Effective interest method journal entries

    • [DOC File]'Double-Entry' Journal

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      The accrued interest will be forgiven. The maturity value will be reduced to $900,000 and the. Maturity date will be changed to 12/31/2022. Prepare all necessary entries on the books of both the debtor. Determine the new effective interest rate. Which accounting standard governs restructuring for the debtor/ for the creditor? Why are there two ...

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    • [DOC File]2210 - Group Quiz 4 - WCNet

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      Determine the bond selling price, prepare an amortization schedule using the “Effective Interest Amortization Method”, as discussed in Chapter 10, and prepare all relevant journal entries. 1) Bee Gee Movie, Inc. issued $2 million of 5 year bonds on January 1, …

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    • [DOC File]Practice Exam Chapters 1 - 4 seventh

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      Interest is paid semiannually on June 30 and December 31. Required: 1) Determine the price of the bonds at January 1, 2013. 2) Prepare the journal entry to record the bond issuance by Mania on January 1, 2013. 3) Prepare the journal entry to record interest on June 30, 2013, using the effective interest method.

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    • [DOC File]CHAPTER 14

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      method. This method is only acceptable if the results are not materially different from the required method (effective interest method). Under the SL method, the amount of discount amortization each period is calculated as: Discount amortized = total discount / # of interest periods . Interest expense = cash paid + discount amortized

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    • [DOC File]Godgift

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      Under the effective-interest method of bond discount or premium amortization, the periodic interest expense is equal to. a. the stated (nominal) rate of interest multiplied by the face value of the bonds. ... Prepare journal entries to record the following transactions related to long-term bonds of Quirk Co. (a) On April 1, 2009, Quirk issued ...

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    • [DOC File]Sample Examination Students - University of Phoenix

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      using the effective-interest method. only in the year the note matures. Objective: Create journal entries for a troubled debt restructuring. 12. A company issues $20,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2007. Interest is paid on June 30 and December 31. The proceeds from the bonds are $19,604,145.

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    • [DOC File]Practice Problem 2

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      The total discount of $10,000 is amortized over 10 years. Since interest is paid twice a year, the amount of discount amortized at the time of each interest payment = $10,000/20 = $500. Journal Entries for 2001. DATE ACCOUNT DEBIT CREDIT 2001 Jan. 1 Interest Payable. Cash 20,000 20,000 Jul. 1 Interest Expense. Cash. Discount on Bonds Payable 20,500

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    • [DOC File]P14-5 (Comprehensive Bond Problem) In each of the ...

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      Sep 03, 2010 · interest). Give entries through December 1, 2009. Instructions (Round to the nearest dollar.) For the two cases prepare all of the relevant journal entries from the time of sale until the date indicated. Use the effective interest method for discount and premium amortization (construct amortization tables. where applicable).

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    • [DOC File]P15-2A Kusmaul Electric sold $500,000, 10%, 10-year bonds ...

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      Mar 17, 2010 · The bonds pay semiannual interest July 1 and January 1. Hint: Prepare entries to record issuance of bonds, payment of interest, and amortization of bond premium using effective-interest method. (SO 2, 8) Instructions (Round all computations to the nearest dollar.) (a) Prepare the journal entry to record the issuance of the bonds on July 1, 2010.

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    • [DOC File]CHAPTER 1

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      The effective interest method is more difficult to apply than the straight-line method, but it must be used when the results of the two methods differ significantly. ... On the subsequent interest payment date, the journal entry must eliminate the liability for interest that was previously established. Summary of Journal Entries Introduced in ...

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