On december 31 2011 harrington corporation sold 90000 of, Ask an Expert

Accounting

On December 31, 2011, Harrington Corporation sold $90,000 of 15-year, 11 percent bonds. The bonds sold for $86,000 and pay interest semiannually on June 30 and December 31.

1 - Prepare the journal entry to record the sale of bonds. (Show all steps)

2. Calculate the amount of semiannual interest payment. Round your answer to the nearest whole dollar if required. (Show all steps)

3. Prepare the entry at June 30, 2012, to recognize the payment of interest and interest expense. Round your answer to the nearest whole dollar if required. (Show all steps)

4. Calculate the annual interest expense for 2012. Round your answer to the nearest whole dollar, if required. (Show all steps)

View complete question

Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92041924

Have any Question?Write your Review or question?

Related Questions in Financial Accounting

Chelsea is expected to pay an annual dividend of 126 a

Chelsea is expected to pay an annual dividend of $1.26 a share next year. The market price of the stock is $24.09 and the growth 2.6 percent. What is the cost of equity?

Exercise 1 copying formatting and calculating sums and

EXERCISE 1: COPYING, FORMATTING, AND CALCULATING SUMS AND AVERAGES Let's assume that Groth Donut Company has three stores, only one of which is shown at the top of the sheet titled "p = r--e". The revenue and expenses f ...

What has been strides position on dividend payouts in the

What has been Strides' position on dividend payouts in the past (pattern, relationship with earnings, etc.)? What factors affected its dividend policy?

Company a is a calendar year company that depreciates all

Company A is a calendar year company that depreciates all its machinery on a straight-line basis. On January 1, 2016, the company purchased machinery costing $100,000, with an estimated useful life of 10 years and a zero ...

Sweet treats common stock is currently priced at 3672 a

Sweet treats common stock is currently priced at $36.72 a share. The company just paid $2.18 per share as its annual dividend. The dividends have been increasing by 2,2 percent annually and are expected to continue doing ...

Can you please help me with thishow do restrictions affect

Can you please help me with this. How do restrictions affect net assets in Not- For -Profit organization or health care?

Assignment -part a -background saturn petcare australia and

Assignment - Part A - Background: Saturn Petcare Australia and New Zealand is Australia's largest manufacturer of pet care products. Saturn have been part of the Australian and New Zealand pet care landscape since openin ...

Ww productswith new productssales revenue

Without New Products With New Products Sales revenue $11,686,200 $16,263,600 Net income $486,300 $878,400 Average total assets $5,917,600 $13,539,700 (a) Compute the company's return on assets, profit margin, and asset t ...

Budgets and managerial responsibilitythis module explores

Budgets and Managerial Responsibility This module explores budgets and the benefits of creating budgets. In recent years, many organizations faced one of the hardest economic conditions with the recession. Many organizat ...

Lease classification considering firm guidance issues

Lease Classification, Considering Firm Guidance (Issues Memo) Facts: Tech Startup Inc. ("Lessee") is entering into a contract with Developer Inc. ("Landlord") to rent Landlord's newly constructed office building located ...

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

Recent Questions

Ask Financial Accounting Expert