On January 1, 2021, Legion Company sold $270,000 of 4% ten-year bonds. Interest is payable semiannually...
On January 1, 2021, Legion Company sold $270,000 of 4% ten-year
bonds. Interest is payable semiannually on June 30 and December 31.
The bonds were sold for $169,056, priced to yield 10%. Legion
records interest at the effective rate.
Legion should report bond interest expense for the six months ended
June 30, 2021, in the amount of: (Round your answer to the
nearest dollar amount.)
Multiple Choice
-
$8,453.
-
$21,600.
-
$5,400.
-
$13,500.
Homework Answers
Answer
- For Bond Interest Expense for the first six months ending 30
June, 2021,
Bond Interest Expense = Carrying value of bond x Effective yield rate x Period
= $ 169056 x 10% x 6 months / 12 months
= $ 8453 - Correct Answer = Option #1: $ 8,453
Add Answer to:
On January 1, 2021, Legion Company sold $270,000 of 4% ten-year
bonds. Interest is payable semiannually...
On January 1, 2021, Legion Company sold $230,000 of 6% ten-year bonds. Interest is payable semiannually...
On January 1, 2021, Legion Company sold $230,000 of 6% ten-year bonds. Interest is payable semiannually on June 30 and December 31. The bonds were sold for $150,858, priced to yield 12%. Legion records interest at the effective rate. Legion should report bond interest expense for the six months ended June 30, 2021, in the amount of: (Round your answer to the nearest dollar amount.) Multiple Choice $6,900. $13,800. $9,051. $27,600.
On January 1, 2021, Legion Company sold $280,000 of 8% ten-year bonds. Interest is payable semiannually...
On January 1, 2021, Legion Company sold $280,000 of 8% ten-year bonds. Interest is payable semiannually on June 30 and December 31. The bonds were sold for $245,106, priced to yield 10%. Legion records interest at the effective rate. Legion should pay cash interest for the six months ended June 30, 2021, in the amount of: $9,804. $11,200. $12.255. $14,000.
On January 1, 2016 Legion Company sold $200,000 of 10%, ten-year bonds. Interest payable semiannually in...
On January 1, 2016 Legion Company sold $200,000 of 10%, ten-year bonds. Interest payable semiannually in June 30 and December 31. the bonds were sold for $180,000, priced to yield 12%. Legion records interest at the effective rate. a. write the journal entry to recored the issue of the bond. b. How much should Legion report bond interest expense for the six month ended June 30, 2016? c. Write the journal entry for the first interest payment date on June...
23. On January 1, 2018, Legion Company sold $200,000 of 10% ten-year bonds. Interest is payable...
23. On January 1, 2018, Legion Company sold $200,000 of 10% ten-year bonds. Interest is payable semiannually on June 30 and December 31 . The bonds were sold for S 177,000, priced to yield 12% Legion records interest at the effective rate. Legion should report bond interest expense for the six months ended June 30, 2018, in the amount of: A) $10,000. B) $10,620. C) $12,000. D) $8,850. Problems 24-26 are a part of a multi-step problem using the following...
On June 30, 2021, Moran Corporation issued $8.5 million of its 10% bonds for $7.7 million....
On June 30, 2021, Moran Corporation issued $8.5 million of its 10% bonds for $7.7 million. The bonds were priced to yield 12%. The bonds are dated June 30, 2021. Interest is payable semiannually on December 31 and July 1. If the effective interest method is used, by how much should the bond discount be reduced for the six months ended December 31, 2021? Multiple Choice $37,000. $43,500. oooo $35,500. $26,000.
Auerbach Inc. issued 4% bonds on October 1, 2021. The bonds have a maturity date of...
Auerbach Inc. issued 4% bonds on October 1, 2021. The bonds have a maturity date of September 30, 2031 and a face value of $370 million. The bonds pay interest each March 31 and September 30, beginning March 31, 2022. The effective interest rate established by the market was 6%. Assuming that Auerbach issued the bonds for $314,955,000, what would the company report for its net bond liability balance after its first interest payment on March 31, 2022? On June...
On January 1, 2021. Concord Corporation sold $4900000 of its 8% bonds for $4337950 to yield...
On January 1, 2021. Concord Corporation sold $4900000 of its 8% bonds for $4337950 to yield 10%. Interest is payable semiannually on January 1 and July 1. What amount should Concord report as interest expense for the six months ended June 30, 2021? $245000 O $196000 O $173524 O $216898 eTextbook and Media
Help Save & Sub On June 30, 2021, Moran Corporation issued $13.5 million of its 8%...
Help Save & Sub On June 30, 2021, Moran Corporation issued $13.5 million of its 8% bonds for $12.2 million. The bonds were priced to yield 10%. The bonds are dated June 30, 2021. Interest is payable semiannually on December 31 and July 1. If the effective interest method is used, by how much should the bond discount be reduced for the six months ended December 31, 2017 Help Sav Multiple Choice $76,500. $68,500. оо O s70,ооо. O ээрoo.
On January 1, 2001, Moon Co. sold $500,000 of its 10-year, 10% bonds for $450,650. Interest...
On January 1, 2001, Moon Co. sold $500,000 of its 10-year, 10% bonds for $450,650. Interest is payable semiannually on January 1 and July 1. Using the effective interest method, what amount should Moon report as interest expense for the six months ended June 30, 2001?
31. On January 1, 2018, Huff Co. sold $5,000,000 of its 10% bonds for $4,426,480 to yield 12%. Interest is payable...
31. On January 1, 2018, Huff Co. sold $5,000,000 of its 10% bonds for $4,426,480 to yield 12%. Interest is payable semiannually on January 1 and July 1. What amount should Huff report as interest expense for the six months ended June 30, 2018? A) $221,330 B) $250,000 C) $265,589 D) $300,000
On January 1, 2021, Legion Company sold $280,000 of 8% ten-year bonds. Interest is payable semiannually on June 30 and December 31. The bonds were sold for $245,106, priced to yield 10%. Legion records interest at the effective rate. Legion should pay cash interest for the six months ended June 30, 2021, in the amount of: $9,804. $11,200. $12.255. $14,000.
23. On January 1, 2018, Legion Company sold $200,000 of 10% ten-year bonds. Interest is payable semiannually on June 30 and December 31 . The bonds were sold for S 177,000, priced to yield 12% Legion records interest at the effective rate. Legion should report bond interest expense for the six months ended June 30, 2018, in the amount of: A) $10,000. B) $10,620. C) $12,000. D) $8,850. Problems 24-26 are a part of a multi-step problem using the following...
On June 30, 2021, Moran Corporation issued $8.5 million of its 10% bonds for $7.7 million. The bonds were priced to yield 12%. The bonds are dated June 30, 2021. Interest is payable semiannually on December 31 and July 1. If the effective interest method is used, by how much should the bond discount be reduced for the six months ended December 31, 2021? Multiple Choice $37,000. $43,500. oooo $35,500. $26,000.
Auerbach Inc. issued 4% bonds on October 1, 2021. The bonds have a maturity date of September 30, 2031 and a face value of $370 million. The bonds pay interest each March 31 and September 30, beginning March 31, 2022. The effective interest rate established by the market was 6%. Assuming that Auerbach issued the bonds for $314,955,000, what would the company report for its net bond liability balance after its first interest payment on March 31, 2022? On June...
On January 1, 2021. Concord Corporation sold $4900000 of its 8% bonds for $4337950 to yield 10%. Interest is payable semiannually on January 1 and July 1. What amount should Concord report as interest expense for the six months ended June 30, 2021? $245000 O $196000 O $173524 O $216898 eTextbook and Media
Help Save & Sub On June 30, 2021, Moran Corporation issued $13.5 million of its 8% bonds for $12.2 million. The bonds were priced to yield 10%. The bonds are dated June 30, 2021. Interest is payable semiannually on December 31 and July 1. If the effective interest method is used, by how much should the bond discount be reduced for the six months ended December 31, 2017 Help Sav Multiple Choice $76,500. $68,500. оо O s70,ооо. O ээрoo.
31. On January 1, 2018, Huff Co. sold $5,000,000 of its 10% bonds for $4,426,480 to yield 12%. Interest is payable semiannually on January 1 and July 1. What amount should Huff report as interest expense for the six months ended June 30, 2018? A) $221,330 B) $250,000 C) $265,589 D) $300,000
Most questions answered within 3 hours.
-
3) What are the typical social structures in a global city?
asked 56 minutes ago -
Luther Corporation
Consolidated Balance Sheet
December 31, 2019 and 2018 (in $ millions)
Assets
2019
2018...
asked 58 minutes ago -
(Expected rate of return and risk) Carter Inc. is evaluating a
security. Calculate the investment’s expected...
asked 3 hours ago -
What specific indicators can point to lack of progress for
African Americans in American society?
asked 4 hours ago -
1-The Electrons in a beam are moving at 2.7×108 m/s in an
electric field of 15000...
asked 4 hours ago -
A gas tank is a vertical cylinder. It has a radius of 1m, a
height of...
asked 5 hours ago -
Accent Software faces the following conditions. All of these
support Accent’s use of a market-penetration pricing...
asked 6 hours ago -
A mathematically inclined friend emails you the following
instructions: "Meet me in the cafeteria the first...
asked 6 hours ago -
A monopoly sells in two countries . The demand curves in the two
countries are p1...
asked 7 hours ago -
A .15kg rubber ball is bounced off a wall. Before hitting the
wall, the ball moves...
asked 8 hours ago -
A manufacturing company preparing to build a new plant is
considering three potential locations for it....
asked 8 hours ago -
B. If compound Y has approximately the same values of solubility
in toluene as compound X,...
asked 8 hours ago