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-   -   Can't answer this question, please I need help! (https://www.askmehelpdesk.com/showthread.php?t=736580)

  • Feb 27, 2013, 08:05 PM
    howwever412
    Can't answer this question, please I need help!
    Holiday Company issued its 9 %, 25-year mortgage bonds in the principal amount of $ 3,153,000 on January 2, 1998, at a discount of $ 163,000 , which it proceeded to amortize by charges to expense over the life of the issue on a straight-line basis. The indenture securing the issue provided that the bonds could be called for redemption in total but not in part at any time before maturity at 106 % of the principal amount, but it did not provide for any sinking fund.

    On December 18, 2012, the company issued its 11 %, 20-year debenture bonds in the principal amount of $ 4,108,000 at 103 , and the proceeds were used to redeem the 9 %, 25-year mortgage bonds on January 2, 2013. The indenture securing the new issue did not provide for any sinking fund or for retirement before maturity.

    (a) Prepare journal entries to record the issuance of (1) the 11 % bonds and (2) the retirement of the 9 % bonds
  • Feb 27, 2013, 08:43 PM
    Jackie B
    Now how are you ever going to learn if you get the answers to assignments from us? I urge you to sit down and look at your book for the answer. It is there for you to figure out. Good luck!
  • Feb 27, 2013, 09:35 PM
    KenH
    Quote:

    Originally Posted by Jackie B View Post
    now how are you ever going to learn if you get the answers to assignments from us? I urge you to sit down and look at your book for the answer. It is there for you to figure out. Good luck!

    My exact thoughts, Jackie! Good for you. This person must not have read today's news about the Harvard kids getting expelled for cheating. Howwever412: you might have had better luck breaking the assignment down into little parts (questions). Like just asking about the redemption clause of the first bonds (assuming you can at least figure out the straight-line amortization)! :)
  • Feb 27, 2013, 09:58 PM
    howwever412
    Quote:

    Originally Posted by KenH View Post
    My exact thoughts, Jackie! Good for you. This person must not have read today's news about the Harvard kids getting expelled for cheating. Howwever412: you might have had better luck breaking the assignment down into little parts (questions). Like just asking about the redemption clause of the first bonds (assuming you can at least figure out the straight-line amortization)! :)

    For both of you. I didn't ask you to do it. I asked for help, so stop advising. I know what I am doing.
  • Feb 28, 2013, 02:14 PM
    Jackie B
    howwever412: my computer shut suddenly while I was responding to your last post. I sense that my and KenH's posts somehow upset you. I'm sorry for that, however you can't have it both ways-you said you didn't ask for us to do your problem, only for help? Get honest with yourself. At the risk of being accused of advising, you might ask your school or institution for a tutor or mentor to help you? It might help you to get over your hurdle, although good study habits wouldn't hurt either. I only speak from many years' experience, and sincerely hope you take this with a positive attitude. I have nothing to gain, except hope you will be helped.
  • Feb 28, 2013, 02:42 PM
    Mcsap9213
    There is a difference between helping someone and doing their homework.

    I don't mind doing the first , I won't do the latter.

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