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nment Main.do?invokerStakeAssignmentSession Locator Sinprogress=false Mastery Problem: Liabilities: Bonds Payable Spring Fit Corporation You are an accounting intern working for Spring Fit Corporation. You have recently been assigned to help one of the accountants who is do With a review of the payables issued by Spring Fit Corporation. Your first task is to review the previous year's journal entries, shown as follo bournal Entries, Year 1 Journal Date Description Debit Credit Jan 1 Cash 1,008,960 Premium on Bonds Payable 58,960 Bonds Payable 950,000 Jun 30 Interest Expense Premium on Bonds Payable Cash 18,427 2.948 21,375 Jul 1 Cash Discount on Bonds Payable Bonds Payable 1,589,068 64,932 1,650,000 Dec. 31 Interest Expense Premium on Bonds Payable Cash 18,427 2,948 21,375 31 34,286 Interest Expense Discount on Bonds Payable Cash 5,411 28,825 31 71,140 Retained Earnings Interest Expense 71.140 Bonds Payable Review the journal entries on the SpringFit Corporation panel, the answer the following questions Check My Work All werk saved Email Instruc ReAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false 31 Retained Earnings Interest Expense 71,140 71,140 Bonds Payable Review the journal entries on the SpeingFit Corporation panel, then answer the following questions 1. Assuming that no bonds had been issued prior to Year 1, how many different bonds appear in the journal entries for this y 2. Which entry shows bonds issued at a contract rate lower than the market rate of interest? Choose the date. July 1 3. How much interest was paid during the year on the bonds in question (2) 4. What is the carrying amount of the bonds in question (2) at the end of the year? S. which entry shows bonds that sold for more than their face amount? Choose the date. 6. How much interest was paid during the year on the bonds in question (5}} 7. Assuming that straight-tine amortization is used for the bonds in question (5), what is the band tille? 10 years wat is the carrying value of the bordo in question (5) at the end of the year? Check My War nment Main.do?invokerStakeAssignmentSession Locator Sinprogress=false Mastery Problem: Liabilities: Bonds Payable Spring Fit Corporation You are an accounting intern working for Spring Fit Corporation. You have recently been assigned to help one of the accountants who is do With a review of the payables issued by Spring Fit Corporation. Your first task is to review the previous year's journal entries, shown as follo bournal Entries, Year 1 Journal Date Description Debit Credit Jan 1 Cash 1,008,960 Premium on Bonds Payable 58,960 Bonds Payable 950,000 Jun 30 Interest Expense Premium on Bonds Payable Cash 18,427 2.948 21,375 Jul 1 Cash Discount on Bonds Payable Bonds Payable 1,589,068 64,932 1,650,000 Dec. 31 Interest Expense Premium on Bonds Payable Cash 18,427 2,948 21,375 31 34,286 Interest Expense Discount on Bonds Payable Cash 5,411 28,825 31 71,140 Retained Earnings Interest Expense 71.140 Bonds Payable Review the journal entries on the SpringFit Corporation panel, the answer the following questions Check My Work All werk saved Email Instruc ReAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false 31 Retained Earnings Interest Expense 71,140 71,140 Bonds Payable Review the journal entries on the SpeingFit Corporation panel, then answer the following questions 1. Assuming that no bonds had been issued prior to Year 1, how many different bonds appear in the journal entries for this y 2. Which entry shows bonds issued at a contract rate lower than the market rate of interest? Choose the date. July 1 3. How much interest was paid during the year on the bonds in question (2) 4. What is the carrying amount of the bonds in question (2) at the end of the year? S. which entry shows bonds that sold for more than their face amount? Choose the date. 6. How much interest was paid during the year on the bonds in question (5}} 7. Assuming that straight-tine amortization is used for the bonds in question (5), what is the band tille? 10 years wat is the carrying value of the bordo in question (5) at the end of the year? Check My War

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