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On January 1, 2018, Hoosier Company purchased $918,000 of 10% bonds at face value. The bond...
On January 1, 2018, Hoosier Company purchased $948,000 of 10% bonds at face value. The bond...
On January 1, 2018, Hoosier Company purchased $948,000 of 10% bonds at face value. The bond market value was $989,000 on December 31, 2018. Required: Prepare the appropriate Journal entry on December 31, 2018, to properly value the bonds assuming the bonds are classified as: (If no entry is required for a transaction/event, select "No Journal entry required in the first account field.) 1. Trading securities. 2. Securities available for sale. 3. Held-to-maturity securities. View transaction list View journal entry...
On January 1, 2018, Hoosier Company purchased $944,000 of 10% bonds at face value. The bond...
On January 1, 2018, Hoosier Company purchased $944,000 of 10% bonds at face value. The bond market value was $987,000 on December 31, 2018. Required: Prepare the appropriate journal entry on December 31, 2018, to properly value the bonds assuming the bonds are classified as: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Trading securities. Securities available for sale. Held-to-maturity securities.
On January 1, 2018, Bishop Company issued 10% bonds dated January 1, 2018, with a face...
On January 1, 2018, Bishop Company issued 10% bonds dated January 1, 2018, with a face amount of $19.3 million. The bonds mature in 2027 (10 years). For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round your intermediate calculations to the...
On January 1, 2013, Loop de Loop Raceway issued 550 bonds, each with a face value...
On January 1, 2013, Loop de Loop Raceway issued 550 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, 2015. On the issue date, the market interest rate was 6 percent, so the total proceeds from the bond issue were $535,288. Loop de Loop uses the straight-line bond amortization method Required: 1. Prepare a bond amortization schedule. Changes During the Period Period...
On January 1, 2013, Loop de Loop Raceway issued 700 bonds, each with a face value...
On January 1, 2013, Loop de Loop Raceway issued 700 bonds, each with a face value of $1,000, a stated interest rate of 6 percent paid annually on December 31, and a maturity date of December 31, 2015. On the issue date, the market interest rate was 7 percent, so the total proceeds from the bond issue were $681,631. Loop de Loop uses the straight-line bond amortization method. Required: 1. Prepare a bond amortization schedule. Changes During the Period Period...
Pretzelmania, Inc., issues 5%, 10-year bonds with a face amount of $53,000 for $53,000 on January...
Pretzelmania, Inc., issues 5%, 10-year bonds with a face amount
of $53,000 for $53,000 on January 1, 2021. The market interest rate
for bonds of similar risk and maturity is 5%. Interest is paid
annually on December 31.
Required: 1. & 2. Record the bond issue and first interest payment on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1...
Chapter 10 Homework Saved Dobbs Company issues 6%, two-year bonds, on December 31, 2018, with a...
Chapter 10 Homework Saved Dobbs Company issues 6%, two-year bonds, on December 31, 2018, with a par value of $94,000 and semiannual interest payments. Semiannual Period - End (0) 12/31/2018 (1) 6/30/2019 (2) 12/31/2019 6/30/2020 12/31/2020 Unamortized Discount $5,880 4,410 2,940 1,470 points Carrying Value $88,120 89,590 91,060 92,530 94,000 (3) eBook Use the above straight-line bond amortization table and prepare journal entries for the following. e Hint Required: (a) The issuance of bonds on December 31, 2018. (b) The...
A company issues 9%, 10-year bonds with a face amount of $60,000 for $56,262 on January...
A company issues 9%, 10-year bonds with a face amount of $60,000 for $56,262 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 10%. Interest is paid semiannually on June 30 and December 31. Required: 1. & 2. Record the bond issue and first interest payment on June 30, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal...
On January 1, 2013, Surreal Manufacturing issued 780 bonds, each with a face value of $1,000,...
On January 1, 2013, Surreal Manufacturing issued 780 bonds, each with a face value of $1,000, a stated interest rate of 3.75 percent paid annually on December 31, and a maturity date of December 31, 2015. On the issue date, the market interest rate was 4.00 percent, so the total proceeds from the bond issue were $774,591. Surreal uses the effective-interest bond amortization method. Required: 1. Prepare a bond amortization schedule. (Round your final answers to the nearest whole dollar.)...
A company issues 5%, 10-year bonds with a face amount of $70,000 for $75,723 on January...
A company issues 5%, 10-year bonds with a face amount of $70,000 for $75,723 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 4%. Interest is paid semiannually on June 30 and December 31. Required: 1. & 2. Record the bond issue and first interest payment on June 30, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate...
On January 1, 2018, Hoosier Company purchased $948,000 of 10% bonds at face value. The bond market value was $989,000 on December 31, 2018. Required: Prepare the appropriate Journal entry on December 31, 2018, to properly value the bonds assuming the bonds are classified as: (If no entry is required for a transaction/event, select "No Journal entry required in the first account field.) 1. Trading securities. 2. Securities available for sale. 3. Held-to-maturity securities. View transaction list View journal entry...
On January 1, 2013, Loop de Loop Raceway issued 550 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, 2015. On the issue date, the market interest rate was 6 percent, so the total proceeds from the bond issue were $535,288. Loop de Loop uses the straight-line bond amortization method Required: 1. Prepare a bond amortization schedule. Changes During the Period Period...
On January 1, 2013, Loop de Loop Raceway issued 700 bonds, each with a face value of $1,000, a stated interest rate of 6 percent paid annually on December 31, and a maturity date of December 31, 2015. On the issue date, the market interest rate was 7 percent, so the total proceeds from the bond issue were $681,631. Loop de Loop uses the straight-line bond amortization method. Required: 1. Prepare a bond amortization schedule. Changes During the Period Period...
Pretzelmania, Inc., issues 5%, 10-year bonds with a face amount
of $53,000 for $53,000 on January 1, 2021. The market interest rate
for bonds of similar risk and maturity is 5%. Interest is paid
annually on December 31.
Required: 1. & 2. Record the bond issue and first interest payment on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1...
Chapter 10 Homework Saved Dobbs Company issues 6%, two-year bonds, on December 31, 2018, with a par value of $94,000 and semiannual interest payments. Semiannual Period - End (0) 12/31/2018 (1) 6/30/2019 (2) 12/31/2019 6/30/2020 12/31/2020 Unamortized Discount $5,880 4,410 2,940 1,470 points Carrying Value $88,120 89,590 91,060 92,530 94,000 (3) eBook Use the above straight-line bond amortization table and prepare journal entries for the following. e Hint Required: (a) The issuance of bonds on December 31, 2018. (b) The...
A company issues 9%, 10-year bonds with a face amount of $60,000 for $56,262 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 10%. Interest is paid semiannually on June 30 and December 31. Required: 1. & 2. Record the bond issue and first interest payment on June 30, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal...
On January 1, 2013, Surreal Manufacturing issued 780 bonds, each with a face value of $1,000, a stated interest rate of 3.75 percent paid annually on December 31, and a maturity date of December 31, 2015. On the issue date, the market interest rate was 4.00 percent, so the total proceeds from the bond issue were $774,591. Surreal uses the effective-interest bond amortization method. Required: 1. Prepare a bond amortization schedule. (Round your final answers to the nearest whole dollar.)...
A company issues 5%, 10-year bonds with a face amount of $70,000 for $75,723 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 4%. Interest is paid semiannually on June 30 and December 31. Required: 1. & 2. Record the bond issue and first interest payment on June 30, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate...
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