# Week 3

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EXERCISE 14-3 (15–20 minutes) 1. | Divac Company: | | | | | | | | (a) | 1/1/10 | Cash | 300,000 | | | | | Bonds Payable | | 300,000 | | | | | | | | (b) | 7/1/10 | Interest Expense | | | | | | (\$300,000 X 9% X 3/12) | 6,750 | | | | | Cash | | 6,750 | | | | | | | | (c) | 12/31/10 | Interest Expense | 6,750 | | | | | Interest Payable | | 6,750 | 2. | Verbitsky Company: | | | | | | | | (a) | 6/1/10 | Cash | 210,000 | | | | | Bonds Payable | | 200,000 | | | | Interest Expense | | | | | | (\$200,000 X 12% X 5/12) | | 10,000 | | | | | | | | (b) | 7/1/10 | Interest Expense | 12,000 | | | | | Cash | | | | | | (\$200,000 X 12% X 6/12) | | 12,000 |

| (c) | 12/31/10 | Interest Expense | 12,000 | | | | | Interest Payable | | 12,000 | | | | | | |
Note to instructor: Some students may credit Interest Payable on 6/1/10. If they do so, the entry on 7/1/10 will have a debit to Interest Payable for \$10,000 and a debit to Interest Expense for \$2,000.

EXERCISE 14-6 (15–20 minutes) Schedule of Discount Amortization | Straight-Line Method |

Year | |
Cash Paid | |
Interest Expense | |
Discount Amortized | | Carrying Amount of Bonds | Jan. 1, 2010 | | | | | | | | \$2,783,724.00 | Dec. 31, 2010 | | \$300,000 | | \$343,255.20 | | \$43,255.20* | | 2,826,979.20 | Dec. 31, 2011 | | 300,000 | | 343,255.20 | | 43,255.20 | | 2,870,234.40 | Dec. 31, 2012 | | 300,000 | | 343,255.20 | | 43,255.20 | | 2,913,489.60 | Dec. 31, 2013 | | 300,000 | | 343,255.20 | | 43,255.20 | | 2,956,744.80 | Dec. 31, 2014 | | 300,000 | | 343,255.20 | | 43,255.20...

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