Copy of PR 14-4B_24e

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					Problem 14-4B
       Name:
  Section:

       Score:   70%

  Key Code:     [Key code here]
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry.



  1.            2012
                July 1            Cash
                                     Bonds Payable
                                     Premium on Bonds Payable

                Oct. 1            Cash
                                     Notes Payable

                Dec. 31           Interest Expense
                                      Interest Payable

                Dec. 31           Interest Expense
                                      Cash

                Dec. 31           Premium on Bonds Payable
                                     Interest Expense

                Dec. 31           Income Summary
                                      Interest Expense

                2013
                June 30           Interest Expense
                                      Cash

                Sept. 30          Notes Payable
                                  Interest Expense
                                  Interest Payable
                                      Cash

                Dec. 31           Interest Expense
                                      Interest Payable
          Dec. 31       Interest Expense
                            Cash

          Dec. 31       Premium on Bonds Payable
                           Interest Expense

          Dec. 31       Income Summary
                            Interest Expense

          2014
          June 30       Bonds Payable
                        Premium on Bonds Payable
                           Cash
                           Gain on Redemption of Bonds

          Sept. 30      Notes Payable
                        Interest Expense
                        Interest Payable
                            Cash



2.
     a.   2012 interest expense:

     b.   2013 interest expense:



3.
          Initial carrying amount of bonds
          Premium amortized on December 31, 2012
          Premium amortized on December 31, 2013
          Carrying amount of bonds, December 31, 2013    $ 48,673,530
49,851,213
              42,000,000
               7,851,213

  510,000
                510,000

   11,475
                 11,475

 2,730,000
               2,730,000

  392,561
                392,561

 2,348,914
               2,348,914



 2,730,000
               2,730,000

   67,789
   24,300 *
   24,300 *
                113,689

  392,561 *

				
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