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SpringFit Corporation

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Bonds Payable

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SpringFit Corporation

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You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the business. You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous year’s journal entries, shown as follows:

Journal Entries, Year 1

PAGE 15

GENERAL JOURNAL

ACCOUNTING EQUATION

DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY
1 Jan. 1 Cash 1,008,960.00
2 Premium on Bonds Payable 58,960.00
3 Bonds Payable 950,000.00
4 Jun. 30 Interest Expense 18,427.00
5 Premium on Bonds Payable 2,948.00
6 Cash 21,375.00
7 Jul. 1 Cash 1,921,280.00
8 Discount on Bonds Payable 78,720.00
9 Bonds Payable 2,000,000.00
10 Dec. 31 Interest Expense 18,427.00
11 Premium on Bonds Payable 2,948.00
12 Cash 21,375.00
13 31 Interest Expense 41,560.00
14 Discount on Bonds Payable 6,560.00
15 Cash 35,000.00
16 31 Income Summary 78,414.00
17 Interest Expense 78,414.00 Review the journal entries on the SpringFit Corporation panel, then answer the following questions.

1. Assuming that no bonds had been issued prior to Year 1, how many different bonds appear in the journal entries for this year?
2. Which entry shows bonds issued at a contract rate lower than the market rate of interest? Choose the date.
3. How much interest was paid during the year on the bonds in question (2)?
4. What is the carrying amount of the bonds in question (2) at the end of the year?
5. Which entry shows bonds that sold for more than their face amount? Choose the date.
6. How much interest was paid during the year on the bonds in question (5)?
7. Assuming that straight-line amortization is used for the bonds in (5), what is the bond life?
8. What is the carrying value of the bonds in question (5) at the end of the year? Get Accounting Homework Help Today

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