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Broadbent Insurance purchased $100,000 of 7% DPT bonds on January 1, 2018, at a price of...
Lamar Insurance purchased $100,000 of 7% SVL bonds on January 1,2018,at a price of 82 when...
Lamar Insurance purchased $100,000 of 7% SVL bonds on January
1,2018,at a price of 82 when the market rate of interest was 12%.
Lamar intends to hold the bonds until their maturity date of
January 1,2023. The bonds pay interest semiannually on each
January 1 and July 1. Lamar recorded the following journal entries
on January 1,2018 and July 1,2018:
Make the adjusting entries that Lamar Insurance would need to
make on December 31,2018, related to the investment in SVL...
Rahman Insurance purchased $50,000 of 8% DMH bonds on January 1, 2018 at a price of...
Rahman Insurance purchased $50,000 of 8% DMH bonds on January 1, 2018 at a price of 86 when the market rate of interest was 12%. Rahman intends to hold the bonds until their maturity date of January 1, 2023. The bonds pay interest semiannually on each January 1 and July 1. Record the initial purchase of the bonds by Rahman on January 1, 2018 and the receipt of the interest on the first interest payment date of July 1, 2018....
Obert Company issued a $140,000, 6%, 10 year bond payable at 88 on January 1, 2018....
Obert Company issued a $140,000, 6%, 10 year bond payable at 88 on January 1, 2018. Interest is paid semiannually on January 1 and July 1. Read the requirements Requirement 1. Journalize the issuance of the bond payable on January 1, 2018. (Record debits first, then credits Select explanations on the last line of the journal entry) Date Accounts and Explanation Debit Credit 2018 Jan. 1 Requirement 2. Journalize the payment of semiannual interest and amortization of the bond discount...
Lincoln Company issued $50,000 of 10-year, 8% bonds payable on January 1, 2018. Lincoln Company pays...
Lincoln Company issued $50,000 of 10-year, 8% bonds payable on January 1, 2018. Lincoln Company pays interest each January 1 and July 1 and amortizes discount or premium by the straight-line amortization method. The company can issue its bonds payable under various conditions. Read the requirements. Requirement 1. Journalize Lincoln Company's issuance of the bonds and first semiannual interest payment assuming the bonds were issued at face value. Explanations are not required. (Record debits first, then credits. Exc i Requirements...
i More Info 2018 Jan Jul 1 Issued $9,000,000 of 8%, 10-year bonds payable at 97. Interest payment dates are July 1 and...
i More Info 2018 Jan Jul 1 Issued $9,000,000 of 8%, 10-year bonds payable at 97. Interest payment dates are July 1 and January 1. 1 Paid semiannual interest and amortized bond discount by the straight-line method on the 8% bonds payable. 31 Accrued semiannual interest expense and amortized the bond discount by the straight-line method on the 8% bonds payable. Dec 1 Paid semiannual interest. 2019 Jan 2028 Jan 1 Paid the 8% bonds at maturity. Print Done Requirement...
On January 31, 2018, DurkinDurkin Logistics, Inc., issued five-year, 5% bonds payable with a face value of $5,000,00...
On January 31, 2018, DurkinDurkin Logistics, Inc., issued five-year, 5% bonds payable with a face value of $5,000,000. The bonds were issued at 96 and pay interest on January 31 and July 31. DurkinDurkin Logistics amortizes bond discounts using the straight-line method.Read the requirement a. Record the issuance of the bond payable on January 31, 2018. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Jan 31 b. Record the payment...
On January 31, 2018, Logo Logistics, Inc., issued ten-year, 9% bonds payable with a face value...
On January 31, 2018, Logo Logistics, Inc., issued ten-year, 9% bonds payable with a face value of $12,000,000. The bonds were issued at 96 and pay interest on January 31 and July 31. Logo Logistics amortizes bond discounts using the straight-line method. Read the requirement. a. Record the issuance of the bond payable on January 31, 2018. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts Date Jan 31 N Debit Credit N N b....
Alexander Company issued $260,000, 4%, 10-year bonds payable at 94 on January 1, 2018. 6. Journalize...
Alexander Company issued $260,000, 4%, 10-year bonds payable at 94 on January 1, 2018. 6. Journalize the issuance of the bonds payable on January 1, 2018. 7. Jounalize the payment of semiannual interest and amortization of the bond discount or premium (using the straight-line amortization method) on July 1, 2018 8. Assume the bonds payable was instead issued at 108. Journalize the issuance of the bonds payable and the payment of the first semiannual interest and amortization of the bond...
Wilmington Mutual Insurance Company issued a $90,000, 6%, 10-year bond payable at 112 on January 1,...
Wilmington Mutual Insurance Company issued a $90,000, 6%, 10-year bond payable at 112 on January 1, 2018. Interest is paid semiannually on January 1 and July 1. Requirements 1. Journalize the issuance of the bond payable on January 1, 2018 2. Journalize the payment of semiannual interest and amortization of the bond discount or premium on July 1, 2018 Requirement 1. Joumalize the issuance of the bond payable on January 1, 2018. (Record debits first, then credits. Select explanations on...
Supreme Autoparts Inc. issued $190,000 of 7%, 10-year bonds at a price of 82 on January...
Supreme Autoparts Inc. issued $190,000 of 7%, 10-year bonds at a price of 82 on January 31, 2017. The market interest rate at the date of issuance was 9%, and the standard bonds pay interest semi-annually 1. Prepare an effective-interest amortization table for the bonds through the first three interest payments. 2. Record Supreme's issuance of the bonds on January 31, 2017, and payment of the first semi-annual interest amount and amortization of the bonds on July 31, 2017. Explanations...
Lamar Insurance purchased $100,000 of 7% SVL bonds on January
1,2018,at a price of 82 when the market rate of interest was 12%.
Lamar intends to hold the bonds until their maturity date of
January 1,2023. The bonds pay interest semiannually on each
January 1 and July 1. Lamar recorded the following journal entries
on January 1,2018 and July 1,2018:
Make the adjusting entries that Lamar Insurance would need to
make on December 31,2018, related to the investment in SVL...
Obert Company issued a $140,000, 6%, 10 year bond payable at 88 on January 1, 2018. Interest is paid semiannually on January 1 and July 1. Read the requirements Requirement 1. Journalize the issuance of the bond payable on January 1, 2018. (Record debits first, then credits Select explanations on the last line of the journal entry) Date Accounts and Explanation Debit Credit 2018 Jan. 1 Requirement 2. Journalize the payment of semiannual interest and amortization of the bond discount...
Lincoln Company issued $50,000 of 10-year, 8% bonds payable on January 1, 2018. Lincoln Company pays interest each January 1 and July 1 and amortizes discount or premium by the straight-line amortization method. The company can issue its bonds payable under various conditions. Read the requirements. Requirement 1. Journalize Lincoln Company's issuance of the bonds and first semiannual interest payment assuming the bonds were issued at face value. Explanations are not required. (Record debits first, then credits. Exc i Requirements...
i More Info 2018 Jan Jul 1 Issued $9,000,000 of 8%, 10-year bonds payable at 97. Interest payment dates are July 1 and January 1. 1 Paid semiannual interest and amortized bond discount by the straight-line method on the 8% bonds payable. 31 Accrued semiannual interest expense and amortized the bond discount by the straight-line method on the 8% bonds payable. Dec 1 Paid semiannual interest. 2019 Jan 2028 Jan 1 Paid the 8% bonds at maturity. Print Done Requirement...
On January 31, 2018, Logo Logistics, Inc., issued ten-year, 9% bonds payable with a face value of $12,000,000. The bonds were issued at 96 and pay interest on January 31 and July 31. Logo Logistics amortizes bond discounts using the straight-line method. Read the requirement. a. Record the issuance of the bond payable on January 31, 2018. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts Date Jan 31 N Debit Credit N N b....
Alexander Company issued $260,000, 4%, 10-year bonds payable at 94 on January 1, 2018. 6. Journalize the issuance of the bonds payable on January 1, 2018. 7. Jounalize the payment of semiannual interest and amortization of the bond discount or premium (using the straight-line amortization method) on July 1, 2018 8. Assume the bonds payable was instead issued at 108. Journalize the issuance of the bonds payable and the payment of the first semiannual interest and amortization of the bond...
Wilmington Mutual Insurance Company issued a $90,000, 6%, 10-year bond payable at 112 on January 1, 2018. Interest is paid semiannually on January 1 and July 1. Requirements 1. Journalize the issuance of the bond payable on January 1, 2018 2. Journalize the payment of semiannual interest and amortization of the bond discount or premium on July 1, 2018 Requirement 1. Joumalize the issuance of the bond payable on January 1, 2018. (Record debits first, then credits. Select explanations on...
Supreme Autoparts Inc. issued $190,000 of 7%, 10-year bonds at a price of 82 on January 31, 2017. The market interest rate at the date of issuance was 9%, and the standard bonds pay interest semi-annually 1. Prepare an effective-interest amortization table for the bonds through the first three interest payments. 2. Record Supreme's issuance of the bonds on January 31, 2017, and payment of the first semi-annual interest amount and amortization of the bonds on July 31, 2017. Explanations...
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