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Debt Issued at a Premium (Straight Line) On January 1, 2020, Ironman Steel issued $1,300,000, 8-year...
On January 1, 2020, Ironman Steel issued $1,300,000, 8-year bonds for $1,340,000. The stated rate of...
On January 1, 2020, Ironman Steel issued $1,300,000, 8-year bonds for $1,340,000. The stated rate of interest was 7% and interest is paid annually on December 31 Required: Prepare the necessary journal entry on December 31, 2023, assuming the straight-line method is followed. 2023 Dec. 31 Record interest expense
On December 31, 2013, Ironman Steel issued $1,300,000, 8-year bonds for $1,340,000. The stated rate of...
On December 31, 2013, Ironman Steel issued $1,300,000, 8-year bonds for $1,340,000. The stated rate of interest was 7% and interest is paid annually on December 31. Prepare the amortization table for Ironman Steel's bonds. Period Cash Payment (Credit) Interest Expense (Debit) Premium on Bonds Payable (Debit) Premium on Bonds Payable Balance Carrying Value
Cornerstone Exercise 9-30 (Algorithmic) Debt Issued at a Premium (Straight Line) On January 1, 2020, Ironman...
Cornerstone Exercise 9-30 (Algorithmic) Debt Issued at a Premium (Straight Line) On January 1, 2020, Ironman Soissued $1.500.000,year bonds for $1.292.000. The stated rate of interest was 9% and interest pady on December Prepare the amortization table for Ironman Steel's bonds. quired. Found your answers to nearest whole value in amount does n o t bank and the 10/20 12/21 12/11/22 12/11/20 12/31/25 2020 1/10/12
Debt Issued at a Discount (Straight Line) On January 1, 2020, Drew Company issued $900,000, 5-year...
Debt Issued at a Discount (Straight Line) On January 1, 2020, Drew Company issued $900,000, 5-year bonds for $855,000. The stated rate of interest was 8% and interest is paid annually on December 31. Required: Prepare the amortization table for Drew Company's bonds. If an amount box does not require an entry, leave it blank and if the answer is zero, enter "o". Drew Company Amortization Table Interest Expense (Debit) Discount on Bonds Payable (Credit) Discount on Bonds Payable Balance...
1. On January 1, Year 1, Price Co. issued $393,000 of five-year, 6 percent bonds at...
1. On January 1, Year 1, Price Co. issued $393,000 of five-year,
6 percent bonds at 95. Interest is payable annually on December 31.
The discount is amortized using the straight-line method.
Required
Prepare the journal entries to record the bond transactions for
Year 1 and Year 2.
- Record the entry for issuance of bonds
-Record the entry for recognizing interest expense on Dec. 31,
Year 1
-Record the entry for recognizing interest expense on Dec. 31,
Year...
Kingbird, Inc. issued $480,000, 596, 20-year bonds on January 1, 2019, at 101. Interest is payable annually on January 1. Kingbird uses straight-line amortization for bond premium or discount. Prepar...
Kingbird, Inc. issued $480,000, 596, 20-year bonds on January 1, 2019, at 101. Interest is payable annually on January 1. Kingbird uses straight-line amortization for bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Prepare the journal entry to record the accrual of interest and the premium amortization on December 31,2019....
Brief Exercise 9-48 Debt Issued at Par On January 1, 2020, Desmond & Co. issued 5,000...
Brief Exercise 9-48 Debt Issued at Par On January 1, 2020, Desmond & Co. issued 5,000 bonds with a $1,000 par value at 100. The bonds have an 8% stated rate, pay interest on June 30 and December 31, and mature on December 31, 2020. Required: Prepare the journal entry to record the interest payment on June 30, 2020. 2020 June 30 Bonds Payable Cash Interest Expense Interest Payable Bonds Payable Premium
Pharoah Company issued $450,000, 6%, 20-year bonds on January 1, 2020, at 101. Interest is payable...
Pharoah Company issued $450,000, 6%, 20-year bonds on January 1, 2020, at 101. Interest is payable annually on January 1. Pharoah uses straight-line amortization for bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 454500 450000 4500 Prepare the journal entry to record the accrual of interest and the premium...
3. On January 1, 2021 Clayton Co. issued $1,300,000 of 20-year, 9 % bonds , for...
3. On January 1, 2021 Clayton Co. issued $1,300,000 of 20-year, 9 % bonds , for $1,225,000. Interest is payable annually on January 1. The company uses the straight-line method to amortization any bond discount or premium. REQUIRED (16 points) Prepare journal entries to record the following (round to nearest dollar.) Jan 1, 2021 Issuance of the bonds on January 1, 2021 Dec 31, 2021 Recorded accrued interest Jan 1, 2022 Jan 1, 2022 Payment of interest After payment of...
Cornerstone Exercise 9-28
Debt Issued at a Discount (Straight Line)On Jan. 1, 2020, Drew Company issued $350,000, 5-year bonds for $320,000. The stated rate of interest was 7% and interest is paid annually on December 21.Prepare the necessary journal entry on Dec. 21, 2021, assuming the straight-line method is followed.
On January 1, 2020, Ironman Steel issued $1,300,000, 8-year bonds for $1,340,000. The stated rate of interest was 7% and interest is paid annually on December 31 Required: Prepare the necessary journal entry on December 31, 2023, assuming the straight-line method is followed. 2023 Dec. 31 Record interest expense
Cornerstone Exercise 9-30 (Algorithmic) Debt Issued at a Premium (Straight Line) On January 1, 2020, Ironman Soissued $1.500.000,year bonds for $1.292.000. The stated rate of interest was 9% and interest pady on December Prepare the amortization table for Ironman Steel's bonds. quired. Found your answers to nearest whole value in amount does n o t bank and the 10/20 12/21 12/11/22 12/11/20 12/31/25 2020 1/10/12
Debt Issued at a Discount (Straight Line) On January 1, 2020, Drew Company issued $900,000, 5-year bonds for $855,000. The stated rate of interest was 8% and interest is paid annually on December 31. Required: Prepare the amortization table for Drew Company's bonds. If an amount box does not require an entry, leave it blank and if the answer is zero, enter "o". Drew Company Amortization Table Interest Expense (Debit) Discount on Bonds Payable (Credit) Discount on Bonds Payable Balance...
1. On January 1, Year 1, Price Co. issued $393,000 of five-year,
6 percent bonds at 95. Interest is payable annually on December 31.
The discount is amortized using the straight-line method.
Required
Prepare the journal entries to record the bond transactions for
Year 1 and Year 2.
- Record the entry for issuance of bonds
-Record the entry for recognizing interest expense on Dec. 31,
Year 1
-Record the entry for recognizing interest expense on Dec. 31,
Year...
Kingbird, Inc. issued $480,000, 596, 20-year bonds on January 1, 2019, at 101. Interest is payable annually on January 1. Kingbird uses straight-line amortization for bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Prepare the journal entry to record the accrual of interest and the premium amortization on December 31,2019....
Brief Exercise 9-48 Debt Issued at Par On January 1, 2020, Desmond & Co. issued 5,000 bonds with a $1,000 par value at 100. The bonds have an 8% stated rate, pay interest on June 30 and December 31, and mature on December 31, 2020. Required: Prepare the journal entry to record the interest payment on June 30, 2020. 2020 June 30 Bonds Payable Cash Interest Expense Interest Payable Bonds Payable Premium
Pharoah Company issued $450,000, 6%, 20-year bonds on January 1, 2020, at 101. Interest is payable annually on January 1. Pharoah uses straight-line amortization for bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 454500 450000 4500 Prepare the journal entry to record the accrual of interest and the premium...
3. On January 1, 2021 Clayton Co. issued $1,300,000 of 20-year, 9 % bonds , for $1,225,000. Interest is payable annually on January 1. The company uses the straight-line method to amortization any bond discount or premium. REQUIRED (16 points) Prepare journal entries to record the following (round to nearest dollar.) Jan 1, 2021 Issuance of the bonds on January 1, 2021 Dec 31, 2021 Recorded accrued interest Jan 1, 2022 Jan 1, 2022 Payment of interest After payment of...
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