Homework Answers
| a) | Journal Entries | |||
| Date | Account Title | Debit | Credit | |
| Jan-01-2022 | Cash | $ 6,18,000.00 | ||
| Bonds Payable | $ 6,00,000.00 | |||
| Premium on bonds payable | $ 18,000.00 | |||
| (To record of the issue of bond) | ||||
| Calculation Of Premium | ||||
| = $600000/100(face value) *(103-100) | ||||
| =$18000 | ||||
| b) | Arroyo Company | |||
| Balance Sheet | ||||
| December,31-2025 | ||||
| Long Term Liabilties | ||||
| Bonds Payable | 600000 | |||
| Add: Premium On Bonds Payable | 10000 | 610000 | ||
| c) | If the bonds yielding rate is less than coupon rate the bonds are issued at a premium | |||
| because consequently, bond has greater present value than ist face value. | ||||
| Feel Free To Discuss Queries. Please Rate | ||||
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