Homework Answers
| Date | account and explanation | Debit | Credit |
| Jan 1 | Cash | 637838 | |
| Bonds payable | 550000 | ||
| Premium on bonds payable | 87838 | ||
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On January 1, 2020, Sheridan Company sold 12% bonds having a maturity value of $550,000 for...
On January 1, 2020, Sheridan Company sold 12% bonds having a maturity value of $550,000 for...
On January 1, 2020, Sheridan Company sold 12% bonds having a maturity value of $550,000 for $637,838, which provides the bondholders with a 8% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable December 31 of each year. Sheridan Company allocates interest and unamortized discount or premium on the effective-interest basis. ✓ Your answer is correct. Prepare the journal entry at the date of the bond issuance. (Round answer to 0 decimal places,...
On January 1, 2020, Sheridan Company sold 12% bonds having a maturity value of $350,000 for...
On January 1, 2020, Sheridan Company sold 12% bonds having a maturity value of $350,000 for $376,535, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable December 31 of each year. Sheridan Company allocates interest and unamortized discount or premium on the effective- interest basis. Your answer is correct. Prepare the journal entry at the date of the bond issuance. (Round answer to 0 decimal places,...
On January 1, 2020, Kingbird Company sold 11% bonds having a maturity value of $400,000 for...
On January 1, 2020, Kingbird Company sold 11% bonds having a maturity value of $400,000 for $415,163, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable December 31 of each year. Kingbird Company allocates interest and unamortized discount or premium on the effective-interest basis. (a) Prepare the journal entry at the date of the bond issuance. (Round answer to 0 decimal places, e.g. 38,548. If no...
On January 1, 2020, Sheffield Company sold 12% bonds having a maturity value of $600,000 for...
On January 1, 2020, Sheffield Company sold 12% bonds having a maturity value of $600,000 for $645,489, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable December 31 of each year. Sheffield Company allocates interest and unamortized discount or premium on the effective-interest basis. Prepare the journal entry at the date of the bond issuance. (Round answer to 0 decimal places, e.g. 38,548. If no entry...
On January 1 2017, Headland Company sold 12% bonds having a maturity value of $ 410,000...
On January 1 2017, Headland Company sold 12% bonds having a maturity value of $ 410,000 for $. 441,084, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2017, and mature January 1 2022 with interest payable December 31 of each year. Headland Company allocates interest and unamortized discount or premium on the effective-interest basis. Prepare the journal entry at the date of the bond issuance. (Round answer to O decimal places, e.g. 38,548. If...
9. On January 1, 2020, Shoreline Company sold 12% bonds having a maturity value of $700,000...
9. On January 1, 2020, Shoreline Company sold 12% bonds having a maturity value of $700,000 for $811,794, which provides the bondholders with a 8% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable December 31 of each year. Shoreline Company allocates interest and unamortized discount or premium on the effective-interest basis. Prepare the journal entry at the date of the bond issuance. (Round answer to 0 decimal places, e.g. 79,547 If no...
On January 1, 2020, Sheffield Company purchased 12% bonds having a maturity value of $430,000, for...
On January 1, 2020, Sheffield Company purchased 12% bonds having a maturity value of $430,000, for $462,600.36. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. Sheffield Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified in the held-to-maturity category. Prepare the journal entry at the date of the bond purchase. (Enter answers to...
(Entries for Bond Transactions) On January 1, 2020, Aumont Company sold 12% bonds having a maturity...
(Entries for Bond Transactions) On January 1, 2020, Aumont Company sold 12% bonds having a maturity value of $500,000 for $537,907.37, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable December 31 of each year. Aumont Company allocates interest and unamortized discount or premium on the effective-interest basis. a) Prepare the journal entry for the issuance of the bonds using the information presented (i.e, Bonds issued...
On January 1, 2017, Sunland Company sold 12% bonds having a maturity value of $520,000 for...
On January 1, 2017, Sunland Company sold 12% bonds having a
maturity value of $520,000 for $603,047, which provides the
bondholders with a 8% yield. The bonds are dated January 1, 2017,
and mature January 1, 2022, with interest payable December 31 of
each year. Sunland Company allocates interest and unamortized
discount or premium on the effective-interest basis.
Prepare the journal entry at the date of the bond issuance.
(Round answer to 0 decimal places, e.g. 38,548. If no
entry...
On January 1, 2017, Franklin Company sold 11% bonds having a maturity value of $550,000 for...
On January 1, 2017, Franklin Company sold 11% bonds having a maturity value of $550,000 for $570,849, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2017, and mature January 1, 2022, with interest payable December 31 of each year. Franklin Company allocates interest and unamortized discount or premium on the effective-interest basis. 1. List the journal entry at the date of the bond issuance (January 1, 2017) 2. List a schedule of interest expense...
On January 1, 2020, Sheridan Company sold 12% bonds having a maturity value of $550,000 for $637,838, which provides the bondholders with a 8% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable December 31 of each year. Sheridan Company allocates interest and unamortized discount or premium on the effective-interest basis. ✓ Your answer is correct. Prepare the journal entry at the date of the bond issuance. (Round answer to 0 decimal places,...
On January 1, 2020, Sheridan Company sold 12% bonds having a maturity value of $350,000 for $376,535, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable December 31 of each year. Sheridan Company allocates interest and unamortized discount or premium on the effective- interest basis. Your answer is correct. Prepare the journal entry at the date of the bond issuance. (Round answer to 0 decimal places,...
On January 1, 2020, Kingbird Company sold 11% bonds having a maturity value of $400,000 for $415,163, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable December 31 of each year. Kingbird Company allocates interest and unamortized discount or premium on the effective-interest basis. (a) Prepare the journal entry at the date of the bond issuance. (Round answer to 0 decimal places, e.g. 38,548. If no...
On January 1 2017, Headland Company sold 12% bonds having a maturity value of $ 410,000 for $. 441,084, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2017, and mature January 1 2022 with interest payable December 31 of each year. Headland Company allocates interest and unamortized discount or premium on the effective-interest basis. Prepare the journal entry at the date of the bond issuance. (Round answer to O decimal places, e.g. 38,548. If...
On January 1, 2020, Sheffield Company purchased 12% bonds having a maturity value of $430,000, for $462,600.36. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. Sheffield Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified in the held-to-maturity category. Prepare the journal entry at the date of the bond purchase. (Enter answers to...
On January 1, 2017, Sunland Company sold 12% bonds having a
maturity value of $520,000 for $603,047, which provides the
bondholders with a 8% yield. The bonds are dated January 1, 2017,
and mature January 1, 2022, with interest payable December 31 of
each year. Sunland Company allocates interest and unamortized
discount or premium on the effective-interest basis.
Prepare the journal entry at the date of the bond issuance.
(Round answer to 0 decimal places, e.g. 38,548. If no
entry...
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