Cherney Electric sold $574,000, 11%, 10-year bonds on January 1, - 10381

Solution Posted by
yousafbhutta

yousafbhutta

Rating : (28)C
Solution Detail
Price: $1.50
  • From: Business,
  • Posted on: Sat 26 May, 2012
  • Request id: None
  • Purchased: 0 time(s)
  • Average Rating: No rating
Request Description

 

AP15-2A


 

Cherney Electric sold $574,000, 11%, 10-year bonds on January 1, 2012. The bonds were dated January 1 and paid interest on January 1 and July 1. The bonds were sold at 104.

 


Your answer is correct.

 

 

 

Prepare the journal entry to record the issuance of the bonds on January 1, 2012. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)

 

On January 1, 2014, when the carrying value of the bonds was $592,368, the company redeemed the bonds at 105. Record the redemption of the bonds assuming that interest for the period has already been paid. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)

 

 

 

Solution Description

 

Please give me your A+++ rating in it and you will get t

Attachments
AP15 Solution.docx
AP15 Solution.d...