[jeff]

FAR Resources:

Free FAR Notes & Audio – https://www.another71.com/cpa-exam-study-plan

FAR 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

FAR Score Release: https://www.another71.com/cpa-exam-scores-results-release

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Anonymous]

I'm moving it to the beginning of April. I was scheduled for 02/26, but was wobbling between keeping it in February or moving it to April. I just spent 5 straight days (from the time I woke up until I went to sleep–only getting 4-5 hours of sleep each night) helping my parents move and have not studied an ounce since last Wednesday. It's all good. Now I won't feel so rushed to fit it all in. I may even add a lecture or two in there to help nail some of the material down. 🙂

[Anonymous]

I'm moving it to the beginning of April. I was scheduled for 02/26, but was wobbling between keeping it in February or moving it to April. I just spent 5 straight days (from the time I woke up until I went to sleep–only getting 4-5 hours of sleep each night) helping my parents move and have not studied an ounce since last Wednesday. It's all good. Now I won't feel so rushed to fit it all in. I may even add a lecture or two in there to help nail some of the material down. 🙂

[lvr21]

Good luck! I'm sure you will get it! :)! Sometimes you just gotta do what you gotta do!

Can anyone give me the journal entries for this question? I know the answer, but I want to see the actual je's.. please!

On June 2, Year 1 Tory, Inc. issued $500,000 of 10%, 15-year bods at par. Interest is payable semiannually on June 1 and December 1. Bond issue costs were $6000. On June 2, Year 6, Tory retired half of the bonds at 98. What is the net amount that Tory should use in computig the gain or loss on retirement of debt?

A. 249,000

B. 247,000

C. 248,500

D. 248,000

D is the correct answer

{R: PASSED!! (I passed one!)}
{B: PASSED!! (Halfway there!)}
{F: PASSED!! (1 left!!!)}
{A: PASSED(I am done!!)}

[lvr21]

Good luck! I'm sure you will get it! :)! Sometimes you just gotta do what you gotta do!

Can anyone give me the journal entries for this question? I know the answer, but I want to see the actual je's.. please!

On June 2, Year 1 Tory, Inc. issued $500,000 of 10%, 15-year bods at par. Interest is payable semiannually on June 1 and December 1. Bond issue costs were $6000. On June 2, Year 6, Tory retired half of the bonds at 98. What is the net amount that Tory should use in computig the gain or loss on retirement of debt?

A. 249,000

B. 247,000

C. 248,500

D. 248,000

D is the correct answer

{R: PASSED!! (I passed one!)}
{B: PASSED!! (Halfway there!)}
{F: PASSED!! (1 left!!!)}
{A: PASSED(I am done!!)}

[smsingla]

@Ivr21

dr.Bonds payble 250,000

cr. Cash 245,000 (250,000×98%)

cr.Bond Issuance cost 3000 ( bond issuance cost has normal bal. of debit, to remove we will credit it)

cr. Gain 2,000 (plug)

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[smsingla]

@Ivr21

dr.Bonds payble 250,000

cr. Cash 245,000 (250,000×98%)

cr.Bond Issuance cost 3000 ( bond issuance cost has normal bal. of debit, to remove we will credit it)

cr. Gain 2,000 (plug)

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[HeartsMimiCPA]

Bond Payable 250000

Cash 245000

Bond issue cost 2000

Gain 3000

Net amount used is the carrying value of the bond. Carrying value is Face – unamortized discount +unamortized premium – unamortized bond costs = 500000-4000 (6000(10 years left/15 year bond)) = 496,000.Divide by two for half the bonds = 248000

AUD - 65, 89!
REG - 70, 89!
FAR - 78!
BEC - 77!

Finally!
Experience 06/30/15
Ethics-Done

VA Licensed 09/15/15

[HeartsMimiCPA]

Bond Payable 250000

Cash 245000

Bond issue cost 2000

Gain 3000

Net amount used is the carrying value of the bond. Carrying value is Face – unamortized discount +unamortized premium – unamortized bond costs = 500000-4000 (6000(10 years left/15 year bond)) = 496,000.Divide by two for half the bonds = 248000

AUD - 65, 89!
REG - 70, 89!
FAR - 78!
BEC - 77!

Finally!
Experience 06/30/15
Ethics-Done

VA Licensed 09/15/15

[teeteenounouche]

Can you please post the explanation to this problem lvr21?

Florida:
AUD: 73, 81! Thank you Lord!
BEC: 73, 77! Thank you Lord! and WTB
REG: 71, 82! Thank you Lord! and A71
FAR: 72, 78! Thank you God and my Mommy in Heaven!

CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

[teeteenounouche]

Can you please post the explanation to this problem lvr21?

Florida:
AUD: 73, 81! Thank you Lord!
BEC: 73, 77! Thank you Lord! and WTB
REG: 71, 82! Thank you Lord! and A71
FAR: 72, 78! Thank you God and my Mommy in Heaven!

CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

[samdiegoCPA]

CPAMommy – I tell everyone this. Schedule it for the last week of the cutoff for score release (I think it's like mid-April) or you will be sorry! I spent 5 weeks waiting for my REG score because I scheduled mine terribly.

AUD: 84
REG: 84
BEC: 79
FAR: 83

[samdiegoCPA]

CPAMommy – I tell everyone this. Schedule it for the last week of the cutoff for score release (I think it's like mid-April) or you will be sorry! I spent 5 weeks waiting for my REG score because I scheduled mine terribly.

AUD: 84
REG: 84
BEC: 79
FAR: 83

[Anonymous]

@samdiego–I swear we could be twins. I always schedule it as close to cutoff as possible. Right now my center is booked past the 12th. I'll check back in a few weeks before the 30 days kicks in and see if I can get it closer to the 20th, but that's Easter weekend so I doubt the centers are even open. I hate the long score release wait. 🙂

[Anonymous]

@samdiego–I swear we could be twins. I always schedule it as close to cutoff as possible. Right now my center is booked past the 12th. I'll check back in a few weeks before the 30 days kicks in and see if I can get it closer to the 20th, but that's Easter weekend so I doubt the centers are even open. I hate the long score release wait. 🙂

[Mel]

Bye CPAMommy!! Hope you do well on your exam. Hopefully i can pass FAR this time around so that i don't have to join you in the Q2 FAR thread.

[Author]

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