Homework Answers
Journal entries
| No | Date | General Journal | Debit | Credit |
| 1 | Feb 01 | Cash | 832290 | |
| Discount on bonds payable | 67710 | |||
| Bonds payable | 900000 | |||
| 2 | July 31 | Interest expense | 49937 | |
| Discount on bonds payable | 437 | |||
| Cash | 49500 | |||
| 3 | Dec 31 | Interest expense (832727*12%*5/12) | 41636 | |
| Discount on bonds payable | 386 | |||
| Interest payable | 41250 | |||
| 4 | January 31 | Interest expense | 8173 | |
| Interest payable | 41250 | |||
| Discount on bonds payable | 77 | |||
| Cash | 49500 | |||
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On February 1, 2021, Strauss-Lombardi issued 11% bonds, dated February 1, with a face amount of...
On February 1, 2021, Strauss-Lombardi issued 9% bonds, dated February 1, with a face amount of...
On
February 1, 2021, Strauss-Lombardi issued 9% bonds, dated February
1, with a face amount of $780,000. The bonds sold for $713,083 and
mature on January 31, 2041 (20 years). The market yield for bonds
of similar risk and maturity was 10%. Interest is paid semiannually
on July 31 and January 31. Strauss-Lombardi’s fiscal year ends
December 31. Required: 1. to 4. Prepare the journal entries to
record their issuance by Strauss-Lombardi on February 1, 2021,
interest on July 31,...
On February 1, 2021, Strauss-Lombardi issued 9% bonds, dated February 1, with a face amount of...
On February 1, 2021, Strauss-Lombardi issued 9% bonds, dated February 1, with a face amount of $800,000. The bonds sold for $731,364 and mature on January 31, 2041 (20 years). The market yield for bonds of similar risk and maturity was 10%. Interest is paid semiannually on July 31 and January 31. Strauss-Lombardi's fiscal year ends December 31. Required: 1. to 4. Prepare the journal entries to record their issuance by Strauss-Lombardi on February 1, 2021, interest on July 31,...
On February 1, 2018, Strauss-Lombardi issued 10% bonds, dated February 1, with a face amount of...
On February 1, 2018, Strauss-Lombardi issued 10% bonds, dated February 1, with a face amount of $850,000. The bonds sold for $781,801 and mature on January 31, 2038 (20 years). The market yield for bonds of similar risk and maturity was 11%. Interest is paid semiannually on July 31 and January 31. Strauss-Lombardi’s fiscal year ends December 31. Required: 1. to 4. Prepare the journal entry to record their issuance by Strauss-Lombardi on February 1, 2018, interest on July 31,...
On February 1, 2021, Cromley Motor Products issued 10% bonds, dated February 1, with a face...
On February 1, 2021, Cromley Motor Products issued 10% bonds,
dated February 1, with a face amount of $60 million. The bonds
mature on January 31, 2025 (4 years). The market yield for bonds of
similar risk and maturity was 12%. Interest is paid semiannually on
July 31 and January 31. Barnwell Industries acquired $60,000 of the
bonds as a long-term investment. The fiscal years of both firms end
December 31. (FV of $1, PV of $1, FVA of $1,...
On March 1, 2021, Stratford Lighting issued 10% bonds, dated March 1, with a face amount...
On March 1, 2021, Stratford Lighting issued 10% bonds, dated March 1, with a face amount of $870,000. The bonds sold for $855,000 and mature on February 28, 2041 (20 years). Interest is paid semiannually on August 31 and February 28. Stratford uses the straight- line method and its fiscal year ends December 31. Required: 1. to 4. Prepare the journal entries to record the issuance of the bonds by Stratford Lighting on March 1, 2021, interest on August 31,...
Federal Semiconductors issued 11% bonds, dated January 1, with a face amount of $830 milion on...
Federal Semiconductors issued 11% bonds, dated January 1, with a face amount of $830 milion on January 1, 2021. The bonds sold for $767,557,868 and mature on December 31, 2040 20 years). For bonds of similar risk and maturity the market yield was 123. Interestis paid semiannually on June 30 and December 31. Federal determines interest at the effective rate. Federal elected the option to report these bonds at their fair value. On December 31, 2021, the fair value of...
On February 1, 2021. Sanford & Son issued 10% bonds dated February 1, 2021, with a...
On February 1, 2021. Sanford & Son issued 10% bonds dated February 1, 2021, with a face amount of $230,000. The bonds sold for $275,524 and mature in 20 years. The effective interest rate for these bonds was 8%. Interest is paid semiannually on July 31 and January 31. Sanford & Son's fiscal year is the calendar year. Required: 1. Prepare the journal entry to record the bond issuance on February 1, 2021. 2. Prepare the entry to record interest...
On February 1,2021, Fox Corp. issued 9%bonds dated February 1,2021, with a face amount of $290000....
On February 1,2021, Fox Corp. issued 9%bonds dated
February 1,2021, with a face amount of $290000.
On February 1, 2021, Fox Corporation issued 9% bonds dated February 1, 2021. with a face amount of $290,000. The bonds sold for $265,121 and mature in 20 years. The effective interest rate for these bonds was 10%. Interest is paid semiannually on July 31 and January 31. Fox's fiscal year is the calendar year. Fox uses the straight-line method of amortization. Required: 1....
On March 1, 2021, Stratford Lighting issued 12% bonds, dated March 1, with a face amount...
On March 1, 2021, Stratford Lighting issued 12% bonds, dated March 1, with a face amount of $810,000. The bonds sold for $795,000 and mature on February 28, 2041 (20 years). Interest is paid semiannually on August 31 and February 28. Stratford uses the straight-line method and its fiscal year ends December 31. Required: 1. to 4. Prepare the journal entries to record the issuance of the bonds by Stratford Lighting on March 1, 2021, interest on August 31, 2021,...
On March 1, 2021, Stratford Lighting issued 12% bonds, dated March 1, with a face amount...
On March 1, 2021, Stratford Lighting issued 12% bonds, dated March 1, with a face amount of $720,000. The bonds sold for $714,000 and mature on February 28, 2041 (20 years). Interest is paid semiannually on August 31 and February 28. Stratford uses the straight-line method and its fiscal year ends December 31. Required: 1. to 4. Prepare the journal entries to record the issuance of the bonds by Stratford Lighting on March 1, 2021, interest on August 31, 2021,...
On
February 1, 2021, Strauss-Lombardi issued 9% bonds, dated February
1, with a face amount of $780,000. The bonds sold for $713,083 and
mature on January 31, 2041 (20 years). The market yield for bonds
of similar risk and maturity was 10%. Interest is paid semiannually
on July 31 and January 31. Strauss-Lombardi’s fiscal year ends
December 31. Required: 1. to 4. Prepare the journal entries to
record their issuance by Strauss-Lombardi on February 1, 2021,
interest on July 31,...
On February 1, 2021, Strauss-Lombardi issued 9% bonds, dated February 1, with a face amount of $800,000. The bonds sold for $731,364 and mature on January 31, 2041 (20 years). The market yield for bonds of similar risk and maturity was 10%. Interest is paid semiannually on July 31 and January 31. Strauss-Lombardi's fiscal year ends December 31. Required: 1. to 4. Prepare the journal entries to record their issuance by Strauss-Lombardi on February 1, 2021, interest on July 31,...
On February 1, 2021, Cromley Motor Products issued 10% bonds,
dated February 1, with a face amount of $60 million. The bonds
mature on January 31, 2025 (4 years). The market yield for bonds of
similar risk and maturity was 12%. Interest is paid semiannually on
July 31 and January 31. Barnwell Industries acquired $60,000 of the
bonds as a long-term investment. The fiscal years of both firms end
December 31. (FV of $1, PV of $1, FVA of $1,...
On March 1, 2021, Stratford Lighting issued 10% bonds, dated March 1, with a face amount of $870,000. The bonds sold for $855,000 and mature on February 28, 2041 (20 years). Interest is paid semiannually on August 31 and February 28. Stratford uses the straight- line method and its fiscal year ends December 31. Required: 1. to 4. Prepare the journal entries to record the issuance of the bonds by Stratford Lighting on March 1, 2021, interest on August 31,...
Federal Semiconductors issued 11% bonds, dated January 1, with a face amount of $830 milion on January 1, 2021. The bonds sold for $767,557,868 and mature on December 31, 2040 20 years). For bonds of similar risk and maturity the market yield was 123. Interestis paid semiannually on June 30 and December 31. Federal determines interest at the effective rate. Federal elected the option to report these bonds at their fair value. On December 31, 2021, the fair value of...
On February 1, 2021. Sanford & Son issued 10% bonds dated February 1, 2021, with a face amount of $230,000. The bonds sold for $275,524 and mature in 20 years. The effective interest rate for these bonds was 8%. Interest is paid semiannually on July 31 and January 31. Sanford & Son's fiscal year is the calendar year. Required: 1. Prepare the journal entry to record the bond issuance on February 1, 2021. 2. Prepare the entry to record interest...
On February 1,2021, Fox Corp. issued 9%bonds dated
February 1,2021, with a face amount of $290000.
On February 1, 2021, Fox Corporation issued 9% bonds dated February 1, 2021. with a face amount of $290,000. The bonds sold for $265,121 and mature in 20 years. The effective interest rate for these bonds was 10%. Interest is paid semiannually on July 31 and January 31. Fox's fiscal year is the calendar year. Fox uses the straight-line method of amortization. Required: 1....
On March 1, 2021, Stratford Lighting issued 12% bonds, dated March 1, with a face amount of $720,000. The bonds sold for $714,000 and mature on February 28, 2041 (20 years). Interest is paid semiannually on August 31 and February 28. Stratford uses the straight-line method and its fiscal year ends December 31. Required: 1. to 4. Prepare the journal entries to record the issuance of the bonds by Stratford Lighting on March 1, 2021, interest on August 31, 2021,...
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