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(Solution Download) Mellilo Corporation issued $5,300,000 of 20-year, 9.5 percent bonds on July 1, 2009, at 98. Interest


 

 

 

 

 

 

 

Mellilo Corporation issued $5,300,000 of 20-year, 9.5 percent

 

bonds on July 1, 2009, at 98. Interest is due on June 30 and

 

December 31 of each year, and all of the bonds in the issue mature

 

on June 30, 2029. Mellilo's fiscal year ends on December 31.

 

Prepare the following journal entries:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a.July 1, 2009, to record the

 

issuance of the bonds.

b.December 31, 2009, to pay

 

interest and amortize the bond discount.

c.June 30, 2029, to pay interest,

 

amortize the bond discount, and retire the bonds at maturity (make

 

two separate entries).

(Omit the

 

"$" sign in your response.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2009
  July 1  (Click

 

to select)Bonds Payable Interest Expense Accounts

 

PayableCashDiscount on Bonds Payable

 

  

  (Click

 

to select)Discount on Bonds Payable Bonds Payable CashInterest

 

Expense Accounts Payable

 

  

 

        (Click to

 

select)Bond Interest ExpenseDiscount on Bonds PayableInterest

 

expenseBonds PayableCash

 

  

  To

 

record issuance of bonds at 98.

2009
  Dec. 31  (Click

 

to select)CashBond Interest ExpenseBonds PayableAmortization

 

ExpenseDiscount on Bonds Payable

 

  

 

        (Click to

 

select)Accounts PayableCashInterest Expense Discount on Bonds

 

Payable Bonds Payable

 

  

 

        (Click to

 

select)Interest Expense CashDiscount on Bonds Payable Bonds Payable

 

Accounts Payable

 

  

  To pay

 

interest and amortize bond discount:

  Semiannual interest

 

payment

 

      $  Af? 9A??1% Af? A??1

 

$  

  Add discount

 

amortized:

 

     [$  Af·20 yrs.] Af? A??1

 

  

 

     

 

           Interest

 

expense

 

$   

2029
  June 30  (Click

 

to select)Amortization ExpenseBond Interest ExpenseCashBonds

 

PayableDiscount on Bonds Payable

 

  

 

        (Click to

 

select)Discount on Bonds Payable CashBond Interest PayableAccounts

 

PayableBond Interest Expense

 

  

 

        (Click to

 

select)Bond Interest PayableCashAccounts PayableDiscount on Bonds

 

Payable Bond Interest Expense

 

  

  To make

 

final interest payment and amortize bond   discount.

 

(same calculation as in part b. above)

  June 30  (Click

 

to select)Bond PayableDiscount on Bonds PayableBond Interest

 

ExpenseInterest expenseCash

 

  

 

        (Click to

 

select)Bond PayableDiscount on Bonds PayableBond Interest

 

ExpenseInterest expenseCash

 

  

  To

 

retire bonds at maturity.

 


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