Soal TM 2 Pertemuan 18
Soal-soal
Long-Term Liabilities
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Petunjuk Pengerjaan Tugas Mandiri
Soal Tugas Mandiri (TM) dikerjakan secara berkelompok,
di tulis tangan pada kertas double folio dengan
rapi.Kelompok terdiri atas maksimal 3 orang anggota.
Dikumpulkan pada awal kuliah minggu/pertemuan
berikutnya.
Jawaban Soal TM yang sama, oleh mahasiswa secara
perorangan (individual) harus di “up load” pada forum
diskusi di binusmaya (LMS), pada kolom tugas. Up load
haryus sudah dilakukan paling lambat 7 hari setelah
pertemuan yang dimaksudkan.
Bila anda mengerjakan salah satunya saja atau tidak
keduanya maka anda dianggap tidak mengumpulkan TM
pada pertemuan yang dimaksudkan.
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SOAL TUGAS MANDIRI 18
P 16-4A
Presented below are three different lease transactions in which Ortiz Enterprises
engaged in 2005. Assume that all lease transactions start on January 1, 2005. In no case does Ortiz
receive title to the properties leased during or at the end of the lease term.
Type of property
Bargain purchase option
Lease term
Estimated economic life
Yearly rental
Fair market value of leased asset
Present value of the lease rental payment
Schoen Co.
Bulldozer
None
4 years
8 years
$13,000
$80,000
$48,000
Lessor
Casey Co.
Truck
None
6 years
7 years
$15,000
$72,000
$62,000
Lester Inc.
Furniture
None
3 years
5 years
$4,000
$27,000
$12,000
Instructions
a. Identify the lease above as operating or capital leases. Explain.
b. How should the lease transaction for Casey Co. be recorded on January 1, 2005?
c. How should the lease transaction for Laster Inc.Casey Co. be recorded in 2005?
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SOAL TUGAS MANDIRI 18
P16-6B On July 1, 2005, Wilkowski Company issued $2,000,000 face
value, 8%, 10-year bonds at $1,750,757. This price resulted in an
effective-interest rate of 10% on the bonds. Wilkowski uses the
effective-interest method to amortize bond premium or discount. The
bonds pay semiannual interest July and January 1.
Instructions
(a) Prepare the journal entries to record the following transactions.
(1) The issuance of the bonds on July 1, 2005.
(2) The accrual of interest and the amortization of the discount
on December 31, 2005.
(3) The payment of interest and the amortization of the discount
on July 1, 2006, assuming no accrual of interest on June
30.
(4) The accrual of interest and the amortization of the discount
on December 31, 2006.
(b) Show the proper balance sheet presentation for the liability for
bonds payable on the December 31, 2006, balance sheet.
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(c) Provide the answer to the following questions in letter
from.
(1) What amount of interest expense is reported for
2006?
(2) Would the bond interest expense reported in 2006
be the same as, greater than, or less than the
amount that would be reported if the straight-line
method of amortization were use?
(3) Determine the total cost of borrowing over the life
of the bond.
(4) Would the total bond interest expense be greater
than, the same as, or less than the total interest
expense that would be reported if the straight-line
method of amortization were use.
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SOAL TUGAS MANDIRI 18
P 16-9B
The following is taken from the McGovern Company balance sheet.
McGOVERN COMPANY
Balance Sheet (partial)
December 31, 2005
Current liabilities
Bond interest payable (for 6 months from July 1 to
December 31)
Long-term liablities
Bonds payable, 8% due January 1, 2016
Add: Premium on nonds payable
$ 120,000
$ 3,000,000
200,000
$ 3,200,00
Interest is payable semiannually on January 1. The bonds are callable on any semiannual interest
date. McGovern uses straight-line amortization for any bond premiun or discount. From December
31, 2005, te bonds will be outstanding for an additional 10 years (120 months).
Instructions
a. Journalize the payment of bond on January 1, 2006.
b. Prepare the entry to amortize bond premium and to pay the interest due on July 1, 2006,
assuming no accrual of interest on June 30.
c. Assume that on July 1, 2006, after paying interest, McGovern Company calls bonds hav ing a
face value of $1,800,000. The call price is 101. Record the redemption of the bonds.
d. Prepare the adjusting entry at December 31, 2006, to amortize bond premium and to accrue
interest on the remaining bonds.
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