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Marie | I REALLY NEED HELP WITH THIS ACCOUNTING QUESTION PLEASE!!? |
Daan Corporation wholesales repair products to equipment manufacturers. On March 1, 2010, Daan Corporation issued $24,000,000 of five-year, 12% bonds at an effective interest rate of 10%, receiving cash of $25,853,146. Interest is payable semiannually on March 1 and September 1.
a. Journalize the entry to record the sale of bonds on March 1, 2010. If an amount box does not require an entry, leave it blank.
--------> I figured out this part. I need to Debit cash for $25,853,146. Credit premium on bonds payable for $1,853,146 and Credit Bonds payable for $24,000,000.
***THIS PART I NEED HELP WITH:
B. Journalize the entry to record the first interest payment on September 1, 2010, and amortization of bond premium for six months, using the straight-line method. (Round to the nearest dollar.)
If an amount box does not require an entry, leave it blank.
I know I need to debit Interest expense, debit premium on bonds payable and credit cash but i dont know how much? Thank you! |
 |
 
Jake
|
Try this:
DR Interest Expense 1,254,685
DR Premium 185,315
CR Cash 1,440,000
The key to these straight line problems is to first find how many periods you will be making interest payments. This will be the amount of time that the premium (or discount) will be amortized over. Since this is straight line, you will amortize that premium an equal amount each payment period. So, for this example, this is a five year bond, payable semi annually, meaning there will be 10 payment periods. Divide the total premium ($1,853,146) by 10, which gives you $185,315, and this will be the amount you amortize by.
The next step is to find the credit to cash for each period. For this problem:
$24,000,000 * 6% (12% APR, so 6% semi-annually)
= $1,440,000
Subtract the premium amortization from the total cash payment, and this gives you your interest expense ($1,254,685).
Hope this helps.
*PLEASE LET ME KNOW IF THIS WORKS!!! |
|
EJ (Philippines)
 |
Answer:
B.
Interest payment
(Dr) Interest expense $1440000
(Cr) Cash $1440000
$24000000 * 0.12 * 6/12
Amortization
(Dr) Premium on bonds payable $185315
(Cr) Interest expense $185315
$1853146 / 5 years * 6/12
or a compound entry of
(Dr) Interest expense $1254685
(Dr) Premium on bonds payable $185315
(Cr) Cash $1440000 |
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