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Accounting 102 Module Exam

josh
December 19, 2015 0 Comment

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Module’Exam’II:”Chapters’14’and’15’2012 1.”On’October’1’of’the’current’year’a’corporation’sold,’at’par’plus’accrued’interest,’ $1,000,000’of’its’12%’bonds,’which’were’dated’July’1’of’this’year.’What’amount’of’ bond’interest’expense’should’the’company’report’on’its’current’year’income’ statement? 2.” A’company’issued’9%,’10Jyears’bonds’with’a’par’value’of’$1,000,000’on’ September’1,’Year’1’when’the’market’rate’was’9%.’The’bonds’were’dated’June’30,’ Year’1.’The’bond’issue’price’included’accrued’interest.’Interest’is’paid’semiannually’ on’December’31’and’June’30. (a)’Prepare’the’issuer’s’journal’entry’to’record’the’issuance’of’the’bonds’on’ September’1. (b)’Prepare’the’issuer’s’journal’entry’to’record’the’semiannual’interest’payment’on’ December’31,’Year’1. 3.’ A’company’issued’9.2%,’10Jyear’bonds’with’a’par’value’of’$100,000.’Interest’is’ paid’semiannually.’The’market’interest’rate’on’the’issue’date’was’10%,’and’the’ issuer’received’$95,016’cash’for’the’bonds.’On’the’first’semiannual’interest’date,’ what’amount’of’cash’should’be’paid’to’the’holders’of’these’bonds’for’interest? 4.”On’January’1,’a’company’issued’10Jyear,’10%’bonds’payable’with’a’par’value’of’ $500,000,’and’received’$442,647’in’cash’proceeds.’The’market’rate’of’interest’at’ the’date’of’issuance’was’12%.’The’bonds’pay’interest’semiannually’on’July’1’and’ January’1.’The’issuer’uses’the’straightJline’method’for’amortization.’Prepare’the’ issuer’s’journal’entry’to’record’the’first’semiannual’interest’payment’on’July’1. 5. Wiffery’Company’had’the’following’trading’securities’in’its’portfolio’at’December’ 31.’The’Fair’Value’Adjustment’J’Trading’account’had’a’balance’of’zero’prior’to’yearJ end’adjustment.’Prepare’the’appropriate’adjusting’journal’entry. ” 6.”Kramer’Corporation’had’the’following’longJterm’investment’transactions. Prepare’the’journal’entries’Kramer’Corporation’should’record’for’these’ transactions’and’events.

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