Homework Answers
Journal entry
| date | account and explanation | Debit | Credit |
| Bonds payable (900000/2) | 450000 | ||
| Loss on retirement | 10213 | ||
| Discount n bonds payable (38426/2) | 19213 | ||
| Cash (450000*.98) | 441000 | ||
So answer is a) a debit to loss of $10213
Add Answer to:
Can someone explain how to do #8?
8. On July 1, 2019 a company retired one-half...
On August 1, 2017, Alpha Company' retired a $10,000 bond at 102. On July 31, 2017...
On August 1, 2017, Alpha Company' retired a $10,000 bond at 102. On July 31, 2017 Alpha had accrued the interest payment for $250. At the date of retirement, the unamortized discount on the bonds was $400. Use this information to determine the dollar value of Alpha Company's: (Round all dollar values to the nearest whole dollar.) 1. Gain or Loss on Retirement of Bond: enter any loss dollar & amount inside of brackets ) 2. Cash paid to retire...
On September 21, one year before maturity, Duller Image, Inc., retired $1,200,000 of its 5% gross...
On September 21, one year before maturity, Duller Image, Inc., retired $1,200,000 of its 5% gross bonds payable at the current market price of 98% of the face amount (or 0.98 × $1,200,000 = $1,176,000. The bond book value on September 21 is $1,150,000, reflecting an unamortized discount of $50,000. Bond interest is currently fully paid and recorded up to the date of retirement. What is the gain or loss on retirement of these bonds? Ignore fees.
calculate the gain or loss of the retirmentent bonds payable on december 31, 2019 nu Score:...
calculate the gain or loss of the retirmentent bonds payable
on december 31, 2019
nu Score: 1.91 of 2 pts 3 of 6 (5 complete) HW Score: 39.26%, 5.89 of 15 pts Ad E9-28B (similar to) Question Help Ind inly On January 1, 2017, Franklin Corporation issued five year, 6% bonds payable with a face value of $2,000,000. The bonds were issued at 92 and pay interest on January 1 and July 1. Franklin amortizes bond discounts using the straight-line...
4. On September 1, 2020, GE retired a 3,000,000 Bond issue at 103. The Bonds had...
4. On September 1, 2020, GE retired a 3,000,000 Bond issue at 103. The Bonds had an 8% Stated Rate of Interest, a 10 year maturity, and paid interest Semi-Annually. At the time of the Bond Retirement, Unamortized Bond Issue Costs were $15,000, and Unamortized Premium on Bonds Payable was $40,000. Prepare the journal entry to record the Bond Retirement on September 1, 2020.
Bibby Company retired a $900,000, 7% bond issue at 98. If the unamortized discount is $7,200, the...
Bibby Company retired a $900,000, 7% bond issue at 98. If the unamortized discount is $7,200, the entry will include a: A. Credit to gain on bond retirement for $10,800 B. Credit to gain on bond retirement for $7,200 C. Debit to loss on bond retirement for $7,200 D. Debit to loss on bond retirement for $10,800 2. Moonbeam Company has the following monthly payroll for June, 2016: Total salaries $216,000 Salaries subject to FICA taxes (6.2% + 1.45%) 216,000...
Venezuela Co. is building a new hockey arena at a cost of $2,500,000. It received a...
Venezuela Co. is building a new hockey arena at a cost of
$2,500,000. It received a downpayment of $500,000 from local
businesses to support the project, and now needs to borrow
$2,000,000 to complete the project. It therefore decides to issue
$2,000,000 of 10.5%, 10-year bonds. These bonds were issued on
January 1, 2019, and pay interest annually on each January 1. The
bonds yield 10%.
List Of Accounts
Accumulated Depreciation-Equipment
Accumulated Depreciation-Machinery
Accumulated Depreciation-Plant and Equipment
Allowance for Doubtful...
(2) E9-19A (similar to) On January 1, 2017 Bronson Corporation sued five-year, 10% bonds payable watace...
(2) E9-19A (similar to) On January 1, 2017 Bronson Corporation sued five-year, 10% bonds payable watace 2.800,000. The bonds were issued at B5 and pay interest on January 1 andy1 Bronson amores bond discounts using the right method On December 31, 2010, Bronson retired the bonds cany by purchasing them atamarat prices The company's focal year ends on December 31 Read the Requirement 1. Journaise the issuance of the bonds on January 1, 2017(ecord debits to the credits Exclude explanations...
On September 1, 2020, Hall Corp. retired early its 15 year bonds with a face of...
On September 1, 2020, Hall Corp. retired early its 15 year bonds with a face of $500,000, 12% stated rate for $505,000 cash. At that date there was unamortized bond discount of $10,000 on the books. What is the overall net amount of gain or loss the company would show on the retirement of the bonds payable? a. $ 15,000 gain b. $ 18,000 loss c. $ 12,000 loss d. $ 12,000 gain e.$ 15,000 loss
7 of 7 (0 complete) HW Score: 0%, 0 of 100 pts core: 0 of 20...
7 of 7 (0 complete) HW Score: 0%, 0 of 100 pts core: 0 of 20 pts E9-19A (similar to) en Question Help On January 1, 2017, Bronson Corporation issued five-year, 6% bonds payable with a face value of $2,600,000. The bonds were issued at 87 and pay interest on January 1 and July 1. Bronson amortizes bond discounts using the straight-line method. On December 31, 2019, Bronson retired the bonds early by purchasing them at a market price of...
Hi could someone help me do what is wrong and explain me the debits and credits...
Hi could someone help me do what is wrong and explain me the
debits and credits for the journal entries? Thanks!
On January 1, 2013, Surreal Manufacturing issued 790 bonds, each with a face value of $1.000, a stated interest rate of 3.50 percent paid annually on December 31, and a maturity date of December 31, 2015. On the issue date, the market interest rate was 4.00 percent, so the total proceeds from the bond issue were $779,041. Surreal uses...
On August 1, 2017, Alpha Company' retired a $10,000 bond at 102. On July 31, 2017 Alpha had accrued the interest payment for $250. At the date of retirement, the unamortized discount on the bonds was $400. Use this information to determine the dollar value of Alpha Company's: (Round all dollar values to the nearest whole dollar.) 1. Gain or Loss on Retirement of Bond: enter any loss dollar & amount inside of brackets ) 2. Cash paid to retire...
calculate the gain or loss of the retirmentent bonds payable
on december 31, 2019
nu Score: 1.91 of 2 pts 3 of 6 (5 complete) HW Score: 39.26%, 5.89 of 15 pts Ad E9-28B (similar to) Question Help Ind inly On January 1, 2017, Franklin Corporation issued five year, 6% bonds payable with a face value of $2,000,000. The bonds were issued at 92 and pay interest on January 1 and July 1. Franklin amortizes bond discounts using the straight-line...
4. On September 1, 2020, GE retired a 3,000,000 Bond issue at 103. The Bonds had an 8% Stated Rate of Interest, a 10 year maturity, and paid interest Semi-Annually. At the time of the Bond Retirement, Unamortized Bond Issue Costs were $15,000, and Unamortized Premium on Bonds Payable was $40,000. Prepare the journal entry to record the Bond Retirement on September 1, 2020.
Venezuela Co. is building a new hockey arena at a cost of
$2,500,000. It received a downpayment of $500,000 from local
businesses to support the project, and now needs to borrow
$2,000,000 to complete the project. It therefore decides to issue
$2,000,000 of 10.5%, 10-year bonds. These bonds were issued on
January 1, 2019, and pay interest annually on each January 1. The
bonds yield 10%.
List Of Accounts
Accumulated Depreciation-Equipment
Accumulated Depreciation-Machinery
Accumulated Depreciation-Plant and Equipment
Allowance for Doubtful...
(2) E9-19A (similar to) On January 1, 2017 Bronson Corporation sued five-year, 10% bonds payable watace 2.800,000. The bonds were issued at B5 and pay interest on January 1 andy1 Bronson amores bond discounts using the right method On December 31, 2010, Bronson retired the bonds cany by purchasing them atamarat prices The company's focal year ends on December 31 Read the Requirement 1. Journaise the issuance of the bonds on January 1, 2017(ecord debits to the credits Exclude explanations...
7 of 7 (0 complete) HW Score: 0%, 0 of 100 pts core: 0 of 20 pts E9-19A (similar to) en Question Help On January 1, 2017, Bronson Corporation issued five-year, 6% bonds payable with a face value of $2,600,000. The bonds were issued at 87 and pay interest on January 1 and July 1. Bronson amortizes bond discounts using the straight-line method. On December 31, 2019, Bronson retired the bonds early by purchasing them at a market price of...
Hi could someone help me do what is wrong and explain me the
debits and credits for the journal entries? Thanks!
On January 1, 2013, Surreal Manufacturing issued 790 bonds, each with a face value of $1.000, a stated interest rate of 3.50 percent paid annually on December 31, and a maturity date of December 31, 2015. On the issue date, the market interest rate was 4.00 percent, so the total proceeds from the bond issue were $779,041. Surreal uses...
Most questions answered within 3 hours.
-
Suppose N is a discrete random variable defined by probability
distribution:
n
Pr(N = n)
10...
asked 4 seconds from now -
why are special-interest travelers becoming more important to
tourism service suppliers?
asked 3 minutes ago -
A 50.0-kg child takes a ride on a Ferris wheel that rotates four
times each minute...
asked 26 minutes ago -
What happens to the distribution of gene alleles when a
reproductive isolation arises between different population...
asked 24 minutes ago -
1 – Balance the following
Bi(OH)3 + SnO22- →
SnO32- +
Bi
asked 37 minutes ago -
Explain what we mean by "The electric field at the point marked
X is 10 N/C."...
asked 48 minutes ago -
What is the positive energy states in Dirac’s picture? It says
that it leaves an empty...
asked 46 minutes ago -
A mutual fund manager has a $20 million portfolio with a beta of
1.7. The risk-free...
asked 46 minutes ago -
Given the following contribution margin income statement
Sales (15000 units 35
$/units)
asked 46 minutes ago -
The heights in feet of some of the girls of SEU
are: 5.8, 6.1, 5.9, 5.4, 5.6,...
asked 1 hour ago -
Caspian Sea Drinks is considering the purchase of a new water
filtration system produced by Rube...
asked 1 hour ago -
Compare and contrast the
social media of Pepsi and Coke? which one is most effective and...
asked 1 hour ago