Homework Answers
Journal entry
| Date | General Journal | Debit | Credit |
| Dec 31,2021 | Interest expense (220132-2188)*9% | 19615 | |
| Premium on bonds payable | 2385 | ||
| Cash | 22000 |
Journal entry
| Date | General Journal | Debit | Credit |
| Dec 31,2022 | Interest expense (220132-2188-2385)*9% | 19400 | |
| Premium on bonds payable | 2600 | ||
| Cash | 22000 |
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Cornerstone Exercise 9-38 Bonds Issued at a Premium (Effective Interest) Charger Battery issued $200,000 of 11%,...
Cornerstone Exercise 9-38 Bonds issued at a Premium (Effective Interest) Charger Battery issued $200,000 of 115, 7-...
Cornerstone Exercise 9-38 Bonds issued at a Premium (Effective Interest) Charger Battery issued $200,000 of 115, 7-year bonds on January 1, 2020, for $220,132. Interest is paid Required: Prepare the journal entries for December 31, 2021 and 2022. required, round your answers to the nearest whole della on December 31. The market rate of interestis Dec 31, 2021 < Dec 31, 2022 Cudy Work 1 ore Check My Work uses remaining
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please explain how to find cash,bond payable, and interst expense Cornerstone Exercise 9-32 (Algorithmic) Bonds Issued...
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Kiwi Corporation issued at par $350,000, 9% bonds on January 1, 2020. Interest is paid annually on December 31. The principal and the final interest payment are due on December 31, 2021. Required: 1. Prepare the entry to recognize the issuance of the bonds. 2020 Jan. 1 Cash Bonds Payable Cash Discount on Bonds Payable Interest Expense Premium on Bonds Payable Bonds Payable Bonds Payable Cash Discount on Bonds Payable Interest Expense Premium on Bonds Payable Record issuance of bonds...
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Cornerstone Exercise 9-32 (Algorithmic) Bonds Issued at a Discount (Effective Interest) Sicily Corporation issued $750,000 in 6% bonds (payable on December 31, 2029) on January 1, 2020, for $675,000. Interest is paid on June 30 and December 31. The market rate of interest is 10%. Required: Prepare the journal entries for December 31, 2020 and 2021. Round amounts to the nearest whole dollar. Dec. 31, 2020 Interest Expense 26,250 X Discount on Bonds Payable 3,750 X Cash 22,500 Interest Expense...
Cornerstone Exercise 9-32 (Algorithmic) Bonds Issued at a Discount (Effective Interest) Sicily Corporation issued $750,000 in 6% bonds (payable on December 31, 2029) on January 1, 2020, for $675,000. Interest is paid on June 30 and December 31. The market rate of interest is 10%. Required: Prepare the journal entries for December 31, 2020 and 2021. Round amounts to the nearest whole dollar. Dec. 31, 2020 Interest Expense 26,250 X Discount on Bonds Payable 3,750 X Cash 22,500 Interest Expense...
Cornerstone Exercise 9-32 (Algorithmic) Bonds Issued at a Discount (Effective Interest) Sicily Corporation issued $750,000 in 6% bonds (payable on December 31, 2029) on January 1, 2020, for $675,000. Interest is paid on June 30 and December 31. The market rate of interest is 10%. Required: Prepare the journal entries for December 31, 2020 and 2021. Round amounts to the nearest whole dollar. Dec. 31, 2020 Interest Expense 26,250 x Discount on Bonds Payable 3,750 x Cash 22,500 Dec. 31,...
eBook Calculator Cornerstone Exercise 9-34 Issued Bonds at a Discount (Effective Interest) Crafty Corporation issued $475,000 of 5%, 7-year bonds on January 1, 2020, for $448,484. Interest is paid annually on December 31. The market rate of interest is 6%. Required: Basic Prepare the journal entry for December 31, 2020 and 2021. If required, round your answers to the nearest whole dollar Dec 31, 2020 Interest Expense Cash Discount on Bonds Payable Dec 31, 2021 Interest Expense Cash Discount om...
Cornerstone Exercise 9-32 (Algorithmic) Bonds Issued at a Discount (Effective Interest) Sicily Corporation issued $750,000 in 6% bonds (payable on December 31, 2029) on January 1, 2020, for $675,000. Interest is paid on June 30 and December 31. The market rate of interest is 10%. Required: Prepare the journal entries for December 31, 2020 and 2021. Round amounts to the nearest whole dollar. Dec. 31, 2020 Interest Expense Discount on Bonds Payable Cash 111 111 Dec. 31, 2021 Interest Expense...
please explain how to find cash,bond payable, and interst
expense
Cornerstone Exercise 9-32 (Algorithmic) Bonds Issued at a Discount (Effective Interest) Sicily Corporation issued $650,000 in 8% bonds (payable on December 31, 2029) on January 1, 2020, for $617,500: Interest is paid on June 30 and December 31. The market rate of interest is 99% Required: Prepare the journal entries for December 31, 2020 and 2021. Round amounts to the nearest whole dollar Dec 31, 2020 Interest Expen Discount on...
Brief Exercise 9-56 Bonds Issued at a Discount (Effective Interest) Crafty Corporation received $472,088 of cash upon issuance of 500 $1,000 par value bonds. Each bond has a stated rate of 5% and will mature on December 31, 2026, 7 years after the issuance of the bonds. Interest is paid annually on December 31. The market rate of interest is 6%. Required: Prepare the journal entry for December 31, 2022. If required, round amounts to the nearest whole dollar. 2022...
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