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Bold Accountants Co. sells $6,000,000 of 10-year, 6% bonds priced to yield 55%. The bonds are...
FLA a manufacturer of parts for the air craft industry , sells $ 3,000,000 of six...
FLA a manufacturer of parts for the air craft industry , sells $ 3,000,000 of six year,6% bonds priced to yield 7.2%. the bonds are dated July 1 , 2020 but due to some regulatory hurdles are not issued until December 1, 2020. interest is payable annually on June 30 each year . FLA can call the bonds on July 1 ,2024 , at 102. the bonds sell for $2,838,944 plus accrued interest. FLA sells shares to the public for...
FLA a manufacturer of parts for the air craft industry , sells $ 3,000,000 of six...
FLA a manufacturer of parts for the air craft industry , sells $ 3,000,000 of six year,6% bonds priced to yield 7.2%. the bonds are dated July 1 , 2020 but due to some regulatory hurdles are not issued until December 1, 2020. interest is payable annually on June 30 each year . FLA can call the bonds on July 1 ,2024 , at 102. the bonds sell for $2,838,944 plus accrued interest. FLA sells shares to the public for...
2. On July 1, 2020 Turnage Corporation issued $2,000,000, 10%, 10-year bonds for $2,271,813. This price...
2. On July 1, 2020 Turnage Corporation issued $2,000,000, 10%, 10-year bonds for $2,271,813. This price was calculated using an 8% effective interest rate on the bonds. Turnage uses the effective interest method to amortize a bond premium or discount. The bonds pay semiannual interest on July 1 and January 1. Instructions (Round all calculations to the nearest dollar) a. Prepare the journal entry to record the issuance of the bonds on July 1, 2020. b. Prepare an amortization table...
Question 5 Really Amazing Vacations Ltd. issues $1,000,000 of ten-year, 10% bonds dated January 1,2020. Interest...
Question 5 Really Amazing Vacations Ltd. issues $1,000,000 of ten-year, 10% bonds dated January 1,2020. Interest is payable on January 1 and July 1 each year. The proceeds realized from the issue were the $1,048,801 sales price less the $80,000 fee charged by Really Amazing's investment bank. Really Amazing's year-end is December 31. Prepare journal entries: a. The issuance of the bonds. b. Payment of interest and related amortization on July 1, 2020. c. Accrual of interest and related amortization...
prepare journal entries to record a b and c Question 7 Legally Yours, a law firm,...
prepare journal entries to record a b and c
Question 7 Legally Yours, a law firm, sells $8,000,000 of four-year, 8% bonds priced to yield 6,6%. The bonds are dated January 1, 2021, but due to some regulatory hurdles are not issued until March 1, 2021. Interest is payable on January 1 and July 1 each year. The bonds sell for $8,388,175 plus accrued interest. in mid-June, Legally Yours earns an unusually large fee of $11,000,000 for one of its...
Harvey Company issued $612,000 of 10%, 20-year bonds on January 1, 2017, at 102. Interest is...
Harvey Company issued $612,000 of 10%, 20-year bonds on January 1, 2017, at 102. Interest is payable semiannually on July 1 and January 1. Harvey Company uses the effective-interest method of amortization for bond premium or discount. Assume an effective yield of 9.7705% Prepare the journal entries to record the following: (a) The issuance of the bonds. (b) The payment of interest and related amortization on July 1, 2017. (c) The accrual of interest and the related amortization on December...
Metlock Inc. issued $730,000 of 10.40%, 19-year bonds on January 1, 2020, at 103. Interest is...
Metlock Inc. issued $730,000 of 10.40%, 19-year bonds on January 1, 2020, at 103. Interest is payable semi-annually on July 1 and January 1. Metlock Inc. uses the effective interest method of amortization for any bond premium or discount. Assume an effective yield of 10.00%. (With a market rate of 10.00%, the issue price would be slightly higher. For simplicity, ignore this.) A. Prepare the journal entry to record the issuance of the bonds. B. Prepare the journal entry to...
Metlock Inc. issued $730,000 of 10.40%, 19-year bonds on January 1, 2020, at 103. Interest is...
Metlock Inc. issued $730,000 of 10.40%, 19-year bonds on January 1, 2020, at 103. Interest is payable semi-annually on July 1 and January 1. Metlock Inc. uses the effective interest method of amortization for any bond premium or discount. Assume an effective yield of 10.00%. (With a market rate of 10.00%, the issue price would be slightly higher. For simplicity, ignore this.) A. Prepare the journal entry to record the issuance of the bonds. B. Prepare the journal entry to...
Sunland Company issued $696,000 of 10%, 20-year bonds on January 1, 2020, at 102. Interest is...
Sunland Company issued $696,000 of 10%, 20-year bonds on January 1, 2020, at 102. Interest is payable semiannually on July 1 and January 1. Sunland Company uses the effective-interest method of amortization for bond premium or discount. Assume an effective yield of 9.7705%. Prepare the journal entries to record the following. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account...
Wildhorse Company issued $408,000 of 10%, 20-year bonds on January 1, 2020, at 102. Interest is...
Wildhorse Company issued $408,000 of 10%, 20-year bonds on January 1, 2020, at 102. Interest is payable semiannually on July 1 and January 1. Wildhorse Company uses the effective-interest method of amortization for bond premium or discount. Assume an effective yield of 9.7705%. Prepare the journal entries to record the following. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account...
2. On July 1, 2020 Turnage Corporation issued $2,000,000, 10%, 10-year bonds for $2,271,813. This price was calculated using an 8% effective interest rate on the bonds. Turnage uses the effective interest method to amortize a bond premium or discount. The bonds pay semiannual interest on July 1 and January 1. Instructions (Round all calculations to the nearest dollar) a. Prepare the journal entry to record the issuance of the bonds on July 1, 2020. b. Prepare an amortization table...
Question 5 Really Amazing Vacations Ltd. issues $1,000,000 of ten-year, 10% bonds dated January 1,2020. Interest is payable on January 1 and July 1 each year. The proceeds realized from the issue were the $1,048,801 sales price less the $80,000 fee charged by Really Amazing's investment bank. Really Amazing's year-end is December 31. Prepare journal entries: a. The issuance of the bonds. b. Payment of interest and related amortization on July 1, 2020. c. Accrual of interest and related amortization...
prepare journal entries to record a b and c
Question 7 Legally Yours, a law firm, sells $8,000,000 of four-year, 8% bonds priced to yield 6,6%. The bonds are dated January 1, 2021, but due to some regulatory hurdles are not issued until March 1, 2021. Interest is payable on January 1 and July 1 each year. The bonds sell for $8,388,175 plus accrued interest. in mid-June, Legally Yours earns an unusually large fee of $11,000,000 for one of its...
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