Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please include all calculations and show steps o

PLEASE INCLUDE ALL CALCULATIONS AND SHOW STEPS On January 1, 2022, Roarke Ltd....

50.1K

Verified Solution

Question

Accounting

image

PLEASE INCLUDE ALL CALCULATIONS AND SHOW STEPS

On January 1, 2022, Roarke Ltd. paid $457,876.36 for 4% bonds with a maturity value of $500,000. The purchase price was based on a market interest rate of 6%. The bonds were issued by Biggs. Inc. on January 1, 2022, and mature on January 1, 2027, with interest receivable on December 31 of each year. Roarke Ltd. classifies the bonds as a nonstrategic debt investment held to earn interest income. Instructions Prepare the following for Roarke Ltd. (record all journal entry amounts to the nearest cent): A. Prepare the journal entry to record the bond purchase. (2 marks) B. Prepare the journal entry to record the receipt of interest on December 31, 2023. (3 marks) C. Prepare the journal entry to record the disposal of the bond at maturity. (2 marks)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Chemistry
1.2K views

Calculate the enthalpy of the reaction 2NO(g)+O2(g)→2NO2(g) given the following reactions and enthalpies of formation: 12N2(g)+O2(g)→NO2(g), ΔH∘A=33.2...

Economics
1.2K views

A Manufacturer of flash drives has a profit function of P= t - q2where t is...

Advance Math
1.2K views

For my math class I am required to write an essay on the following topic: Write an...

Biology
1.2K views

ect the correct answer Jane is interested in studying how physical aspects of the environment...

Biology
1.2K views

Item 2 The highlighted fibers are produced by what cell type mast cell O macrophage...

Physics
1.2K views

5 Three equal masses 2m each are placed at the vertices an equilateral triangle PQR...

Geometry
1.2K views

Solve the right triangle V U 45 8 TV UV mZT T Vrite your answers...

Calculus
1.2K views

Find the center and radius of the circle given by the equation:x^2 + y^2 +...

Algebra
1.2K views

Solve for x x 2x 3 Check for extraneous solutions

Algebra
1.2K views

Find the inverse: f(x) = log3 (x+1)-2. Present the answer using function notation.Sorry, that's incorrect....

Algebra
1.2K views

Find the diameter given the se Round to the nearest hundredths place 45 A 0...

Finance
1.2K views

Brian Tuil sold a put option on Canadian dollars for $0.05 per unit. The strike...