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Snowcat [4.5K]
3 years ago
10

Porter Incorporated issued $210,000 of 6 percent, 10-year, callable bonds on January 1, Year 1. The bonds were issued at their f

ace value. The call premium was 2 percent (bonds are callable at 102). Interest was payable annually on December 31. The bonds were called on December 31, Year 5. Required Prepare the journal entries to record the bond issue on January 1, Year 1, and the bond redemption on December 31, Year 5. Entries for accrual and payment of interest are not required.
Business
1 answer:
pshichka [43]3 years ago
7 0

Answer:

Jan. 1

Dr Cash $210,000

Cr Bonds Payable $210,000

Dec. 31

Dr Loss on Bond Redemption $4,200

Bonds Payable $210,000

Cr Cash $214,200

Explanation:

Porter Incorporated Journal entries

Jan. 1

Dr Cash $210,000

Cr Bonds Payable $210,000

Dec. 31

Dr Loss on Bond Redemption $4,200

Bonds Payable $210,000

Cr Cash $214,200

(102%×$210,000=$214,200)

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Answer:

Journal Entry

Explanation:

The Journal Entry is shown below:-

Cash Dr,                                 $36,006

Cash short and over Dr,        $4

     ($36,010 - $36,006)      

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$67.80.

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Direct materials per unit          $ 14.70                   $ 48.50

For 60,000 units                   882,000

Direct labor per unit                 $ 17.30                   $ 50.90

For 60,000 units                   1038000

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Total Costs                         3716077

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Direct labor per unit                 $ 17.30      $ 50.90

Direct labor-hours per unit       0.70             2.10

Annual production                 60,000           10,000

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Estimated total direct labor-hours  63,000

Activities                             Activity                Estimated            

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