I NEED HELP AS SOON AS POSSIBLE PLEASE Problem 146 Presented

I NEED HELP AS SOON AS POSSIBLE PLEASE

Problem 14-6 Presented below are selected transactions on the books of Oriole Corporation. ea r i tere t at Bonds payable with a par value o $825,600, which are dated January 1, 2017, are sold at 106 plus accrued interest. They are coupon bonds, (payable annually at January 1), and mature January 1, 2027. (Use interest expense account for accrued interest.) Adjusting entries are made to record the accrued interest on the bonds, and the amortization of the proper amount of premium. (Use straight-line amortization.) May 1, 2017 Dec. 31 Jan. 1, 2018 Interest on the bonds is paid. April 1 Dec. 31 Bonds with par value of $330,240 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 Prepare journal entries for the transactions above. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answers to 0 decimal places, e.g. 38,548. If no entry is required, select \"No Entry\" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit (To record the interest) (To amortize the premium) Apr. 1, 2018 (To record the interest) (To amortize the premium) Click if you would like to Show Work for this question: Open Show Work Question Attempts: 0 of 3 used SAVE FOR LATERSUBMIT ANSWER

Solution

Journal Entry Date Particulars Dr. Amt. Cr. Amt. 1-May-17 Cash          905,408 $825,600 X 106% + ($825,600 X 11% X 4/12) Bonds Payable          825,600 Premium on Bonds Payable            49,536 $825,600 X 6% Interest Expense            30,272 $825,600 X 11% X 4/12 (record the issue of bonds) 31-Dec-17 Interest Expense            90,816 $825,600 X 11% Interest Payable            90,816 (Record the interest) 31-Dec-17 Premium on Bonds Payable              3,416 $49,536 X 8/116 Interest Expense              3,416 $49,536 X 8/116 (To amortize premium) 1-Jan-18 Interest Payable            90,816 Cash            90,816 (record the interest paid) 1-Apr-18 Bonds Payable          330,240 Premium on Bonds Payable            17,935 $49,536 X ($330,240 / $825,600) X (105/116) Interest Expense              9,082 $330,240 X 11% X 3/12 Cash          345,927 $330,240 X 102% + 9,082 Gain on Redemption of Bonds            11,330 31-Dec-18 Interest Expense            54,490 ($825,600 - $330,240) X 11% Interest Payable            54,490 (Record the interest) 31-Dec-18 Premium on Bonds Payable              3,587 ($49,536 X 12/116 X 0.60) + ($49,536 X 3/116 X 0.40) Interest Expense              3,587 $51,696 X 8/116 (To amortize premium)