Homework Answers
On maturity of the bonds, journal entry passed will be
Cash A/c Dr 4,20,000
To Bonds Payable 4,20,000
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AM Corp. purchases $420,000 of Anodyne Company's 8%, 10 year bonds payable at par. Interest is!...
1/ Landmark Corp. buys $510,000 of Schroeter Company's 9%, 5-year bonds payable at par value on...
1/ Landmark Corp. buys $510,000 of Schroeter Company's 9%, 5-year bonds payable at par value on September 1. Interest payments are made semiannually. Landmark plans to hold the bonds for the 5-year life. The journal entry to record the purchase should include: Multiple Choice A debit to Long-Term Investments-AFS $510,000. A debit to Short-Term Investments-Trading $510,000. A debit to Long-Term Investments-HTM $510,000. A debit to Short-Term Investments-AFS $510,000. A debit to Cash $510,000. 2/ A company paid $32,800 plus a...
Barnes Company purchased $96,000 of 10.5% bonds at par. The bonds mature in six years and...
Barnes Company purchased $96,000 of 10.5% bonds at par. The bonds mature in six years and are classified as a held-to-maturity security. Which of the following is the correct journal entry to record the receipt of the usual semiannual interest payment? Multiple Choice debit Cash, $10,080; credit Unrealized Gain—Equity, $10,080. debit Unrealized Gain—Equity, $5,040; credit Cash, $5,040. debit Cash, $10,080; credit Long-Term Investments—HTM, $10,080. debit Cash, $5,040; credit Long-Term Investments—HTM, $5,040. debit Cash, $5,040; credit Interest Revenue, $5,040.
Barnes Company purchased $80,000 of 11.0% bonds at par. The bonds mature in six years and...
Barnes Company purchased $80,000 of 11.0% bonds at par. The bonds mature in six years and are classified as a held-to-maturity security. Which of the following is the correct journal entry to record the receipt of the usual semiannual interest payment? Multiple Choice debit Cash, $4,400; credit Long-Term Investments—HTM, $4,400. debit Cash, $8,800, credit Unrealized Gain-Equity, $8,800. debit Unrealized Gain-Equity, $4,400; credit Cash, $4,400. o debit Cash, $8,800; credit Long-Term Investments-HTM, $8,800. debit Cash, $4,400; credit Interest Revenue, $4,400.
Spiller Corp. plans to issue 10%, 7-year, $420,000 par value bonds payable that pay interest semiannually...
Spiller Corp. plans to issue 10%, 7-year, $420,000 par value bonds payable that pay interest semiannually on June 30 and December 31. The bonds are dated December 31, 2019, and are issued on that date. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round your "Table value" to 4 decimal places and final answers to nearest whole dollar.) If the market rate of interest for the bonds is...
On February 15, Jewel Company buys notes of Marcelo Corp. for $201,210. The investment is classified...
On February 15, Jewel Company buys notes of Marcelo Corp. for $201,210. The investment is classified as long-term available-for-sale securities. This is the company’s first and only investment in available-for-sale securities. The journal entry to record the purchase on February 15 is: Multiple Choice Debit Debt Investments—HTM $201,210; credit Cash $201,210. Debit Debt Investments—AFS $201,210; credit Notes Payable $201,210. Debit Debt Investments—Trading $201,210; credit Cash $201,210. Debit Debt Investments—Trading $201,210; credit Notes Payable $201,210. Debit Long-Term Investments—AFS $201,210; credit Cash...
Spiller Corp. plans to issue 8%, 8-year, $570,000 par value bonds payable that pay interest semiannually...
Spiller Corp. plans to issue 8%, 8-year, $570,000 par value bonds payable that pay interest semiannually on June 30 and December 31. The bonds are dated December 31, 2019, and are issued on that date. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round your "Table value" to 4 decimal places and final answers to nearest whole dollar.) If the market rate of interest for the bonds is...
Spiller Corp. plans to issue 8%, 8-year, $560,000 par value bonds payable that pay interest semiannually...
Spiller Corp. plans to issue 8%, 8-year, $560,000 par value bonds payable that pay interest semiannually on June 30 and December 31. The bonds are dated December 31, 2019, and are issued on that date. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round your "Table value" to 4 decimal places and final answers to nearest whole dollar.) If the market rate of interest for the bonds is...
General Electric issued 8%, 15-year bonds with a par value of $450,000 that pay interest semiannually....
General Electric issued 8%, 15-year bonds with a par value of $450,000 that pay interest semiannually. The market rate on the date of issuance was 8%. The journal entry to record each semiannual interest payment is: Multiple Choice 0 O Debit Bond Interest Expense $36,000; credit Cash $36,000. 0 Debit Bond Interest Payable $30,000; credit Cash $30,000. O No entry is needed, since no interest is paid until the bond is due. C) Debit Bond Interest Expense $18,000; credit Cash...
On January 1, Parson Freight Company issues 7.0 % , 10- year bonds with a par...
On January 1, Parson Freight Company issues 7.0 % , 10- year bonds with a par value of $4,500,000. The bonds pay interest semiannually. The market rate of interest is 8.0 % and the bond 16 selling price was $4,194,222. The bond issuance should be recorded as: Multiple Choice Debit Cash $4,500,000; credit Bonds Payable $4,194,222; credit Discount on Bonds Payable $305,778. Debit Cash $4,194,222; credit Bonds Payable $4,194,222. Debit Cash $4,500,000; credit Bonds Payable $4,500,000. Debit Cash $4,194,222; debit Discount on Bonds Payable $305,778;...
On January 1, Parson Freight Company issues 9.0%, 10-year bonds with a par value of $3,900,000....
On January 1, Parson Freight Company issues 9.0%, 10-year bonds with a par value of $3,900,000. The bonds pay interest semiannually. The market rate of interest is 10.0% and the bond selling price was $3,634,992. The bond issuance should be recorded as Multiple Choice Debit Cash $3,900,000; credit Bonds Payable $3,900,000. Debit Cash $3,634,992; credit Bonds Payable $3,634,992. Debit Cash $3,900,000; credit Bonds Payable $3,634,992; credit Discount on Bonds Payable $265,008. Debit Cash $3,634,992; debit Discount on Bonds Payable $265,008;...
Barnes Company purchased $80,000 of 11.0% bonds at par. The bonds mature in six years and are classified as a held-to-maturity security. Which of the following is the correct journal entry to record the receipt of the usual semiannual interest payment? Multiple Choice debit Cash, $4,400; credit Long-Term Investments—HTM, $4,400. debit Cash, $8,800, credit Unrealized Gain-Equity, $8,800. debit Unrealized Gain-Equity, $4,400; credit Cash, $4,400. o debit Cash, $8,800; credit Long-Term Investments-HTM, $8,800. debit Cash, $4,400; credit Interest Revenue, $4,400.
Spiller Corp. plans to issue 8%, 8-year, $560,000 par value bonds payable that pay interest semiannually on June 30 and December 31. The bonds are dated December 31, 2019, and are issued on that date. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round your "Table value" to 4 decimal places and final answers to nearest whole dollar.) If the market rate of interest for the bonds is...
General Electric issued 8%, 15-year bonds with a par value of $450,000 that pay interest semiannually. The market rate on the date of issuance was 8%. The journal entry to record each semiannual interest payment is: Multiple Choice 0 O Debit Bond Interest Expense $36,000; credit Cash $36,000. 0 Debit Bond Interest Payable $30,000; credit Cash $30,000. O No entry is needed, since no interest is paid until the bond is due. C) Debit Bond Interest Expense $18,000; credit Cash...
On January 1, Parson Freight Company issues 7.0 % , 10- year bonds with a par value of $4,500,000. The bonds pay interest semiannually. The market rate of interest is 8.0 % and the bond 16 selling price was $4,194,222. The bond issuance should be recorded as: Multiple Choice Debit Cash $4,500,000; credit Bonds Payable $4,194,222; credit Discount on Bonds Payable $305,778. Debit Cash $4,194,222; credit Bonds Payable $4,194,222. Debit Cash $4,500,000; credit Bonds Payable $4,500,000. Debit Cash $4,194,222; debit Discount on Bonds Payable $305,778;...
On January 1, Parson Freight Company issues 9.0%, 10-year bonds with a par value of $3,900,000. The bonds pay interest semiannually. The market rate of interest is 10.0% and the bond selling price was $3,634,992. The bond issuance should be recorded as Multiple Choice Debit Cash $3,900,000; credit Bonds Payable $3,900,000. Debit Cash $3,634,992; credit Bonds Payable $3,634,992. Debit Cash $3,900,000; credit Bonds Payable $3,634,992; credit Discount on Bonds Payable $265,008. Debit Cash $3,634,992; debit Discount on Bonds Payable $265,008;...
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