September 2023 ACC 291 Week 3 Assignment P10 3A On May 1 2011 Newby Corp issued 600 000 9 5 year bonds at face value
2024 ACC 291 Week 3 Assignment P10-3A On May 1, 2011, Newby Corp. Assignment Help
ACC 291 Week 3 Assignment P10 3A On May 1 2011 Newby Corp issued 600 000 9 5 year bonds at face value 2023
ACC 291 Week 3 Assignment P10-3A On May 1, 2011, Newby Corp. issued $600,000, 9%, 5-year bonds at face value. The bonds were dated May 1, 2011, and pay interest semiannually on May 1 and November 1. Financial statements are prepared annually on December 31. Instructions a) Prepare the journal entry to record the issuance of the bonds b) Prepare the adjusting entry to record the accrual of interest on December 31, 2011 c) Show the balance sheet presentation on December 31, 2011. d) Prepare the journal entry to record payment of interest of May 1, 2012, assuming no accrual of interest from January 1, 2012 to May 1, 2012. e) Prepare the journal entry to record payment of interest on November 1, 2012 f) Assume that on November 1, 2012, Newby calls the bonds at 102. record the redemption of the bonds.