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Recоrding аnd Assessing the Effects оf Instаllment Lоаns: Quarterly Installments On December 31, 2021, Watts Corporation borrowed $750,000 on an 8%, 5-year mortgage note payable. The note is to be repaid with equal quarterly installments, beginning March 31, 2022. a. Prepare journal entries to report (1) the borrowing of funds by Watts Corporation on December 31, 2021, (2) the installment payment by Watts Corporation on March 31, 2022, and (3) the installment payment by Watts Corporation on June 30, 2022. First, compute the amount of the quarterly installment payment. Use the appropriate table (in Appendix A near the end of the book) or a financial calculator, and round amount to the nearest dollar. ●Note: Do not use a negative sign with your answer. ● Note: Round your answer to the nearest whole dollar. ${#1} ● Note: Round answers below to the nearest whole dollar. Date Account Debit Credit (1) Dec. 31, 2021 {#2} {#3} (2) Mar. 31, 2022 {#4} {#5} {#6} (3) Jun. 30, 2022 {#7} {#8} {#9} b. Post the journal entries to their respective T-accounts. ●Note: Enter your answers, in transaction order, in the first open field of the appropriate column in each account. ● Note: Round answers to the nearest whole dollar. Cash {#10} {#11} {#12} {#13} {#14} {#15} Mortgage note payable {#16} {#17} {#18} {#19} {#20} {#21} Interest expense {#22} {#23} {#24} {#25}
Repоrting Finаnciаl Stаtement Effects оf Bоnd Transactions On January 1, Shields, Inc., issued $500,000 of 9%, 20-year bonds for $549,482, yielding a market ( yield) rate of 8%. Semiannual interest is payable on June 30 and December 31 of each year. a. Prepare the journal entries for transactions described above. ● Note: Round your answers to the nearest whole dollar. Date Account Debit Credit Jan. 1 {#1} {#2} {#3} Jun. 30 {#4} {#5} {#6} Dec. 31 {#7} {#8} {#9} b. Post the journal entries to their respective T-accounts. ● Note: Enter your answers, in transaction order, in the first open field of the appropriate column in each account. Cash {#10} {#11} {#12} {#13} Bonds payable {#14} {#15} {#16} {#17} Interest expense {#18} {#19} {#20} {#21} Bond premium {#22} {#23} {#24} {#25}
Repоrting Finаnciаl Stаtement Effects оf Bоnd Transactions (FSET) Lundholm, Inc., which reports financial statements each December 31, is authorized to issue $300,000 of 9%, 15-year bonds dated May 1, 2021, with interest payments on October 31 and April 30. Assume the bonds are issued at par on May 1, 2021. Record the bond issuance, payment of the first semiannual period’s interest, and retirement of $100,000 of the bonds at 101 on November 1, 2022, using the financial statement effects template. Assume that interest was paid on October 31, 2022. ●Note: Use negative signs with your answers, when appropriate. ●Note: Select "N/A" as your answer if a part of the accounting equation is not affected. Balance Sheet Income Statement Cash Noncash Contributed Earned Net Transaction Asset + Assets = Liabilities + Capital + Capital Revenue - Expenses = Income Issue bonds. {#1} {#2} {#3} {#4} {#5} {#6} {#7} {#8} {#9} {#10} {#11} Interest payment. {#12} {#13} {#14} {#15} {#16} {#17} {#18} {#19} {#20} Retirement of bonds. {#21} {#22} {#23} {#24} {#25} {#26} {#27} {#28} {#29} {#30} {#31}