Homework Answers
Solution
| Date | Account Title and Explanation | Debit | Credit |
| January 01, 2017 | Cash | $ 621,812 | |
| Discount on bonds payable | $ 88,188 | ||
| Bonds payable | $ 710,000 | ||
| (To record Issuance of bonds ) |
Working
| Bond issue price | $ 621,812 |
| Face value | $ 710,000 |
| Discount on bonds payable | -$ 88,188 |
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Legacy issues $710,000 of 8.0%, four-year bonds dated January 1, 2017, that pay interest semiannually on...
Legacy issues $710,000 of 8.0%, four year bonds dated January 1, 2017, that pay interest semiannually...
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Legacy issues $560,000 of 9.0%, four-year bonds dated January 1, 2019, that pay interest semiannually on...
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$507,831 when the market rate is 12%.
Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. View transaction list Journal entry worksheet Record the issue of bonds with a par value of $560,000 on January 1, 2019 at an issue price of $507,831. Note: Enter debits before credits. General Journal Debit...
Legacy issues $550,000 of 9.5%, four-year bonds dated January 1, 2017, that pay interest semiannually on...
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Required:
1. Prepare the January 1, 2017, journal entry
to record the bonds' issuance.
2. Complete the below table to calculate the total
bond interest expense to be recognized over the bonds' life.
3. Prepare an effective interest amortization
table for the bonds' first...
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Legacy issues $590,000 of 7.5%, four-year bonds dated January 1,
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Required:
1. Prepare the January 1 journal entry to record
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2. Complete the below table to calculate the total
bond interest expense to be recognized over the bonds' life.
3. Prepare an effective interest amortization
table for the bonds' first two years.
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Legacy issues $560,000 of 9.0%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and Dec...
Legacy issues $560,000 of 9.0%, four-year bonds dated January 1,
2019, that pay interest semiannually on June 30 and December 31.
They are issued at $507,831 when the market rate is 12%.
4. Prepare the journal entries to record the first two interest payments View transaction list Journal entry worksheet 2 Record the interest payment and amortization on June 30 Note: Enter debits before credits Date General Journal Debit Credit June 30 Record entry View general journal Clear entry 4....
Legacy issues $710,000 of 8.0%, four year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. They are issued at $621,812 and their market rate is 12% at the issue date. 2. Determine the total bond interest expense to be recognized over the bonds' life. Total bond interest expense over life of bonds: Amount repaid payments of Par value at maturity Total repaid Less amount borrowed Total bond interest expense Legacy issues $710,000 of...
Legacy issues $560,000 of 9.0%,
four-year bonds dated January 1, 2019, that pay interest
semiannually on June 30 and December 31. They are issued at
$507,831 when the market rate is 12%.
Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. View transaction list Journal entry worksheet Record the issue of bonds with a par value of $560,000 on January 1, 2019 at an issue price of $507,831. Note: Enter debits before credits. General Journal Debit...
Legacy issues $550,000 of 9.5%, four-year bonds dated January 1,
2017, that pay interest semiannually on June 30 and December 31.
They are issued at $507,301 and their market rate is 12% at the
issue date.
Required:
1. Prepare the January 1, 2017, journal entry
to record the bonds' issuance.
2. Complete the below table to calculate the total
bond interest expense to be recognized over the bonds' life.
3. Prepare an effective interest amortization
table for the bonds' first...
Hillside issues $1,800,000 of 7%, 15-year bonds dated January 1, 2015, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $1,555,401. Required: 1. Prepare the January 1, 2015, journal entry to record the bonds' issuance. View transaction list Journal entry worksheet Record the issue of bonds with a par value of $1,800,000 cash on January 1, 2015 at an issue price of $1,555,401. Note: Enter debits before credits. Date General Journal...
Legacy issues $590,000 of 7.5%, four-year bonds dated January 1,
2019, that pay interest semiannually on June 30 and December 31.
They are issued at $542,310 when the market rate is 10%.
Required:
1. Prepare the January 1 journal entry to record
the bonds' issuance.
2. Complete the below table to calculate the total
bond interest expense to be recognized over the bonds' life.
3. Prepare an effective interest amortization
table for the bonds' first two years.
4. Prepare the...
Ike issues $200,000 of 9%, three-year bonds dated January 1,
2019, that pay interest semiannually on June 30 and December 31.
They are issued at $205,239. When the market rate is 8%. JOURNAL
ENTRY BELOW
Required:
1. Prepare the January 1 journal entry to record
the bonds' issuance.
un vuuuuy juuni Cry Teco ule wurUS ISSUdlice. transaction list ournal entry worksheet Record the issue of bonds with a par value of $200,000 on January 1, 2019 at an issue price...
Hartford Research issues bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. The bonds have a $22.000 par value and an annual contract rate of 12 %, and they mature in 10 years. (Table B1 Table B.2. Table B.3, and Table B.4) (Use appropriate factorfe) from the tables provided. Round all table values to 4 decimal places, and use the rounded table values in calculations.) Required: Consider each of the following three separate situations....
Hillside issues $2,100,000 of 5%, 15-year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $1,814,635. Required: 1. Prepare the January 1, 2017, journal entry to record the bonds' issuance. 2(a) For each semiannual period, complete the table below to calculate the cash payment. 2(b) For each semiannual period, complete the table below to calculate the straight-line discount amortization 2(c) For each semiannual period, complete the...
Legacy issues $560,000 of 9.0%, four-year bonds dated January 1,
2019, that pay interest semiannually on June 30 and December 31.
They are issued at $507,831 when the market rate is 12%.
4. Prepare the journal entries to record the first two interest payments View transaction list Journal entry worksheet 2 Record the interest payment and amortization on June 30 Note: Enter debits before credits Date General Journal Debit Credit June 30 Record entry View general journal Clear entry 4....
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