Mahalo Boat Adventure Inc. has a July 31 year-end. It showed the following partial amortization...
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Mahalo Boat Adventure Inc. has a July 31 year-end. It showed the following partial amortization schedules regarding two bond issues: Bond Issue A 'Adjusted for rounding (For all requirements, do not round intermediate calculations. Round the final answers to the nearest whole dollar.) Required: 1. Bond Issue A a. Were the bond A issued at a premium and/or discount? Issued at discount Issued at premium Issued at premium \& discount b. Journalize the issuance of bond A on June 1, 2023. Journal entry worksheet Record the sale of bonds at a premium on the original issue date. Note: Enter debits before credits. c. What is the contract interest rate for the issue bond A ? d. Interest of how much is paid how often for bond A issued? e. What is the term of bond A issue? f. Show how bond A would appear on the balance sheet under non-current liabilities at July 31, 2029. (Enter all amounts as positive values.) g. Calculate the total bond A interest expense that would appear on the income statement for the year ended July 31,2030. h. Independent of (a) through (g), assume bond A issues were retired on December 1,2030 , at 97 . Record the entries h. Independent of (a) through (g), assume bond A issues were retired on December 1, 2030, at 97. Record the entries Journal entry worksheet 2 Record the payment of interest on bonds. Note: Enter debits before credits. Bond Issue B *Adjusted for rounding 2. Bond Issue B a. Were the bond B issued at a premium and/or discount? Issued at discount Issued at premium Issued at premium \& discount b. Journalize the issuance of bond B on April 1, 2021. b. Journalize the issuance of bond B on April 1, 2021. Journal entry worksheet Record the Issuance of bonds at a discount. Note: Enter debits before credits. c. What is the contract interest rate for the issue bond B ? d. Interest of how much is paid how often for bond B issued? e. What is the term of bond B issue? f. Show how bond B would appear on the balance sheet under non-current liabilities at July 31,2029. g. Calculate the bond B interest expense that would appear on the income statement for the year ended July 31 , 2030. h. Independent of (a) through (g), assume that bond B issues was retired on December 1,2030 , at 97 . Record the entries. On January 1, 2023, Ultra Vision Corp. issued $1,370,000 of 20-year 12.0% bonds that pay interest semiannually on June 30 and December 31. Assume the bonds were sold at (1) 97 ; and (2) 103. Journalize the issuance of the bonds at 97 and 103 . (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) 1 Record the sale of bonds at a discount. 2 Record the sold bonds at a premium. Note : = journal entry has been entered Mahalo Boat Adventure Inc. has a July 31 year-end. It showed the following partial amortization schedules regarding two bond issues: Bond Issue A 'Adjusted for rounding (For all requirements, do not round intermediate calculations. Round the final answers to the nearest whole dollar.) Required: 1. Bond Issue A a. Were the bond A issued at a premium and/or discount? Issued at discount Issued at premium Issued at premium \& discount b. Journalize the issuance of bond A on June 1, 2023. Journal entry worksheet Record the sale of bonds at a premium on the original issue date. Note: Enter debits before credits. c. What is the contract interest rate for the issue bond A ? d. Interest of how much is paid how often for bond A issued? e. What is the term of bond A issue? f. Show how bond A would appear on the balance sheet under non-current liabilities at July 31, 2029. (Enter all amounts as positive values.) g. Calculate the total bond A interest expense that would appear on the income statement for the year ended July 31,2030. h. Independent of (a) through (g), assume bond A issues were retired on December 1,2030 , at 97 . Record the entries h. Independent of (a) through (g), assume bond A issues were retired on December 1, 2030, at 97. Record the entries Journal entry worksheet 2 Record the payment of interest on bonds. Note: Enter debits before credits. Bond Issue B *Adjusted for rounding 2. Bond Issue B a. Were the bond B issued at a premium and/or discount? Issued at discount Issued at premium Issued at premium \& discount b. Journalize the issuance of bond B on April 1, 2021. b. Journalize the issuance of bond B on April 1, 2021. Journal entry worksheet Record the Issuance of bonds at a discount. Note: Enter debits before credits. c. What is the contract interest rate for the issue bond B ? d. Interest of how much is paid how often for bond B issued? e. What is the term of bond B issue? f. Show how bond B would appear on the balance sheet under non-current liabilities at July 31,2029. g. Calculate the bond B interest expense that would appear on the income statement for the year ended July 31 , 2030. h. Independent of (a) through (g), assume that bond B issues was retired on December 1,2030 , at 97 . Record the entries. On January 1, 2023, Ultra Vision Corp. issued $1,370,000 of 20-year 12.0% bonds that pay interest semiannually on June 30 and December 31. Assume the bonds were sold at (1) 97 ; and (2) 103. Journalize the issuance of the bonds at 97 and 103 . (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) 1 Record the sale of bonds at a discount. 2 Record the sold bonds at a premium. Note : = journal entry has been entered
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