ACC5326 Financial Intermediate Accounting II

Jul 4th, 2016
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ACC5326 Financial Intermediate Accounting II

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Name:Instructor:Date:Course:E1 (Entries for Bond TransactionsStraight-Line) Celine Dion Company issued$600,000of10%20-year bonds on January 1, 2014, at102Interest is payable semiannually on July 1 and January 1. Dion Company uses the straight-line method ofamortization for bond premium or discount.Instructions:Prepare the journal entries to record the following.(a) The issuance of the bonds.Jan 1, 14CashPremium on Bond PayableBond Payable612,00012,000600,000(b) The payment of interest and related amortization on July 1, 2014.Jul 1, 14Intrest ExpensePremium on Bond PayableCash29,70030030,000(c) The accrual of interest and the related amortization on December 31, 2014.Dec 31, 14Intrest ExpensePremium on Bond PayableIntrest Payable29,70030030,000acc5325_week_2_assignment_2_workbook_2.xlsx, Exercise 1, Page 1 of 10, 7/4/2016, 11:38 AMName:Instructor:Date:Course:E2Assume the same information asin E14-4, except that Celine Dion Company uses the effective-interest methodof amortization for bond premium or discount. Assume an effective yield of9.7705%Instructions:Prepare the journal entries to record the following. (Round to the nearest dollar.)(a) The issuance of the bonds.Jan 1, 14CashPremium on Bond PayableBond Payable612,00012,000600,000(b) The payment of interest and related amortization on July 1, 2014.Jul 1, 14Intrest ExpensePremium on Bond PayableCash29,89810230,000(c) The accrual of i

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