to sta ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen