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Extra info for Accounting Principles 2
10 MJM, Capital TLM, Capital 70,000 70,000 Buyout of MJM by TLM The cash that MJM receives from TLM is not recorded on the partnership’s books as it is an exchange of an investment by individuals with no assets being given to or taken from the partnership. Therefore, it does not matter whether TLM pays $50,000, $70,000, or $100,000 for MJM’s partnership interest, the partnership simply records the change in the partner’s capital accounts using the current balance in the MJM, capital account. Investment in the partnership.
15 ($623 ÷ 20) of interest expense would be recognized every six months. This has been rounded to $31 for illustration 26 CLIFFSQUICKREVIEW LONG-TERM LIABILITIES purposes. The amount of discount amortized ($31) is added to the interest paid ($450) to determine the total interest expense recorded. The entry to pay interest on December 31, 20X1 would be: General Journal Date Account Title and Description Dec. 31 Interest Expense Ref. Debit Credit 481 Discount on Bonds Payable ($623 ÷ 20) 31 Cash ($10,000 × 9% × 6 ⁄ 12 ) 450 Pay semiannual interest using straight-line amortization After the payment is recorded, the carrying value of the bonds payable on the balance sheet increases to $9,408 because the discount has decreased to $592 ($623 – $31).
Amortization of the discount may be done using the straight-line or the effective interest method. Currently, generally accepted accounting principles require use of the effective interest method of amortization unless the results under the two methods are not significantly different. If the amounts of interest expense are similar under the two methods, the straight-line method may be used. The straight-line method of allocating the discount to interest expense (also called amortization of the discount) spreads the $623 of discount evenly over the 20 semiannual interest payments made for the bonds.
Accounting Principles 2 by Speedy Publishing