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Invested $100,000 in 5-year bonds.

01 / 10 / 2021 Projects

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Invested $100,000 in 5-year bonds.

There are 4 problems this week. Click on the tabs at the bottom of the spreadsheet to view each problem.For each of the bonds listed below, record the three requested journal entries.Dates and descriptions are not required.Invested $100,000 in 5-year bonds. The bonds were purchased at par and bear interest at a rate of 8% per annum, payable semiannually.(a)(b)(c)Prepare the journal entry to record the initial investment.Prepare the journal entry that Dorchester would record on each interest date. No journal entries have been made to record monthly interest.Prepare the journal entry that Dorchester would record at maturity of the bonds. The journal entry to record the final interest payment was made separately.Invested $100,000 of face amount of 5-year bonds. The bonds were purchased at 103, and bear interest at a stated rate of 8% per annum, payable semiannually.(a)(b)(c)Prepare the journal entry to record the initial investment.Prepare the journal entry that Dorchester would record on each interest date. No journal entries have been made to record monthly interest.Prepare the journal entry that Dorchester would record at maturity of the bonds. The journal entry to record the final interest payment was made separately.Invested $100,000 of face amount of 4-year bonds. The bonds were purchased at 98, and bear interest at a stated rate of 8% per annum, payable semiannually.(a)(b)(c)Prepare the journal entry to record the initial investment.Prepare the journal entry that Dorchester would record on each interest date. No journal entries have been made to record monthly interest.Prepare the journal entry that Dorchester would record at maturity of the bonds. The journal entry to record the final interest payment was made separately.For each of the items below, state if the lease is an operating lease or a capital leaseReminder: Lessor is the party that owns the item, Lessee is the party using the itemItem 1The lessee reports the leased asset on its balance sheetItem 2Payments are reported fully as rent expenseItem 3Ownership of the property passes to the lessee by the end of the lease termItem 4The lease term is at least 75% of the remaining life of the propertyItem 5Interest expense is measured and reported by the lesseeItem 6Depreciation of the leased asset is not reported by the lesseeItem 7At the inception of the lease, the lessee records both an asset and liabilityItem 8The lessee reports a liability for the present value of all future payments anticipated under the lease agreementItem 9The lessor continues to report the tangible asset covered by the lease on its balance sheetListed below are nine fixed asset transactions. Record thejournal entries. Dates and descriptions are not required. Theonly account titles you will need are listed:Account titles:CashLandLand ImprovementsBuildingEquipmentExpense (determine expense account title)Prepaid account (determine full account title)Item 1Item 2Item 3Item 4Item 5Item 6Item 7Item 8Item 9Item 1Item 2Item 3Item 4Item 5Item 6Item 7Item 8Item 9Paid $2,500 for one year insurance coverage onPaid $7,500 for trees and shrubsPaid $500 attorney’s fees for document preparationrelated to land purchasePaid $150,000 for land and building. The land wasseparately valued at $40,000, and the building at$120,000. Hint – the cash is only $150,000 and the entrymust$1,000 freight costs on purchase of new furniturePaid balance.Paid $300 for staplers, trash cans, and desktop matsOrdered new $50,000 truck, to be delivered and paid forin the futurePaid $10,000 of interest costs on loan on active buildingconstruction projectPaid $25,000 to expand parking lot pavingDepreciationAce Specialties bought a delivery truck for $40,000 cash. The expected useful life is 5 years and the salvage value is $5,000.Ace uses a calendar year and the truck was purchased on July 1, 2015.Calculate the depreciation for each year using the straight line method and the double declining balance method.Show the journal entry for year one for the double declining balance method.Straight line methodyeardepreciation2015201620172018201920202021Double declining balance methodyeardepreciation2015201620172018201920202021Journal Entrydate12/31/2015accountremaining book valueremaining book valuedebitcredit



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