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USPshnik [31]
3 years ago
14

On december 31, 2015, wintergreen, inc., issued $150,000 of 7 percent, 10-year bonds at a price of 93.25. wintergreen received $

139,875 when it issued the bonds (or $150,000 x .9325). after recording the related entry, bonds payable had a balance of $150,000 and discounts on bonds payable had a balance of $10,125. wintergreen uses the straight-line bond amortization method. the first semiannual interest payment was made on june 30, 2016. complete th
Business
1 answer:
alexandr1967 [171]3 years ago
7 0
The entry to record the issuance includes a debit to Cash for $139,875 (or par of $150,000 x 0.9325=139,875), a debit to Discount on Bonds Payable for $10,125 (or par value of $150,000 - issue price of $139,875), and a credit to Bonds Payable for $150,000 (the par <span>value).
</span>Amount repaid = Interest payments of $105,000
20 x ($150,000 x 7% x ½))  = $105,000 + $150,000 (par value paid at maturity)= $255,000
Total bond interest expense = $255,000 – $139,875 = $115,125
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amm1812

Answer:

See the errors identified below.

Explanation:

Note: The data in this question are merged together. They are therefore sorted before answering the question. See the attached pdf file for the complete question with the sorted data.

The explanation of the answer is now given as follows:

The following errors can be identified in the accountant's adjusting entries:

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After correcting the errors identified above, the correct adjusted trial balance will look as the one in the attached photo.

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kiruha [24]
Bond is correct answer.

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Hope it helped you.

-Charlie
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Simora [160]

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