Homework Answers
| a | |||
| Proceeds on Issuance of the Bonds | 109570000 | =100000000*109.57% | |
| b | |||
| Debit | Credit | ||
| Cash | 109570000 | ||
| Bonds Payable | 109570000 |
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Application Problem 10-5A a, c-d (Part Level Submission) Sawada Insurance Ltd. issues bonds with a face...
Application Problem 10-5A a, c-d (Part Level Submission) Sawada Insurance Ltd. issues bonds with a face...
Application Problem 10-5A a, c-d (Part Level Submission) Sawada Insurance Ltd. issues bonds with a face value of $100 million that mature in 12 years. The bonds carry a 6.6 % interest rate and are sold at 109.57 to yield 5.5 %. They pay interest semi-annually (a) Your answer is correct. Calculate the proceeds on issuance of the bonds, and show the journal entry to record the issuance (Credit account titles are automatically indented when amount is entered. Do not...
Application Problem 10-5A a, c-d Sawada Insurance Ltd. issues bonds with a face value of $100...
Application Problem 10-5A a, c-d Sawada Insurance Ltd. issues bonds with a face value of $100 million that mature in 12 years. The bonds carry a 6.9% interest rate and are sold at 112.18 to yield 5.5%. They pay interest semi-annually. Calculate the proceeds on issuance of the bonds, and show the journal entry to record the issuance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"...
Sawada Insurance Ltd. issues bonds with a face value of $ 100 million that mature in...
Sawada Insurance Ltd. issues bonds with a face value of $ 100 million that mature in 12 years. The bonds carry a 7.4% interest rate and are sold at 116.53 to yield 5.5%. They pay interest semi-annually. (a) Calculate the proceeds on issuance of the bonds, and show the journal entry to record the issuance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account...
Please find all the information below. Only need to answer part (d). Sawada Insurance Ltd. issues...
Please find all the information below. Only need to answer part
(d).
Sawada Insurance Ltd. issues bonds with a face value of $100 million that mature in 12 years. The bonds carry a 7.4% interest rate and are sold at 116.53 to yield 5.5%. They pay interest semi-annually. (a) Your answer is correct. Calculate the proceeds on issuance of the bonds, and show the journal entry to record the issuance. (Credit account titles are automatically indented when amount is entered....
Sawada Insurance Ltd. issues bonds with a face value of $100 million that mature in 12...
Sawada Insurance Ltd. issues bonds with a face value of $100 million that mature in 12 years. The bonds carry a 6% interest rate and are sold at 104.35 to yield 5.5%. They pay interest semi-annually. (b) Explain why the issuance price of the bonds is not the same as their face value.
Problem 10-4A (Part Level Submission) On October 1, 2016, Bridgeport Corp. issued $756,000, 5%, 10-year bonds...
Problem 10-4A (Part Level Submission) On October 1, 2016, Bridgeport Corp. issued $756,000, 5%, 10-year bonds at face value. The bonds were dated October 1, 2016, and pay interest annually on October 1. Financial statements are prepared annually on December 31. (a) Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Oct. 1,...
Application Problem 10-4A b-d Spring Water Company Ltd. needed to raise $75 million of additional capital...
Application Problem 10-4A b-d Spring Water Company Ltd. needed to raise $75 million of additional capital to finance the expansion of its bottled water facility. After consulting an investment banker, it decided to issue bonds. The bonds had a face value of $75 million and an annual interest rate of 4.5%, paid semi-annually on June 30 and December 31, and will reach maturity on December 31, 2030. The bonds were issued at 96.1 on January 1, 2021, for $72,075,000, which...
Application Problem 10-4A b-d Spring Water Company Ltd. needed to raise $75 million of additional capital...
Application Problem 10-4A b-d Spring Water Company Ltd. needed to raise $75 million of additional capital to finance the expansion of its bottled water facility. After consulting an investment banker, it decided to issue bonds. The bonds had a face value of $75 million and an annual interest rate of 4.5%, paid semi-annually on June 30 and December 31, and will reach maturity on December 31, 2030. The bonds were issued at 96.1 on January 1, 2021, for $72,075,000, which...
Problem 15-05A a-d (Part Level Submission) Blossom Electric sold $3,000,000, 8%, 10-year bonds on January 1,...
Problem 15-05A a-d (Part Level Submission) Blossom Electric sold $3,000,000, 8%, 10-year bonds on January 1, 2020. The bonds were dated January 1 and pay interest annually on January 1. Blossom Electric uses the straight-line method to amortize bond premium or discount. The bonds were sold at 101. (a) Prepare the journal entry to record the issuance of the bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account...
Exercise 15-16 a-c (Part Level Submission) Wildhorse Company issued $810,000, 10%, 10-year bonds on December 31,...
Exercise 15-16 a-c (Part Level Submission)
Wildhorse Company issued $810,000, 10%, 10-year bonds on
December 31, 2019, for $740,000. Interest is payable annually on
December 31. Wildhorse Company uses the straight-line method to
amortize bond premium or discount.
(a)
Prepare the journal entry to record the issuance of the bonds.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31, 2019
Application Problem 10-5A a, c-d (Part Level Submission) Sawada Insurance Ltd. issues bonds with a face value of $100 million that mature in 12 years. The bonds carry a 6.6 % interest rate and are sold at 109.57 to yield 5.5 %. They pay interest semi-annually (a) Your answer is correct. Calculate the proceeds on issuance of the bonds, and show the journal entry to record the issuance (Credit account titles are automatically indented when amount is entered. Do not...
Application Problem 10-5A a, c-d Sawada Insurance Ltd. issues bonds with a face value of $100 million that mature in 12 years. The bonds carry a 6.9% interest rate and are sold at 112.18 to yield 5.5%. They pay interest semi-annually. Calculate the proceeds on issuance of the bonds, and show the journal entry to record the issuance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"...
Sawada Insurance Ltd. issues bonds with a face value of $ 100 million that mature in 12 years. The bonds carry a 7.4% interest rate and are sold at 116.53 to yield 5.5%. They pay interest semi-annually. (a) Calculate the proceeds on issuance of the bonds, and show the journal entry to record the issuance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account...
Please find all the information below. Only need to answer part
(d).
Sawada Insurance Ltd. issues bonds with a face value of $100 million that mature in 12 years. The bonds carry a 7.4% interest rate and are sold at 116.53 to yield 5.5%. They pay interest semi-annually. (a) Your answer is correct. Calculate the proceeds on issuance of the bonds, and show the journal entry to record the issuance. (Credit account titles are automatically indented when amount is entered....
Problem 10-4A (Part Level Submission) On October 1, 2016, Bridgeport Corp. issued $756,000, 5%, 10-year bonds at face value. The bonds were dated October 1, 2016, and pay interest annually on October 1. Financial statements are prepared annually on December 31. (a) Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Oct. 1,...
Application Problem 10-4A b-d Spring Water Company Ltd. needed to raise $75 million of additional capital to finance the expansion of its bottled water facility. After consulting an investment banker, it decided to issue bonds. The bonds had a face value of $75 million and an annual interest rate of 4.5%, paid semi-annually on June 30 and December 31, and will reach maturity on December 31, 2030. The bonds were issued at 96.1 on January 1, 2021, for $72,075,000, which...
Application Problem 10-4A b-d Spring Water Company Ltd. needed to raise $75 million of additional capital to finance the expansion of its bottled water facility. After consulting an investment banker, it decided to issue bonds. The bonds had a face value of $75 million and an annual interest rate of 4.5%, paid semi-annually on June 30 and December 31, and will reach maturity on December 31, 2030. The bonds were issued at 96.1 on January 1, 2021, for $72,075,000, which...
Problem 15-05A a-d (Part Level Submission) Blossom Electric sold $3,000,000, 8%, 10-year bonds on January 1, 2020. The bonds were dated January 1 and pay interest annually on January 1. Blossom Electric uses the straight-line method to amortize bond premium or discount. The bonds were sold at 101. (a) Prepare the journal entry to record the issuance of the bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account...
Exercise 15-16 a-c (Part Level Submission)
Wildhorse Company issued $810,000, 10%, 10-year bonds on
December 31, 2019, for $740,000. Interest is payable annually on
December 31. Wildhorse Company uses the straight-line method to
amortize bond premium or discount.
(a)
Prepare the journal entry to record the issuance of the bonds.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31, 2019
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