P2. October 1, 2021, Wildcat Company issued a $500,000, 8 percent, six-month note to borrow $500,000 from Bank of Americ
Posted: Fri Jul 01, 2022 8:51 am
- P2 October 1 2021 Wildcat Company Issued A 500 000 8 Percent Six Month Note To Borrow 500 000 From Bank Of Americ 1 (61.7 KiB) Viewed 55 times
- P2 October 1 2021 Wildcat Company Issued A 500 000 8 Percent Six Month Note To Borrow 500 000 From Bank Of Americ 2 (94.8 KiB) Viewed 55 times
P2. October 1, 2021, Wildcat Company issued a $500,000, 8 percent, six-month note to borrow $500,000 from Bank of America. Wildcat paid the principal of $500,000 and interest on the note to the bank on the maturity date. March 31, 2022. Instructions: prepare any necessary journal entries for Wildcat on 1) 10/1/2021, 2) 12/31/2021. 3) 3/31/2022.
P4. Coyote Company issues500 shares, 5-year, 8%, $1,000 bonds (i.e., par value / share = $1,000) dated January 1, 2021, at 120% of par value. The interest should be paidon 12/31 of each year. Instructions: Prepare any necessary journal entries for the bond on 1) 1/1/2021, 2) 12/31/2021, 3) 12/31/2024, the maturity date of the bond.