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PROBLEM 2 On January 1, 2018, Sunrise Corporation issued $4,000,000 face value, 8% coupon, 5-year bonds...
Strathern Corporation issued ten-year term bonds dated January 1, 2017, with a face value of $800,000....
Strathern Corporation issued ten-year term bonds dated January 1, 2017, with a face value of $800,000. The face interest rate is 10 percent, and interest is payable annually December 31. The bonds were issued for $708,400 to yield an effective annual rate of 12 percent. Use the effective interest method of amortization. Round answers to the nearest dollar. a. Prepare entries in journal form without explanations to record the bond issue on January 1, 2017, and the payments of interest on January,...
On January 1, 2019, Knorr Corporation issued $1,400,000 of 6%, 5-year bonds dated January 1, 2019.
On January 1, 2019, Knorr Corporation issued $1,400,000 of 6%,
5-year bonds dated January 1, 2019. The bonds pay interest annually
on December 31. The bonds were issued to yield 7%. Bond issue costs
associated with the bonds totaled $22,107.40.Required:Prepare the journal entries to record the following:January 1, 2019Sold the bonds at an effective rate of 7%December 31, 2019First interest payment using the effective interest methodDecember 31, 2019Amortization of bond issue costs using the straight-line
methodDecember 31, 2020Second interest payment...
On January 1, 2018, Surreal Manufacturing issued 620 bonds, each with a face value of $1,000,...
On January 1, 2018, Surreal Manufacturing issued 620 bonds, each with a face value of $1,000, a stated interest rate of 3 percent paid annually on December 31, and a maturity date of December 31, 2020. On the issue date, the market interest rate was 4 percent, so the total proceeds from the bond issue were $602,797. Surreal uses the effective-interest bond amortization method and adjusts for any rounding errors when recording interest in the final year. Required: 1. Prepare...
On January 1, 2018, Surreal Manufacturing issued 630 bonds, eachwith a face value of $1,000,...
On January 1, 2018, Surreal Manufacturing issued 630 bonds, each
with a face value of $1,000, a stated interest rate of 3 percent
paid annually on December 31, and a maturity date of December 31,
2020. On the issue date, the market interest rate was 4 percent, so
the total proceeds from the bond issue were $612,519. Surreal uses
the effective-interest bond amortization method and adjusts for any
rounding errors when recording interest in the final year.Required:1. Prepare a bond...
5 % On January 1, 2017, Lock Corporation issued $1,800,000 face value, 1 10 -year bonds...
5 % On January 1, 2017, Lock Corporation issued $1,800,000 face value, 1 10 -year bonds at $1,667,518 This price resulted in an effective-interest rate of 6% on the bonds. Lock uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1. Instructions: (Round all computations to the nearest dollar.) (a) Prepare the journal entry to record the issuance of the bonds on January 1, 2017. 01/01/14 Account title Account title Account title Amount...
On January 1, 2018, Methodical Manufacturing issued 100 bonds, each with a face value of $1,000,...
On January 1, 2018, Methodical Manufacturing issued 100 bonds, each with a face value of $1,000, a stated interest rate of 5 percent paid annually on December 31, and a maturity date of December 31, 2020. On the issue date, the market interest rate was 4.00 percent, so the total proceeds from the bond issue were $102,776. Methodical uses the simplified effective interest bond amortization method and adjusts for any rounding errors when recording interest in the final year. Required:...
8) Ally Company issued $4,000,000 of 7%, 12-year bonds on January 1, 2018, for $3,731,582. The...
8) Ally Company issued $4,000,000 of 7%, 12-year bonds on January 1, 2018, for $3,731,582. The market or effective interest rate is 9%. Interest is paid annually on each January 1st, and the effective-interest method of amortization is to be used. a. Provide the journal entry to record issuance of these long-term bonds. (You may or may not need all rows of this textbox b. Provide the end of the year adjusting journal entry (for Dec. 31, 2018) to record...
P15-8B Gabriel Corporation sold $4,000,000, 8 % , 10- year bonds on January 1, 2012. The...
P15-8B Gabriel Corporation sold $4,000,000, 8 % , 10- year bonds on January 1, 2012. The bonds were dated January 1, 2012, and pay interest on July 1 and January 1. Gabriel Corporation uses the straight-line method to amortize bond premium or discount. Assume no interest is accrued on June 30. Instructions (a) Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2012, assuming that the bonds sold at 103. (b)...
On January 1, 2018, Methodical Manufacturing issued 100 bonds, each with a face value of $1,000,...
On January 1, 2018, Methodical Manufacturing issued 100 bonds, each with a face value of $1,000, a stated interest rate of 5 percent paid annually on December 31, and a maturity date of December 31, 2020. On the issue date, the market interest rate was 4.25 percent, so the total proceeds from the bond issue were $102,070. Methodical uses the effective-interest bond amortization method and adjusts for any rounding errors when recording interest in the final year. Required: 1. Prepare...
On January 1, 2018, Irik Corporation issued $2,550,000 face value, 7%, 10-year bonds at $2.378,893. This...
On January 1, 2018, Irik Corporation issued $2,550,000 face value, 7%, 10-year bonds at $2.378,893. This price resulted in an effective- interest rate of 8% on the bonds. The bonds pay annual interest, each January 1. Prepare the journal entry to record the issue of the bonds on January 1, 2018. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Jan. 1, 2018 Prepare an amortization table through...
On January 1, 2019, Knorr Corporation issued $1,400,000 of 6%,
5-year bonds dated January 1, 2019. The bonds pay interest annually
on December 31. The bonds were issued to yield 7%. Bond issue costs
associated with the bonds totaled $22,107.40.Required:Prepare the journal entries to record the following:January 1, 2019Sold the bonds at an effective rate of 7%December 31, 2019First interest payment using the effective interest methodDecember 31, 2019Amortization of bond issue costs using the straight-line
methodDecember 31, 2020Second interest payment...
On January 1, 2018, Surreal Manufacturing issued 630 bonds, each
with a face value of $1,000, a stated interest rate of 3 percent
paid annually on December 31, and a maturity date of December 31,
2020. On the issue date, the market interest rate was 4 percent, so
the total proceeds from the bond issue were $612,519. Surreal uses
the effective-interest bond amortization method and adjusts for any
rounding errors when recording interest in the final year.Required:1. Prepare a bond...
5 % On January 1, 2017, Lock Corporation issued $1,800,000 face value, 1 10 -year bonds at $1,667,518 This price resulted in an effective-interest rate of 6% on the bonds. Lock uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1. Instructions: (Round all computations to the nearest dollar.) (a) Prepare the journal entry to record the issuance of the bonds on January 1, 2017. 01/01/14 Account title Account title Account title Amount...
8) Ally Company issued $4,000,000 of 7%, 12-year bonds on January 1, 2018, for $3,731,582. The market or effective interest rate is 9%. Interest is paid annually on each January 1st, and the effective-interest method of amortization is to be used. a. Provide the journal entry to record issuance of these long-term bonds. (You may or may not need all rows of this textbox b. Provide the end of the year adjusting journal entry (for Dec. 31, 2018) to record...
P15-8B Gabriel Corporation sold $4,000,000, 8 % , 10- year bonds on January 1, 2012. The bonds were dated January 1, 2012, and pay interest on July 1 and January 1. Gabriel Corporation uses the straight-line method to amortize bond premium or discount. Assume no interest is accrued on June 30. Instructions (a) Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2012, assuming that the bonds sold at 103. (b)...
On January 1, 2018, Irik Corporation issued $2,550,000 face value, 7%, 10-year bonds at $2.378,893. This price resulted in an effective- interest rate of 8% on the bonds. The bonds pay annual interest, each January 1. Prepare the journal entry to record the issue of the bonds on January 1, 2018. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Jan. 1, 2018 Prepare an amortization table through...
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