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On December 31, 2018, The Rock Restaurant borrowed $254,500 by issuing three-year, 7% bonds with a...
On December 31, 2018, Squidward Corporation issued $500,000, 8%, 20-year bonds for $414,210 cash when the...
On December 31, 2018, Squidward Corporation issued $500,000, 8%, 20-year bonds for $414,210 cash when the market rate of interest was 10%. The bonds pay interest semi-annually each June 30 and December 31. Squidward uses the effective interest method of amortization to amortize and premium or discount. What is the face value of the bond? exact number, no tolerance On December 31, 2018, Squidward Corporation issued $500,000, 8%, 20-year bonds for $414,210 cash when the market rate of interest was...
On December 31, 2018, P. Star Corporation issued $300,000, 12%, 15-year bonds for $346,120 cash when...
On December 31, 2018, P. Star Corporation issued $300,000, 12%, 15-year bonds for $346,120 cash when the market rate of interest was 10%. The bonds pay interest semi-annually each June 30 and December 31. P. Star uses the effective interest method of amortization to amortize any premium or discount. What is the face value of the bond? exact number, no tolerance On December 31, 2018, P. Star Corporation issued $300,000, 12%, 15-year bonds for $346,120 cash when the market rate...
On December 31, 2018, Squidward Corporation issued $500,000, 8%, 20-year bonds for $414,210 cash when the...
On December 31, 2018, Squidward Corporation issued $500,000, 8%, 20-year bonds for $414,210 cash when the market rate of Interest was 10%. The bonds pay interest semi-annually each June 30 and December 31. Squidward uses the effective interest method of amortization to amortize and premium or discount. Was this bond issued at a premium or discount? Type in a 1 for discount and a 2 for premium. exact number, no tolerance On December 31, 2018, Squidward Corporation issued $500,000, 8%,...
On January 1, 2018, Methodical Manufacturing issued 100 bonds, each with a face value of $1,000, a stated interest rate...
On January 1, 2018, Methodical Manufacturing issued 100 bonds, each with a face value of $1,000, a stated interest rate of 6 percent paid annually on December 31, and a maturity date of December 31, 2020. On the issue date, the market interest rate was 5.50 percent, so the total proceeds from the bond issue were $101,347. Methodical uses the straight-line bond amortization method and adjusts for any rounding errors when recording interest in the final year. Required: 1. Prepare...
On December 31, 2018, P. Star Corporation issued $300,000, 12 % , 15-year bonds for $346,120...
On December 31, 2018, P. Star Corporation issued $300,000, 12 % , 15-year bonds for $346,120 cash when the market rate of interest was 10%. The bonds pay interest semi-annually each June 30 and December 31. P. Star uses the effective interest method of amortization to amortize any premium or discount. Was the bond issued at a premium or a discount. Type in 1 for discount or 2 for premium. exact number, no tolerance On December 31, 2018, P. Star...
On December 31, 2013, Ironman Steel issued $1,300,000, 8-year bonds for $1,340,000. The stated rate of...
On December 31, 2013, Ironman Steel issued $1,300,000, 8-year bonds for $1,340,000. The stated rate of interest was 7% and interest is paid annually on December 31. Prepare the amortization table for Ironman Steel's bonds. Period Cash Payment (Credit) Interest Expense (Debit) Premium on Bonds Payable (Debit) Premium on Bonds Payable Balance Carrying Value
On December 31, 2018, Squidward Corporation issued $500,000, 8 % , 20-year bonds for $414,210 cash...
On December 31, 2018, Squidward Corporation issued $500,000, 8 % , 20-year bonds for $414,210 cash when the market rate of interest was 10%. The bonds pay interest semi-annually each June 30 and December 31. Squidward uses the effective interest method of amortization to amortize and premium or discount. Give the general journal entries required on (1) December 31, 2018 to record the issue of the bonds and (2) June 30, 2018, the first interest payment date. Make your entries...
On December 31, 2018, P. Star Corporation issued $300,000, 12%, 15-year bonds for $346,120 cash when...
On December 31, 2018, P. Star Corporation issued $300,000, 12%, 15-year bonds for $346,120 cash when the market rate of interest was 10%. The bonds pay interest semi-annually each June 30 and December 31. P. Star uses the effective interest method of amortization to amortize any premium or discount. Give the required journal entries on (1) December 31, 2018, the issue date and (2) June 30, 2019, the first interest payment date in the attached workpaper. You do not have...
On December 31, 2017, Plank Corporation issued $800,000, 6%, 5-year bonds for $735,100. The bonds were...
On December 31, 2017, Plank Corporation issued $800,000, 6%, 5-year bonds for $735,100. The bonds were sold to yield an effective-interest rate of 8%. Interest is paid annually on December 31. The company uses the effective-interest method of amortization. Prepare a bond discount amortization schedule which shows the amortization of discount for the first two interest payment dates. (Round answers to 0 decimal places, e.g. 5,275.) PLANKCORPORATION Bond Discount Amortization Effective-Interest Method-Annual Interest Payments 6% Bonds Issued at 8% Interest...
On June 30, 2017, Bramble Company issued $5,300,000 face value of 13%, 20-year bonds at $5,698,716,...
On June 30, 2017, Bramble Company issued $5,300,000 face value of 13%, 20-year bonds at $5,698,716, a yield of 12%. Bramble uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31 Prepare the journal entries to record the following transactions. (Round answer to 0 decimal places, e.g 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles...
On December 31, 2018, Squidward Corporation issued $500,000, 8%, 20-year bonds for $414,210 cash when the market rate of interest was 10%. The bonds pay interest semi-annually each June 30 and December 31. Squidward uses the effective interest method of amortization to amortize and premium or discount. What is the face value of the bond? exact number, no tolerance On December 31, 2018, Squidward Corporation issued $500,000, 8%, 20-year bonds for $414,210 cash when the market rate of interest was...
On December 31, 2018, P. Star Corporation issued $300,000, 12%, 15-year bonds for $346,120 cash when the market rate of interest was 10%. The bonds pay interest semi-annually each June 30 and December 31. P. Star uses the effective interest method of amortization to amortize any premium or discount. What is the face value of the bond? exact number, no tolerance On December 31, 2018, P. Star Corporation issued $300,000, 12%, 15-year bonds for $346,120 cash when the market rate...
On December 31, 2018, Squidward Corporation issued $500,000, 8%, 20-year bonds for $414,210 cash when the market rate of Interest was 10%. The bonds pay interest semi-annually each June 30 and December 31. Squidward uses the effective interest method of amortization to amortize and premium or discount. Was this bond issued at a premium or discount? Type in a 1 for discount and a 2 for premium. exact number, no tolerance On December 31, 2018, Squidward Corporation issued $500,000, 8%,...
On December 31, 2018, P. Star Corporation issued $300,000, 12 % , 15-year bonds for $346,120 cash when the market rate of interest was 10%. The bonds pay interest semi-annually each June 30 and December 31. P. Star uses the effective interest method of amortization to amortize any premium or discount. Was the bond issued at a premium or a discount. Type in 1 for discount or 2 for premium. exact number, no tolerance On December 31, 2018, P. Star...
On December 31, 2018, Squidward Corporation issued $500,000, 8 % , 20-year bonds for $414,210 cash when the market rate of interest was 10%. The bonds pay interest semi-annually each June 30 and December 31. Squidward uses the effective interest method of amortization to amortize and premium or discount. Give the general journal entries required on (1) December 31, 2018 to record the issue of the bonds and (2) June 30, 2018, the first interest payment date. Make your entries...
On December 31, 2018, P. Star Corporation issued $300,000, 12%, 15-year bonds for $346,120 cash when the market rate of interest was 10%. The bonds pay interest semi-annually each June 30 and December 31. P. Star uses the effective interest method of amortization to amortize any premium or discount. Give the required journal entries on (1) December 31, 2018, the issue date and (2) June 30, 2019, the first interest payment date in the attached workpaper. You do not have...
On December 31, 2017, Plank Corporation issued $800,000, 6%, 5-year bonds for $735,100. The bonds were sold to yield an effective-interest rate of 8%. Interest is paid annually on December 31. The company uses the effective-interest method of amortization. Prepare a bond discount amortization schedule which shows the amortization of discount for the first two interest payment dates. (Round answers to 0 decimal places, e.g. 5,275.) PLANKCORPORATION Bond Discount Amortization Effective-Interest Method-Annual Interest Payments 6% Bonds Issued at 8% Interest...
On June 30, 2017, Bramble Company issued $5,300,000 face value of 13%, 20-year bonds at $5,698,716, a yield of 12%. Bramble uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31 Prepare the journal entries to record the following transactions. (Round answer to 0 decimal places, e.g 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles...
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