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*P10-6A On July 1, 2011, Atwater Corporation issued $2,000,000

Resolved Question:

*P10-6A On July 1, 2011, Atwater Corporation issued $2,000,000 face value, 10%, 10-year
bonds at $2,271,813.This price resulted in an effective-interest rate of 8% on the bonds. Atwater
uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual
interest July 1 and January 1.
Instructions
(Round all computations to the nearest dollar.)
(a) Prepare the journal entry to record the issuance of the bonds on July 1, 2011.
(b) Prepare an amortization table through December 31, 2012 (3 interest periods) for this bond
issue.
(c) Prepare the journal entry to record the accrual of interest and the amortization of the premium
on December 31, 2011.
(d) Prepare the journal entry to record the payment of interest and the amortization of the
premium on July 1, 2012, assuming no accrual of interest on June 30.
(e) Prepare the journal entry to record the accrual of interest and the amortization of the
premium on December 31, 2012.


*P10-9A Elkins Company sold $2,500,000, 8%, 10-year bonds on July 1, 2011.The bonds were
dated July 1, 2011, and pay interest July 1 and January 1. Elkins Company uses the straight-line
method to amortize bond premium or discount. Assume no interest is accrued on June 30.
Instructions
(a) Prepare all the necessary journal entries to record the issuance of the bonds and bond interest
expense for 2011, assuming that the bonds sold at 104.
(b) Prepare journal entries as in part (a) assuming that the bonds sold at 98.
(c) Show balance sheet presentation for each bond issue at December 31, 2011.

ED-3 Piniella Company has the following data for the weekly payroll ending January 31.
Hours Federal
Hourly Income Tax Health
Employee M T W T F S Rate Withholding Insurance
M. Hindi 8 8 9 8 10 3 $11 $34 $10
E. Benson 8 8 8 8 8 2 13 37 15
K. Estes 9 10 8 8 9 0 14 58 15
Employees are paid 11/2 times the regular hourly rate for all hours worked in excess of 40 hours
per week. FICA taxes are 8% on the first $106,800 of gross earnings. Piniella Company is subject
to 5.4% state unemployment taxes on the first $9,800 and 0.8% federal unemployment taxes on
the first $7,000 of gross earnings.
Instructions
(a) Prepare the payroll register for the weekly payroll.
(b) Prepare the journal entries to record the payroll and Piniella’s payroll tax expense.
Submitted: 3 years ago.
Category: Homework
Expert:  Manal Elkhoshkhany replied 3 years ago.
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Manal Elkhoshkhany, Tutor
Category: Homework
Satisfied Customers: 9434
Experience: More than 5000 online tutoring sessions.
Manal Elkhoshkhany and 2 other Homework Specialists are ready to help you
Customer: replied 3 years ago.

hello thank you for answering the question..

I have a question on 10-6a how did you get 100,000

I thought that interest to be paid would be 200,000 (2000,000 * 10%).

Expert:  Manal Elkhoshkhany replied 3 years ago.

Hello spunky

 

Sorry I just saw your message now. The bonds pay interest semiannually that is why. Does that explain it?

Customer: replied 3 years ago.
Yes thank you
Expert:  Manal Elkhoshkhany replied 3 years ago.

No problem at all :)

 

Sorry I was late answering your question

 

 

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