On January 1, 2021, Twister Enterprises, a manufacturer of a
variety of transportable spin rides, issues $430,000 of 6% bonds,
due in 20 years, with interest payable semiannually on June 30 and
December 31 each year.
Homework Answers
Journal entry
| Date | account and explanation | Debit | Credit |
| Jan 1 | Cash | 430000 | |
| Bonds payable | 430000 | ||
| (To record bond issue) | |||
| June 30 | Interest expense (430000*6%*6/12) | 12900 | |
| Cash | 12900 | ||
| (To record interest) | |||
| Dec 31 | Interest expense | 12900 | |
| Cash | 1290 | ||
| (To record interest) | |||
Add Answer to:
On January 1, 2021, Twister Enterprises, a manufacturer of a
variety of transportable spin rides, issues...
On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues...
On January 1, 2021, Twister Enterprises, a manufacturer of a
variety of transportable spin rides, issues $430,000 of 6% bonds,
due in 20 years, with interest payable semiannually on June 30 and
December 31 each year.
3. If the market interest rate is 5%, the bonds
will issue at $483,971. Record the bond issue on January 1, 2021,
and the first two semiannual interest payments on June 30, 2021,
and December 31, 2021. (If no entry is required for a...
On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues...
On January 1, 2021, Twister Enterprises, a manufacturer of a
variety of transportable spin rides, issues $430,000 of 6% bonds,
due in 20 years, with interest payable semiannually on June 30 and
December 31 each year.
2. If the market interest rate is 7%, the bonds will issue at
$384,087. Record the bond issue on January 1, 2021, and the first
two semiannual interest payments on June 30, 2021, and December 31,
2021. (If no entry is required for a...
On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues...
On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $480,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Required: 1. If the market interest rate is 8%, the bonds will issue at $480,000. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (if no entry is required for...
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On January 1, 2018, Twister Enterprises, a manufacturer of a
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due in 20 years, with interest payable semiannually on June 30 and
December 31 each year.
Required: 1. If the market interest rate is 7%, the bonds will issue at $500,000. Record the bond issue on January 1, 2018, and the first two semiannual interest payments on June 30, 2018, and December 31, 2018. (If no entry is required for...
On January 1, 2018, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues...
On January 1, 2018, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $540,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Required: 1. If the market interest rate is 7%, the bonds will issue at $540,000. Record the bond issue on January 1, 2018, and the first two semiannual interest payments on June 30, 2018, and December 31, 2018. (If no entry is required for...
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December 31 each year.
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On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues...
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On January 1, 2021, Twister Enterprises, a manufacturer of a
variety of transportable spin rides, issues $430,000 of 6% bonds,
due in 20 years, with interest payable semiannually on June 30 and
December 31 each year.
3. If the market interest rate is 5%, the bonds
will issue at $483,971. Record the bond issue on January 1, 2021,
and the first two semiannual interest payments on June 30, 2021,
and December 31, 2021. (If no entry is required for a...
On January 1, 2021, Twister Enterprises, a manufacturer of a
variety of transportable spin rides, issues $430,000 of 6% bonds,
due in 20 years, with interest payable semiannually on June 30 and
December 31 each year.
2. If the market interest rate is 7%, the bonds will issue at
$384,087. Record the bond issue on January 1, 2021, and the first
two semiannual interest payments on June 30, 2021, and December 31,
2021. (If no entry is required for a...
On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $480,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Required: 1. If the market interest rate is 8%, the bonds will issue at $480,000. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (if no entry is required for...
On January 1, 2018, Twister Enterprises, a manufacturer of a
variety of transportable spin rides, issues $500,000 of 7% bonds,
due in 20 years, with interest payable semiannually on June 30 and
December 31 each year.
Required: 1. If the market interest rate is 7%, the bonds will issue at $500,000. Record the bond issue on January 1, 2018, and the first two semiannual interest payments on June 30, 2018, and December 31, 2018. (If no entry is required for...
On January 1, 2018, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $540,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Required: 1. If the market interest rate is 7%, the bonds will issue at $540,000. Record the bond issue on January 1, 2018, and the first two semiannual interest payments on June 30, 2018, and December 31, 2018. (If no entry is required for...
On January 1, 2021, Splash City issues $450,000 of 7% bonds, due
in 10 years, with interest payable semiannually on June 30 and
December 31 each year.
Assuming the market interest rate on the issue date is 8%, the
bonds will issue at $419,423.
Required: 1. Complete the first three rows of an amortization table. (Round your intermediate and final answers to the nearest whole dollar.) Date Cash Paid Interest Expense Change in Carrying Value Carrying Value 1/1/21 6/30/21 12/31/21...
Required information (The following information applies to the questions displayed below.) On January 1, 2021, Splash City issues $380,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 9%, the bonds will issue at $349,051. 2. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If...
Required information [The following information applies to the questions displayed below.) On January 1, 2021. Splash City issues $300,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 8%, the bonds will issue at $279.615. Required: 1. Complete the first three rows of an amortization table. (Round your intermediate and final answers to the nearest whole dollar.) Date Cash Paid...
On January 1, Boston Enterprises issues bonds that have a $1,650,000 par value, mature in 20 years, and pay 10% interest semiannually on June 30 and December 31. The bonds are sold at par. 1. How much interest will Boston pay (in cash) to the bondholders every six months? 2. Prepare journal entries to record (a) the issuance of bonds on January 1: (b) the first interest payment on June 30; and (c) the second interest payment on December 31....
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