ACC 304 Week 8 Chapter 14 Homework
Write clearly and concisely about intermediate accounting using proper writing mechanics. ===============================================
ACC 304 Week 8 Chapter 14 Homework
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ACC 304 Week 8 Chapter 14 Homework
1) Teton Corporation issued $ 704,000 of 9 % bonds on November 1, 2014, for $ 745,018. The bonds were dated November 1, 2014, and mature in 8 years, with interest payable each May 1 and November 1. Teton uses the effective-interest method with an effective rate of 8 %.
Prepare Teton’ s December 31, 2014, adjusting entry.( Round answers to 0 decimal places, e. g. 38,548. If no entry is required, select " No Entry " for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
2) On January 1, 2014, Henderson Corporation redeemed $ 572,100 of bonds at 97. At the time of redemption, the unamortized premium was $ 17,163 and unamortized bond issue costs were $ 5,721.
Prepare the corporation’ s journal entry to record the reacquisition of the bonds.( If no entry is required, select " No Entry " for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)