(SOLVED) On January 1 2021 Georgetown Distributors

borrowed 2 180 000 by issuing

On January 1 2021 Georgetown Distributors borrowed 2 180 000 by issuing On January 1,
2021, Georgetown Distributors borrowed $2,180,000 by issuing 4-year, zero coupon bonds. The
face value of the bonds is $3,000,000. Georgetown uses the straight-line method to amortize
any premium or discount. Required: Prepare an amortization table […]

On January 1 2020 Athena Corporation borrowed 110 000 cash on On January 1, 2020, Athena
Corporation borrowed $110,000 cash on a $155,000, 24-month 0% note. Athena uses the
straight-line method of amortization. Required: 1. Record the borrowing in Athena’s journal. 2.
Prepare the adjusting entry for December 31, 2020. […]

On January 1 2020 Sisek Company borrowed 800 000 with a On January 1, 2020, Sisek
Company borrowed $800,000 with a 10-year, 9.75% note, interest payable semiannually on
June 30 and December 31. Cash in the amount of $792,800 was received when the note WAS
issued. Required: 1. Prepare the […]

On January 1 2020 University Theatres issued 500 000 face value On January 1, 2020,
University Theatres issued $500,000 face value of bonds. The stated rate is 8%, and interest is
paid semiannually on June 30 and December 31. The bonds mature in 15 years. Required:
Calculate the price at […]

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Rising Stars Academy provided the following information on its 2019 Rising Stars Academy
provided the following information on its 2019 balance sheet and statement of cash flows:
Required: 1. Calculate the following ratios for Rising Stars: (a) Debt to equity, (b) Debt to total
assets, (c) Long-term debt to equity, […]

Dean Plumbing issues 1 000 000 face value noninterest bearing bonds on January Dean
Plumbing issues $1,000,000 face value, noninterest-bearing bonds on January 1, 2021. The
bonds are issued at 65 and mature on December 31, 2024. Required: Assuming the straight-
line amortization method is followed, prepare the journal entry on […]

Refer to the information for Dandy Candy on the below Dandy Refer to the information for
Dandy Candy on the below. Dandy Candy bought a delivery vehicle for $45,000 by issuing an
8% installment note on January 1, 2021. Dandy will make 12 monthly payments of $3,914.50 at
the end […]

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