Hillside Issues $2100.000 of 5%, 15-year bonds dated January 1, 2019. that pay Interest semiannually on June 30 and December 31. The bonds are Issued...
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Can you help with this problem please?Problem2e.jpg

src="/qa/attachment/10701076/" alt="Problem2d.jpg" />Problem2c.jpgProblem2b.jpgProblem2a.jpg

Problem2a.jpg

Hillside Issues $2100.000 of 5%, 15-year bonds dated January 1, 2019. that pay Interest semiannually on June 30 and December 31.
The bonds are Issued at a price of $2,570,390.
Required:
1. Prepare the January 1 Journal entry to record the bonds' Issuance.
2ja) For each semiannual period, complete the table below to calculate the cash payment.
2(b) For each semiannual perlod, complete the table below to calculate the straight-line premium amortization.
2(c) For each semiannual perlod, complete the table below to calculate the bond Interest expense.
3. Complete the below table to calculate the total bond Interest expense to be recognized over the bonds' life.
4. Prepare the first two years of a straight-line amortization table.
5. Prepare the journal entries to record the first two Interest payments.
Complete this question by entering your answers in the tabs below.
Req 1
Req 2A to 2C
Req 3
Req 4
Req 5
Prepare the January 1 journal entry to record the bonds' issuance.
View transaction Mat
Journal entry worksheet
Record the issue of bonds with a par value of $2,100,000 cash on January 1,
2019 at an issue price of $2,570,390.
Note: Enter debits before credits.
Date
General Journal
Debit Credit
January 01
Record entry
Clear entry
View general journal
< Req 1
Req 2A to 2C >

Problem2b.jpg

Hillside Issues $2100.000 of 5%, 15-year bonds dated January 1, 2019. that pay Interest semiannually on June 30 and December 31.
The bonds are issued at a price of $2,570,390.
Required:
1. Prepare the January 1 journal entry to record the bonds' Issuance.
2(8) For each semiannual period, complete the table below to calculate the cash payment.
2(b) For each semiannual perlod, complete the table below to calculate the straight-line premium amortization.
2(c) For each semiannual perlod, complete the table below to calculate the bond Interest expense.
3. Complete the below table to calculate the total bond Interest expense to be recognized over the bonds' life.
4. Prepare the first two years of a straight-line amortization table.
5. Prepare the Journal entries to record the first two Interest payments.
Complete this question by entering your answers in the tabs below.
Reg 1
Req 2A to 2C
Req 3
Reg 4
Reg 5
For each semiannual period, compute (a) the cash payment, (b) the straight-line discount amortization, and (c) the bond interest expense.
(Round "Unamortized Premium" to whole dollar and use the rounded value for part 4 & 5.)
Show less A
Par (maturity) value
Annual Rate
Year
Semiannual cash
interest payment
Bond price
Par (maturity
Premium on
Bonds Payable
Semiannual periods
Straight-line premium
value
amortization
=
=
Semiannual cash
Premium
Bond interest
payment
amortization
expense
=
< Req 1
Req 3 >

Problem2c.jpg

Hillside Issues $2100.000 of 5%%. 15-year bonds dated January 1, 2019. that pay Interest semiannually on June 30 and December 31.
The bonds are issued at a price of $2,570,390.
Required:
1. Prepare the January 1 journal entry to record the bonds' Issuance.
2/a) For each semiannual perlod, complete the table below to calculate the cash payment
2(b) For each semiannual perlod, complete the table below to calculate the straight-line premium amortization.
2(c) For each semiannual perlod, complete the table below to calculate the bond Interest expense.
3. Complete the below table to calculate the total bond Interest expense to be recognized over the bonds' life.
4. Prepare the first two years of a straight-line amortization table.
5. Prepare the Journal entries to record the first two Interest payments.
Complete this question by entering your answers in the tabs below.
Reg 1
Req 2A to 2C
Req 3
Reg 4
Req 5
Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life.
Total bond interest expense over life of bonds:
Amount repaid:
payments of
Par value at maturity
Total repaid
Less amount borrowed
Total bond interest expense
< Req 2A to 2C
Req 4 >

Problem2d.jpg

Hillside Issues $2100.000 of 5%, 15-year bonds dated January 1, 2019. that pay Interest semiannually on June 30 and December 31.
The bonds are issued at a price of $2,570,390.
Required:
1. Prepare the January 1 journal entry to record the bonds' Issuance.
2/a) For each semiannual perlod, complete the table below to calculate the cash payment.
2(b) For each semiannual perlod, complete the table below to calculate the straight-line premium amortization.
2(c) For each semiannual perlod, complete the table below to calculate the bond Interest expense.
3. Complete the below table to calculate the total bond Interest expense to be recognized over the bonds' life.
4. Prepare the first two years of a straight-line amortization table.
5. Prepare the Journal entries to record the first two Interest payments.
Complete this question by entering your answers in the tabs below.
Reg 1
Req 2A to 2C
Req 3
Reg 4
Reg 5
Prepare the first two years of a straight-line amortization table. (Round your final answers to the nearest whole dollar
amount.)
Semiannual Period-
Unamortized
End
Premium
Carrying
Value
01/01/2019
06/30/2019
12/31/2019
06/30/2020
12/31/2020
< Req 3
Req 5 >

Problem2e.jpg

Hillside Issues $2100,000 of 5%%, 15-year bonds dated January 1, 2019. that pay Interest semiannually on June 30 and December 31.
The bonds are issued at a price of $2,570,390.
Required:
1. Prepare the January 1 journal entry to record the bonds' Issuance.
2(a) For each semiannual perlod, complete the table below to calculate the cash payment.
2(b) For each semiannual perlod, complete the table below to calculate the straight-line premium amortization.
2(c) For each semiannual perlod, complete the table below to calculate the bond Interest expense.
3. Complete the below table to calculate the total bond Interest expense to be recognized over the bonds' life.
4. Prepare the first two years of a straight-line amortization table.
5. Prepare the journal entries to record the first two Interest payments.
Complete this question by entering your answers in the tabs below.
Reg
Req 2A to 2C
Req
Reg 4
Reg 5
Prepare the journal entries to record the first two interest payments. (Round your final answers to the nearest whole dollar amount.)
View transaction lat
Journal entry worksheet
2
Record the first interest payment on June 30.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
June 30
Record entry
Clear entry
View general journal
< Req 4
Req 5 >

Top Answer

View the full answer
journal entries-1.jpg

Given: Face value (par value) 2100000
Issue price(carrying value) 2570390
Interest rate (i) p.a 5% (semi annually)
Bond life (in years) 15
Issue date 01-01-2019
(All values are
in $)
(A)
Journal...

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