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  • The Following Information Is Taken From Oler Corp S Balance Sheet

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    Amit Pandey
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    Oler Corp's balance sheet from December 31, 2013 shows bonds outstanding that will mature in 10 years. The bonds pay interest annually on January 1st and are callable on any interest payment date. Journal entries are required to record the January 1, 2014 interest payment, the December 31, 2014 amortization of bond discount and accrual of interest, the January 1, 2015 redemption of $400,000 face value bonds called at 102, and the December 31, 2015 adjusting entry for remaining bonds.

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    Oler Corp's balance sheet from December 31, 2013 shows bonds outstanding that will mature in 10 years. The bonds pay interest annually on January 1st and are callable on any interest payment date. Journal entries are required to record the January 1, 2014 interest payment, the December 31, 2014 amortization of bond discount and accrual of interest, the January 1, 2015 redemption of $400,000 face value bonds called at 102, and the December 31, 2015 adjusting entry for remaining bonds.

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    © All Rights Reserved
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    20 views1 page

    The Following Information Is Taken From Oler Corp S Balance Sheet

    Uploaded by

    Amit Pandey
    Oler Corp's balance sheet from December 31, 2013 shows bonds outstanding that will mature in 10 years. The bonds pay interest annually on January 1st and are callable on any interest payment date. Journal entries are required to record the January 1, 2014 interest payment, the December 31, 2014 amortization of bond discount and accrual of interest, the January 1, 2015 redemption of $400,000 face value bonds called at 102, and the December 31, 2015 adjusting entry for remaining bonds.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    The following information is taken from Oler Corp s

    balance sheet
    The following information is taken from Oler Corp.’s balance sheet at December 31,
    2013.Interest is payable annually on January 1. The bonds are callable on any annual interest
    date. Oler uses straight-line amortization for any bond premium or discount. From December
    31, 2013, the bonds will be outstanding for an additional 10 years (120
    months).Instructions(Round all computations to the nearest dollar.)(a) Journalize the payment of
    bond interest on January 1, 2014.(b) Prepare the entry to amortize bond discount and to accrue
    the interest on December 31, 2014.(c) Assume on January 1, 2015, after paying interest, that
    Oler Corp. calls bonds having a face value of $400,000. The call price is 102. Record the
    redemption of the bonds.(d) Prepare the adjusting entry at December 31, 2015, to amortize
    bond discount and to accrue interest on the remainingbonds.
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    The following information is taken from Oler Corp s balance sheet
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