On March 1, 2016, the annual payment of $20,000 on the Note Payable (A/C 2500) w

Question

On March 1, 2016, the annual payment of $20,000 on the Note Payable (A/C 2500) will be paid, with annual interest of 3.75%.   The mortgage bonds are not due until 2018. Prepare the necessary journal entries. The company has negotiated a new loan payable as of 12/1/15 in the amount of $60,000, due in annual installments of $15,000, plus 4% interest for the next 4 years. Prepare a schedule of long-term liabilities with the current portion along with the necessary journal entries as of 12/31/15. On July 1, 2015, Turner issued 1,000 shares of common stock at $180 per share for cash. Prepare the necessary journal entries as well as the disclosures on the balance sheet. On March 1, 2016, the annual payment of $20,000 on the Note Payable (A/C 2500) will be paid, with annual interest of 3.75%.   The mortgage bonds are not due until 2018. Prepare the necessary journal entries. The company has negotiated a new loan payable as of 12/1/15 in the amount of $60,000, due in annual installments of $15,000, plus 4% interest for the next 4 years. Prepare a schedule of long-term liabilities with the current portion along with the necessary journal entries as of 12/31/15. On July 1, 2015, Turner issued 1,000 shares of common stock at $180 per share for cash. Prepare the necessary journal entries as well as the disclosures on the balance sheet.

Explanation / Answer

3) Turner's - Journal entries

Cash (1000*180) 180000

common stock 180000

Disclosure in balancesheet

Stockholders' Equity

Contributed Capital

Common stock, 1,000 shares issued

$180000

Stockholders' Equity

Contributed Capital

Common stock, 1,000 shares issued

$180000

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