On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $430,000 of 6% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year.
2. If the market interest rate is 7%, the bonds will issue at $384,087. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest dollar amount.)
Homework Answers
| January 1, 2021 | Cash | 384087 | ||
| Discount on Bonds payable | 45913 | |||
| Bonds payable | 430000 | |||
| June 30, 2021 | Interest expense | 13443 | =384087*7%/2 | |
| Discount on Bonds payable | 543 | |||
| Cash | 12900 | =430000*6%/2 | ||
| Dec 31, 2021 | Interest expense | 13462 | =(384087+543)*7%/2 | |
| Discount on Bonds payable | 562 | |||
| Cash | 12900 | =430000*6%/2 |
Add Answer to:
On January 1, 2021, Twister Enterprises, a manufacturer of a
variety of transportable spin rides, issues...
On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues...
On January 1, 2021, Twister Enterprises, a manufacturer of a
variety of transportable spin rides, issues $430,000 of 6% bonds,
due in 20 years, with interest payable semiannually on June 30 and
December 31 each year.
Required: 1. If the market interest rate is 6%, the bonds will issue at $430,000. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for...
On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues...
On January 1, 2021, Twister Enterprises, a manufacturer of a
variety of transportable spin rides, issues $430,000 of 6% bonds,
due in 20 years, with interest payable semiannually on June 30 and
December 31 each year.
3. If the market interest rate is 5%, the bonds
will issue at $483,971. Record the bond issue on January 1, 2021,
and the first two semiannual interest payments on June 30, 2021,
and December 31, 2021. (If no entry is required for a...
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On January 1, 2021, Twister Enterprises, a manufacturer of a
variety of transportable spin rides, issues $430,000 of 6% bonds,
due in 20 years, with interest payable semiannually on June 30 and
December 31 each year.
Required: 1. If the market interest rate is 6%, the bonds will issue at $430,000. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for...
On January 1, 2021, Twister Enterprises, a manufacturer of a
variety of transportable spin rides, issues $430,000 of 6% bonds,
due in 20 years, with interest payable semiannually on June 30 and
December 31 each year.
3. If the market interest rate is 5%, the bonds
will issue at $483,971. Record the bond issue on January 1, 2021,
and the first two semiannual interest payments on June 30, 2021,
and December 31, 2021. (If no entry is required for a...
On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $480,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Required: 1. If the market interest rate is 8%, the bonds will issue at $480,000. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (if no entry is required for...
On January 1, 2018, Twister Enterprises, a manufacturer of a
variety of transportable spin rides, issues $500,000 of 7% bonds,
due in 20 years, with interest payable semiannually on June 30 and
December 31 each year.
Required: 1. If the market interest rate is 7%, the bonds will issue at $500,000. Record the bond issue on January 1, 2018, and the first two semiannual interest payments on June 30, 2018, and December 31, 2018. (If no entry is required for...
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in 10 years, with interest payable semiannually on June 30 and
December 31 each year.
Assuming the market interest rate on the issue date is 8%, the
bonds will issue at $419,423.
Required: 1. Complete the first three rows of an amortization table. (Round your intermediate and final answers to the nearest whole dollar.) Date Cash Paid Interest Expense Change in Carrying Value Carrying Value 1/1/21 6/30/21 12/31/21...
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