At December 31, 2026, the fair value of the bonds is $502,000. Prepare the entry (if any) to record this information assuming the expected credit loss is expected to be $69,600 at this time. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation No Entry Debit Credit No Entry
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- The following section is taken from Crane's balance sheet at December 31, 2021. Current liabilities Interest payable Long-term liabilities Bonds payable (8%, due January 1, 2025) (a) Interest is payable annually on January 1. The bonds are callable on any annual interest date. (b) 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 eTextbook and Media List of Accounts Save for Later $33,000 412,500 Account Titles and Explanation Date Account Titles and Explanation Jan. 1, 2022 Debit Attempts: 0 of 5 used Assume that on January 1, 2022, after paying interest, Crane calls bonds having a face value of $165,000. The call price is 101. Record the redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit Submit Answer CreditThe following section is taken from Wildhorse's balance sheet at December 31, 2021. Current liabilities Interest payable Long-term liabilities Bonds payable (8%, due January 1, 2025) (a) Interest is payable annually on January 1. The bonds are callable on any annual interest date. $33,000 Date 412,500 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.) Jan. 1, 2022 Account Titles and Explanation Debit CreditBlossom Company sold $3,300,000, 6%, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022 and pay interest annually on January 1. Blossom Company uses the straight-line method to amortize bond premium or discount. (a)
- On June 30, 2017, Bramble Company issued 12% bonds with a par value of $760,000 due in 20 years. They were issued at 98 and were callable at 105 at any date after June 30, 2025. Because of lower interest rates and a significant change in the company's credit rating, it was decided to call the entire issue on June 30, 2026, and to issue new bonds. New 8% bonds were sold in the amount of $920,000 at 103; they mature in 20 years. Bramble Company uses straight-line amortization. Interest payment dates are December 31 and June 30. (a) (b) Prepare journal entries to record the redemption of the old issue and the sale of the new issue on June 30, 2026. Prepare the entry required on December 31, 2026, to record the payment of the first 6 months' interest and the amortization of premium on the bonds. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.…Presented below is an amortization schedule related to Flounder Company's 5-year, $160,000 bond with a 7% interest rate and a 5% yield, purchased on December 31, 2023, for $173,855. Date 12/31/23 12/31/24 $11,200 12/31/25 12/31/26 12/31/27 12/31/28 Cash Interest Received Revenue Amortized cost Fair value 11,200 11,200 11,200 11,200 $8,693 12/31/24 $171,348. 8,567 8,436 170,800 8,298 8,151 Bond Premium Amortization $2,507 2,633 170,900 2,764 2,902 3,049 The following schedule presents a comparison of the amortized cost and fair value of the bonds at year-end. Carrying Amount of Bonds $173,855 171,348 167,800 168,715 165,951 163,049 160,000 12/31/25 12/31/26 12/31/27 $168,715 $165,951 $163,049 164,100 LL 12/31/28 $160,000 160,000On September 30, 2012, Cullumber Company issued 10% bonds with a par value of $460,000 due in 20 years. They were issued at 98 and were callable at 105 at any date after September 30, 2017. Because Cullumber Company was able to obtain financing at lower rates, it decided to call the entire issue on September 30, 2018, and to issue new bonds. New 9% bonds were sold in the amount of $780,000 at 102; they mature in 20 years. Cullumber Company uses straight-line amortization. Interest payment dates are March 31 and September 30.
- On January 1, 2020, Riverbed Corporation redeemed $400,000 of bonds at 96. At the time of redemption, the unamortized premium was $12,000. Prepare the corporation’s journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 decimal places, e.g. 38,548.) Account Titles and Explanation Debit Creditenter an account titleenter a debit amountenter a credit amountenter an account titleenter a debit amountenter a credit amountenter an account titleenter a debit amountenter a credit amountenter an account titleenter a debit amountenter a credit amountView Policies Show Attempt History Current Attempt in Progress Concord Corporation sold $2.300,000, 5%, 10-year bonds on January 1, 2022. The bonds were dated January 1 and pay interest annually on January 1. Concord Corporation uses the straight-line method to amortize bond premium or discount. The bonds were sold at 102. (a)The balance sheet for Cullumber Consulting reports the following information on July 1, 2020. Long-term liabilities Bonds payable $3,100,000 Less: Discount on bonds payable 217,000 $2,883,000 Cullumber decides to redeem these bonds at 103 after paying annual interest.Prepare the journal entry to record the redemption on July 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
- The balance sheet for Pina Colada Consulting reports the following information on July 1, 2022. Long-term liabilities Bonds payable Less: Discount on bonds payable $1,280,000 51,200 $1,228,800 Pina Colada decides to redeem these bonds at 105 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)The following information is available for Tamarisk Corporation's available-for-sale debt securities at December 31, 2020. Security Cost Fair Value X $40,120 $35,400 28,320 37,760 $68,440 $73,160 Prepare the adjusting entry to record the securities at fair value at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Debit CreditTamarisk Company in its first year of operations provides the following information related to one of its available-for-sale debt securities at December 31, 2020. Amoortization cost $52,100 Fair Value 44,200 Expected credit losses 12,850 What is the amount of the credit loss that Tamarisk should report on this available-for-sale security at December 31, 2020? Prepare the journal entry to record the credit loss, if any (and any other adjustment needed), at December 31, 2020. Assume that the fair value of the available-for-sale security is $57,200 at December 31, 2020, instead of $44,200. What is the amount of the credit loss that Tamarisk should report at December 31, 2020? Assume the same information as for part (c). Prepare the journal entry to record the credit loss, if necessary (and any other adjustment needed), at December 31, 2020.