Entries by mary WAMBUGU

On April 1, 2019, Alaska Trading Company issued $900,000 of 6%, 10-year bonds. The bonds, which were issued at 98, pay interest on October 1 and April 1.

August 24, 2019 in /by

On April 1, 2019, Alaska Trading Company issued $900,000 of 6%, 10-year bonds.  The bonds, which were issued at 98, pay interest on October 1 and April 1. Use this information to prepare the General Journal entry (without explanation) to record the April 1, 2019 bond issue. If no entry is required then write “No Entry Required.” […]

 

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On January 1, 2018, Baltimore Company issued $150,000 face value, 8%, 5-year bonds at 102. Interest is paid annually on January 1.

August 24, 2019 in /by

On January 1, 2018, Baltimore Company issued $150,000 face value, 8%, 5-year bonds at 102.  Interest is paid annually on January 1. Baltimore uses the straight-line method for amortization. Use this information to determine the dollar value of the interest expense for the 2018 fiscal year. Round your answer to the nearest whole dollar.   Looking for a […]

 

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On August 1, 2018, Dorchester Company entered into a capital lease, and correctly recorded the leased asset, and related obligation at $100,000.

August 24, 2019 in /by

On August 1, 2018, Dorchester Company entered into a capital lease, and correctly recorded the leased asset, and related obligation at $100,000.  The annual interest rate implicit in the lease was 9%, and the first lease payment of $1,600 is due at the end of each month of the lease.  Use this information to prepare the General […]

 

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On January 2, 2019, Frederick Corporation issued 18,000 shares of $10 par value common stock for $13 per share.

August 24, 2019 in /by

On January 2, 2019, Frederick Corporation issued 18,000 shares of $10 par value common stock for $13 per share. On April 1, 2019, Alpha reacquired 1,500 of these shares when they were trading $16 per share. On August 1, 2019 Frederick reissued 800 shares of treasury stock at the going market rate of $19 per share. […]

 

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