Homework Answers
ANSWER:
As per the given Question
The general electric were issued at premium and the boeing bonds were issued at discount
| No | Account and explanation | debit | credit |
| 1 | Cash (850000*111.80/100) | 950.300 | |
| Bonds payable | 850,000 | ||
| Premium on bonds payable | 100,300 | ||
| 2 | Cash (850000*98.90/100) | 840,650 | |
| Discount on bonds payable | 9120 | ||
| Bonds payable | 850,000 | ||
Thank you for given Question...kindly rate........ its helps me a lot
Th
Add Answer to:
Asume that the following are independent situations recently reported in the Wall Street Journal. 1 General...
Assume that the following are independent situations recently reported in the Wall Street Journal. 1. General...
Assume that the following are independent situations recently reported in the Wall Street Journal. 1. General Electric (GE) 7% (contractual rate) bonds, maturing January 28, 2018, were issued at 111.12. 2. Boeing 7% (contractual rate) bonds, maturing September 24, 2032, were issued at 99.08. Instructions (a) Were GE and Boeing bonds issued at a premium or a discount? (b) Explain how bonds, both paying the same contractual interest rate, could be issued at different prices. (c) Prepare the journal entry...
On January 1, 2020, Oriole Corporation issued $1,550,000 face value, 6%, 10-year bonds at $1,441,134. This...
On January 1, 2020, Oriole Corporation issued $1,550,000 face value, 6%, 10-year bonds at $1,441,134. This price resulted in an effective-interest rate of 7% on the bonds. Lock uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest on January 1. Prepare the journal entry to record the issuance of the bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation...
Novak Corporation issued $400,000,7%, 20-year bonds on January 1, 2022, for $360,728. This price resulted in...
Novak Corporation issued $400,000,7%, 20-year bonds on January 1, 2022, for $360,728. This price resulted in an effective interest rate of 8% on the bonds. Interest is payable annually on January 1. Novak uses the effective-interest method to amortize bond premium or discount. - Your answer is partially correct. Prepare the schedule using effective interest method to amortize bond premium or discount of Novak. (Round answers to 0 decimal places, e.g. 5,275.) Interest Periods Interest to Be Paid Interest Expense...
Sandhill Corporation issued $680,000, 7%, 20-year bonds on January 1, 2020, for $613,236. This price resulted...
Sandhill Corporation issued $680,000, 7%, 20-year bonds on January 1, 2020, for $613,236. This price resulted in an effective-interest rate of 8% on the bonds. Interest is payable annually on January 1. Sandhill uses the effective-interest method to amortize bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Round answers to 0 decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and...
On August 1, 2022, Indigo Corporation issued $504,000, 8 % , 10- year bonds at face...
On August 1, 2022, Indigo Corporation issued $504,000, 8 % , 10- year bonds at face value. Interest is payable annually on August 1. Indigo's year-end is December 31 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 Aug 1 eTextbook and Media List of Accounts Prepare the journal entry to record the accrual of interest on...
On January 1,Crane Company issued $372,000, 7% , 10-year bonds at face value. Interest is payable...
On January 1,Crane Company issued $372,000, 7% , 10-year bonds at face value. Interest is payable annually on January 1 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 eTextbook and Media List of Accounts Prepare the journal entry to record the accrual of interest on December 31. (Credit account titles are automatically indented when...
On January 1, 2020, Sarasota Corporation issued 12% bonds with a par value of $3,940,000, due...
On January 1, 2020, Sarasota Corporation issued 12% bonds with a par value of $3,940,000, due in 10 years. The company incurred $172,000 in costs associated with the issuance of the bonds, which were capitalized. The bonds were issued at 101, and paid interest on January 1 and July 1 each year. Sarasota's year-end was March 31. The company followed ASPE and chose to use the straight-line method of amortization for bond discounts or premiums. Your answer is correct. Prepare...
Current Attempt in Progress Sheffield Corporation sold $2,900,000, 8%, 5-year bonds on January 1, 2022. The...
Current Attempt in Progress Sheffield Corporation sold $2,900,000, 8%, 5-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. Sheffield Corporation uses the straight-line method to amortize bond premium or discount. Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 106. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)...
-- M ounting Principles, 13e Practice Assignment Gradebook BTA 111/112 (001) ORION Downloadable Textbook ignment CALCULATOR...
-- M ounting Principles, 13e Practice Assignment Gradebook BTA 111/112 (001) ORION Downloadable Textbook ignment CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Question 14 Sergel Company issued $400,000 of bonds on January 1, 2020, Prepare the journal entry to record the redemption of the bonds at maturity, assuming the bonds were issued at 100. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Prepare the journal entry to record...
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....
Novak Corporation issued $400,000,7%, 20-year bonds on January 1, 2022, for $360,728. This price resulted in an effective interest rate of 8% on the bonds. Interest is payable annually on January 1. Novak uses the effective-interest method to amortize bond premium or discount. - Your answer is partially correct. Prepare the schedule using effective interest method to amortize bond premium or discount of Novak. (Round answers to 0 decimal places, e.g. 5,275.) Interest Periods Interest to Be Paid Interest Expense...
On August 1, 2022, Indigo Corporation issued $504,000, 8 % , 10- year bonds at face value. Interest is payable annually on August 1. Indigo's year-end is December 31 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 Aug 1 eTextbook and Media List of Accounts Prepare the journal entry to record the accrual of interest on...
On January 1,Crane Company issued $372,000, 7% , 10-year bonds at face value. Interest is payable annually on January 1 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 eTextbook and Media List of Accounts Prepare the journal entry to record the accrual of interest on December 31. (Credit account titles are automatically indented when...
On January 1, 2020, Sarasota Corporation issued 12% bonds with a par value of $3,940,000, due in 10 years. The company incurred $172,000 in costs associated with the issuance of the bonds, which were capitalized. The bonds were issued at 101, and paid interest on January 1 and July 1 each year. Sarasota's year-end was March 31. The company followed ASPE and chose to use the straight-line method of amortization for bond discounts or premiums. Your answer is correct. Prepare...
Current Attempt in Progress Sheffield Corporation sold $2,900,000, 8%, 5-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. Sheffield Corporation uses the straight-line method to amortize bond premium or discount. Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 106. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)...
-- M ounting Principles, 13e Practice Assignment Gradebook BTA 111/112 (001) ORION Downloadable Textbook ignment CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Question 14 Sergel Company issued $400,000 of bonds on January 1, 2020, Prepare the journal entry to record the redemption of the bonds at maturity, assuming the bonds were issued at 100. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Prepare the journal entry to record...
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....
Most questions answered within 3 hours.
-
You found out that now you are going to receive payments of
$8,500 for the next...
asked 9 minutes ago -
Quick question, I want to know how to convert decimal numbers to
binary number, when i...
asked 5 minutes ago -
17.
Technician A says that leaking components are usually repaired
rather than replaced. Technician B says...
asked 10 minutes ago -
A) An Operon is:?
1- A gene that affect another gene
transcription.
2. A gene coding...
asked 16 minutes ago -
When opening a file, use this method to determine whether a file
exists before you attempt...
asked 21 minutes ago -
Sales total $300,000 when variable costs total $180,000 and
fixed costs are $60,000. Breakeven sales total:...
asked 27 minutes ago -
1)
To calculate the depth of a water well, an explorer drops a stone and with...
asked 25 minutes ago -
0.429-g sample of gas occupies 125 mL at 60. cm of Hg and 25°C.
The molar...
asked 27 minutes ago -
The
pH of a 0.90M solution of boric acid (H3BO3) is measured to be
4.64.
Calculate...
asked 46 minutes ago -
on april 10, a company acquired land valued at $58,000 in
exchange for 1,000 shares of...
asked 51 minutes ago -
Is
ampicillin or solvents (such as acetone) more effective at killing
off bacteria, in general? Explain...
asked 57 minutes ago -
The current risk-free rate is 4.0% and the market risk premium
is 5.0%. If Ford Motor...
asked 1 hour ago