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Question 17 Show Attempt History Your answer is correct. on January 1, 2017, S 3180000, the...
On January 1, 2017, $5600000, 5-year, 10% bonds, were issued for $5936000. Interest is paid annually...
On January 1, 2017, $5600000, 5-year, 10% bonds, were issued for $5936000. Interest is paid annually on January 1. If the issuing corporation uses the straight-line method to amortize premium on bonds payable, the monthly amortization amount is: 5600 6720 49465 67200
On January 1, $2,000,000, 5-year, 10% bonds, were issued for $1,960,000. Interest is paid semiannually on...
On January 1, $2,000,000, 5-year, 10% bonds, were issued for $1,960,000. Interest is paid semiannually on January 1 and July 1. If the issuing corporation uses the straight-line method to amortize discount on bonds payable, the semiannual amortization amount is $2,000 $8,000 $10,000 $4,000
1. On January 1, $808,000, five-year, 10% bonds, were issued for $783,760. Interest is paid semiannually...
1. On January 1, $808,000, five-year, 10% bonds, were issued for $783,760. Interest is paid semiannually on January 1 and July 1. If the issuing corporation uses the straight-line method to amortize the discount on bonds payable, the semiannual amortization amount is a.$40,400 b.$4,848 c.$24,240 d.$2,424 2. Bonds Payable has a balance of $991,000 and Premium on Bonds Payable has a balance of $10,901. If the issuing corporation redeems the bonds at 103, what is the amount of gain or...
Hartley Company sold $900,000, 10-year, 9% bonds on January 1 for $885,000. Interest is to be...
Hartley Company sold $900,000, 10-year, 9% bonds on January 1 for $885,000. Interest is to be paid annually on January 1. If the issuing corporation uses the straight-line method to amortize discounts and premiums on bonds payable, the amount of bond interest expense to be recognized in the year issued is Group of answer choices $90,000. $81,000. $82,500. $88,500. $79,500.
Novak Corp. issued $ 400,000, 6%, 25-year bonds on January 1, 2017, for $ 353,386. This price resulted...
Novak Corp. issued $ 400,000, 6%, 25-year bonds on January 1, 2017, for $ 353,386. This price resulted in an effective-interest rate of 7% on the bonds. Interest is payable annually on January 1. Novak uses the effective-interest method to amortize bond premium or discount. Prepare the schedule using effective-interest method to amortize bond premium or discount of Novak Corp.. (Round answers to 0 decimal places, e.g. 5,250.) Interest Periods Interest to Be Paid Interest Expense to Be Recorded Discount Amortization Unamortized Discount...
On January 1, 2012, Scott Corporation issued 10-year $100,000 bonds with a 6% stated rate of...
On January 1, 2012, Scott Corporation issued 10-year $100,000 bonds with a 6% stated rate of interest at 103. Scott Corporation pays the interest annually on December 31 and uses the straight-line amortization method. Which of the following is the correct general journal entry to record the interest expense for 2012? Debit Credit a. Interest Expense 6,000 Premium on Bonds Payable 300 Cash 5,700 b. Interest Expense 6,000 Cash 6,000 c. Interest Expense 6.300 Premium on Bonds Payable 300 Cash...
Question 8 View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect....
Question 8 View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect. The accounting for bonds payable is: not covered by IFRS the same except that market prices may be different because the present value calculations are different between IFRS and GAAP. o differs in that GAAP requires use of the straight-line method for amortization of bond premium and discount. essentially the same under IFRS and GAAP.
Question 4 Sunland Company sold $3,280,000 109 10-year bonds on january 1, 2017. The bonds were...
Question 4 Sunland Company sold $3,280,000 109 10-year bonds on january 1, 2017. The bonds were dated January 2017 and pay nterest on January The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually. Your answer is correct. Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1) 101 and (2) 96. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account...
(Entries for Bond Transactions-straight line) Celine Dion-company issued $600,000 of 10%-20-year bonds on January 1, 2017...
(Entries for Bond Transactions-straight line) Celine Dion-company issued $600,000 of 10%-20-year bonds on January 1, 2017 at 102. Interest is payable semiannually on July 1 and January 1. Dion company uses the straight-line method of amortization for bond premium or discount. Instructions: Prepare the journal entries to record the following: a) The issuance of the bonds b) The payment of interest and the related amortization on July 1, 2017 c) The accrual of interest and the related amortization on December...
On January 1, 2019, Sandy Cheeks Corporation purchased $80,000, 8%, 16-year bond as a LONG-TERM Investment...
On January 1, 2019, Sandy Cheeks Corporation purchased $80,000, 8%, 16-year bond as a LONG-TERM Investment for $89,600 cash. The bonds pay interest semi-annually each June 30 and December 31. Sandy Cheeks uses the straight- line method of amortization to amortize any premium or discount. What is the face value of the bond? exact number, no tolerance On January 1, 2019, Sandy Cheeks Corporation purchased $80,000, 8%, 16-year bond as a LONG-TERM investment for $89,600 cash. The bonds pay interest...
On January 1, 2012, Scott Corporation issued 10-year $100,000 bonds with a 6% stated rate of interest at 103. Scott Corporation pays the interest annually on December 31 and uses the straight-line amortization method. Which of the following is the correct general journal entry to record the interest expense for 2012? Debit Credit a. Interest Expense 6,000 Premium on Bonds Payable 300 Cash 5,700 b. Interest Expense 6,000 Cash 6,000 c. Interest Expense 6.300 Premium on Bonds Payable 300 Cash...
Question 8 View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect. The accounting for bonds payable is: not covered by IFRS the same except that market prices may be different because the present value calculations are different between IFRS and GAAP. o differs in that GAAP requires use of the straight-line method for amortization of bond premium and discount. essentially the same under IFRS and GAAP.
Question 4 Sunland Company sold $3,280,000 109 10-year bonds on january 1, 2017. The bonds were dated January 2017 and pay nterest on January The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually. Your answer is correct. Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1) 101 and (2) 96. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account...
On January 1, 2019, Sandy Cheeks Corporation purchased $80,000, 8%, 16-year bond as a LONG-TERM Investment for $89,600 cash. The bonds pay interest semi-annually each June 30 and December 31. Sandy Cheeks uses the straight- line method of amortization to amortize any premium or discount. What is the face value of the bond? exact number, no tolerance On January 1, 2019, Sandy Cheeks Corporation purchased $80,000, 8%, 16-year bond as a LONG-TERM investment for $89,600 cash. The bonds pay interest...
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