Homework Answers
Journal entry
| Date | account and explanation | debit | credit |
| Dec 31,2018 | Interest expense | 112500 | |
| Premium on bonds payable (60000/8) | 7500 | ||
| Interest payable (2000000*12%*6/12) | 120000 | ||
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Question 3 On January 1, 2018, Carvel Corp. issued five-year bonds with a face value of...
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Question 3 On January 1, 2018, Carvel Corp. issued five-year bonds with a face value of...
Question 3 On January 1, 2018, Carvel Corp. issued five-year bonds with a face value of $480,000 and a coupon interest rate of 6%, with interest payable semi-annually. Assume that the company has a December 31 year-end and records adjusting entries annually. Collapse question part (a) Record the journal entries relating to the bonds on January 1, July 1, and December 31, assuming that when the bonds were sold, the market interest rate was 5%. (Credit account titles are automatically...
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On January 1, 2018, Carvel Corp. issued five-year bonds with a face value of $640,000 and...
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On January 1, 2018, Carvel Corp. issued five-year bonds with a face value of $640,000 and a coupon interest rate of 6%, with interest payable semi-annually. Assume that the company has a December 31 year end and records adjusting entries annually. (a) Your answer is correct. Record the journal entries relating to the bonds on January 1, July 1, and December 31, assuming that when the bonds were sold, the market interest rate was 5%. (Credit account titles are automatically...
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