# Accounting Question that needs to be done Excel

morenito98

I need help with this problem.

P14-6 (Issuance of Bonds between Interest Dates, Straight-Line, Redemption) Presented below are
selected transactions on the books of Simonson Corporation.

15-year, \$1,000 face value bonds at 97. Interest payment dates are April 1 and October 1, and the company uses the straight-line method of bond discount amortization. On March 1, 2015, Seminole took advantage of favorable prices of its stock to extinguish 6,000 of the bonds by issuing 200,000 shares of its \$10 par value common stock. At this time, the accrued interest was paid in cash. The company’s stock was selling for \$31 per share on March 1, 2015.
Instructions
Prepare the journal entries needed on the books of Seminole Company to record the following.
(a) April 1, 2014: issuance of the bonds. (b) October 1, 2014: payment of semiannual interest. (c) December 31, 2014: accrual of interest expense. (d) March 1, 2015: extinguishment of 6,000 bonds. (No reversing entries made.)
May 1, 2014
Dec. 31
Jan. 1, 2015

April 1
Dec. 31
Instructions
Bonds payable with a par value of \$900,000, which are dated January 1, 2014, are sold at 106 plus accrued interest. They are coupon bonds, bear interest at 12% (payable annually at January 1), and mature January 1, 2024. (Use interest expense account for accrued interest.) Adjusting entries are made to record the accrued interest on the bonds, and the amortiza- tion of the proper amount of premium. (Use straight-line amortization.) Interest on the bonds is paid. Bonds with par value of \$360,000 are called at 102 plus accrued interest, and redeemed. (Bond premium is to be amortized only at the end of each year.) Adjusting entries are made to record the accrued interest on the bonds, and the proper amount of premium amortized.
(Round to two decimal places.)
Prepare journal entries for the transactions above.

• Posted: 5 years ago
• Budget: \$10
• Rated 2 times

### Accounting problem about Issuance of bonds-Excel problem

(Issuance of Bonds between Interest Dates, Straight-Line, Redemption) Presented below are

selected transactions on the books of Simonson Corporation.

15-year, \$1,000 face value bonds at 97. …

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