Annapolis Corporation paid $270,000 to retire bonds with a face value of $300,000 and a book value of $290,000. Prepare the worksheet entry (in journal entry format) to record the retirement of these bonds for Annapolis Corporation’s statement of cash flows.
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Annapolis Corporation paid $270,000 to retire bonds with a face value of $300,000 and a book value of $290,000. Prepare the worksheet entry (in journal entry format) to record the retirement of these bonds for Annapolis Corporation’s statement of cash flows.
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- During 2020, Simms Company redeemed $2,000,000 of bonds payable for $1,880,000 cash. Indicate how this transaction would be reported on a statement of cash flows, if at all.The following information relates to non-current investments that Dragon Company placed in trust as required by underwriter of its bonds: Bond sinking fund balance, January 1, 2018, P2,000,000; Additional investment during 2018, P500,000; Interest revenue, P20,000; Administrative costs, P15,000,Carrying value of bonds payable, P3,000,000. What amount should Dragon Company report in its December 31, 2018 balance sheet related to its non-current investment for bond sinking fund requirements?Cone Corporation is in the process of preparing its December 31, 2021, balance sheet. There are some questions as to the proper classification of the following items: a. $66,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2025. b. Prepaid rent of $40,000, covering the period January 1, 2022, through December 31, 2023. c. Notes payable of $232,0o00. The notes are payable in annual installments of $36,000 each, with the first installment payable on March 1, 2022. d. Accrued interest payable of $28,000 related to the notes payable. e. Investment in equity securities of other corporations, $112,000. Cone intends to sell one-half of the securities in 2022. Required: Prepare the asset and liability sections of a classified balance sheet to show how each of the above items should be reported. CONE CORPORATION Balance Sheet (Partial) At December 31, 2021 Assets
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- ) On October 1, 2018, North Co. invested excess cash of $80,000 by purchasing bonds of South Inc. At year-end, December 31, 2018, the market price of the bonds was $77,000. The investment is categorized as a trading debt investment. Journalize the adjusting entry needed at December 31, 2018. Omit explanationAn entity provided the following information on December 31, 2019: Accounts payable 2,000,000 Accrued expenses 800,000 Bonds payable due December 31, 2020 2,500,000 Premium on bonds payable 300,000 Deferred tax liability 500,000 Income tax payable 1 ,100,000 Cash dividend payable 600,000 Share dividend payable 400,000 Note…Homer Company borrowed money by issuing $5,500,000 of 5% bonds payable at 101.3 on July 1, 2021. The bonds are five-year bonds and pay interest each January 1 and July 1. Read the requirements. 1. How much cash did Homer receive when it issued the bonds payable? Journalize this transaction. When it issued the bonds payable, Homer received Requirements 1. How much cash did Homer receive when it issued the bonds payable? Journalize this transaction. How much must Homer pay back at maturity? When is the maturity date? 3. How much cash interest will Homer pay each six months? 4. How much interest expense will Homer report each six months? Use the straight-line amortization method. Journalize the entries for the accrual of interest and the amortization of premium on December 31, 2021, and payment of interest on January 1, 2022. -