Alaskan Frontier provides rail and bus tours c finance operations. The bonds are due in 20 y year.
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- Required information [The following information applies to the questions displayed below.] On January 1, 2021, Splash City issues $360,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 8%, the bonds will issue at $335,539. Required: 1. Complete the first three rows of an amortization table. (Round your intermediate and final answers to the nearest whole dollar.) Change in Carrying Value Carrying Value Interest Date Cash Paid Expense 1/1/21 $ 335,539 6/30/21 12/31/21Required information [The following information applies to the questions displayed below.] Alaskan Frontier provides rail and bus tours of Alaska. Alaska Frontier issues $310,000 of 9% bonds on January 1, 2021 to finance operations. The bonds are due in 20 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 10%, the bonds will issue at $283,405. 2. Record the bond issue on January 1. 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for a particular transection/event, select "No Journal Entry Required" in the first account field. Round your intermediate and final answers to the nearest whole dollar.) View transaction list 1 Record the bond issue. 2 Record the first semiannual interest payment. Record the second semiannual interest payment. CreditRequired information (The following information applies to the questions displayed below.] On January 1, 2021, Splash City issues $310,000 of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 10%, the bonds will issue at $283,405. 2. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your intermediate and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 2 Record the bond issue. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021
- Required information [The following information applies to the questions displayed below.] On January 1, 2024, Splash City issues $500,000 of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 10%, the bonds will issue at $457,102. Required: 1. Complete the first three rows of an amortization schedule. (Round your intermediate and final answers to the nearest whole dollar.) Date 1/1/2024 6/30/2024 12/31/2024 Cash Paid Interest Expense Change in Carrying Value Carrying ValueRequired information [The following information applies to the questions displayed below.) On January 1, 2024, Splash City issues $300,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 8%, the bonds will issue at $279,615. Required: 1. Complete the first three rows of an amortization schedule. (Round your intermediate and final answers to the nearest whole dollar.) Cash Paid Interest Expense Change in Carrying Carrying Value Date Value 1/1/2024 6/30/2024 12/31/2024Required information [The following information applies to the questions displayed below.] On January 1, 2024, Splash City issues $460,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 7%, the bonds will issue at $502,303. Required: 1. Complete the first three rows of an amortization schedule. (Round your final answers to the nearest whole dollar.) Date 1/1/2024 6/30/2024 12/31/2024 Cash Paid Interest Expense Change in Carrying Value Carrying Value
- Required Information [The following information applies to the questions displayed below.] On January 1, 2024, Splash City Issues $380,000 of 8% bonds, due in 15 years, with Interest payable semiannually on June 30 and December 31 each year. Assuming the market Interest rate on the issue date is 9%, the bonds will issue at $349,051. 2. How will the bond Issuance on January 1, 2024, affect the financial statements? 3. How will the first two semiannual Interest payments on June 30, 2024, and December 31, 2024, affect the financial statements? Complete this question by entering your answers in the tabs below. Req 2 Req 3A Assets Req 38 How will the bond issuance on January 1, 2024, affect the financial statements? Note: Amounts to be deducted should be indicated by a minus sign. Balance Sheet Liabilities Stockholders' Equity Common Stock Retained Earnings Revenues Income Statement Expenses Net IncomeRequired information [The following information applies to the questions displayed below.] On January 1, 2024, Splash City issues $420,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 6%, the bonds will issue at $451,244. 1. How will the bond issuance on January 1, 2024, affect the financial statements? Complete this question by entering your answers in the tabs below. Req 1 How will the bond issuance on January 1, 2024, affect the financial statements? Note: Amounts to be deducted should be indicated by a minus sign. Assets Balance Sheet Liabilities Income Statement Stockholders' Equity Common Stock Retained Earnings Revenues Expenses Net Income! Required information [The following information applies to the questions displayed below.] On January 1, 2021, Splash City issues $350,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 7%, the bonds will issue at $382,187. Required: 1. Complete the first three rows of an amortization table. (Round your final answers to the nearest whole dollar.) Decrease in Carrying Value Interest Carrying Value Date Cash Paid Expense 1/1/21 6/30/21 12/31/21
- Required Information [The following information applies to the questions displayed below.] On January 1, 2024, Splash City Issues $500,000 of 9% bonds, due in 20 years, with Interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 10%, the bonds will issue at $457,102. 2. How will the bond Issuance on January 1, 2024, affect the financial statements? 3. How will the first two semiannual Interest payments on June 30, 2024, and December 31, 2024, affect the financial statements? Complete this question by entering your answers in the tabs below. Req 2 Req 3A How will the first payment on June 30, 2024, affect the financial statements? Note: Amounts to be deducted should be indicated by a minus sign. Balance Sheet Req 38 Assets Liabilities Stockholders' Equity Common Stock Retained Earnings Revenues Income Statement Expenses Net IncomeRequired information [The following information applies to the questions displayed below.] On January 1, 2024, Splash City issues $440,000 of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 10%, the bonds will issue at $402,252. 2. Record the bond issue on January 1, 2024, and the first two semiannual interest payments on June 30, 2024, and December 31, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your intermediate and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 2 3 Record the bond issue. Note: Enter debits before credits. Date January 01, 2024 General Journal Debit CreditOn January 1, 2021, Splash City issues $500,000 of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 10% and the bonds issued at $457,102. Required: 1. Using an amortization schedule, show that the bonds have a carrying value of $458,633 on December 31, 2022. 2. If the market interest rate drops to 7% on December 31, 2022, it will cost $601,452 to retire the bonds. Record the retirement of the bonds on December 31, 2022.