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On February 1, 2021. Sanford & Son issued 10% bonds dated February 1, 2021, with a...
On February 1, 2021, Strauss-Lombardi issued 9% bonds, dated February 1, with a face amount of...
On February 1, 2021, Strauss-Lombardi issued 9% bonds, dated February 1, with a face amount of $800,000. The bonds sold for $731,364 and mature on January 31, 2041 (20 years). The market yield for bonds of similar risk and maturity was 10%. Interest is paid semiannually on July 31 and January 31. Strauss-Lombardi's fiscal year ends December 31. Required: 1. to 4. Prepare the journal entries to record their issuance by Strauss-Lombardi on February 1, 2021, interest on July 31,...
On March 1, 2021, Stratford Lighting issued 10% bonds, dated March 1, with a face amount...
On March 1, 2021, Stratford Lighting issued 10% bonds, dated March 1, with a face amount of $870,000. The bonds sold for $855,000 and mature on February 28, 2041 (20 years). Interest is paid semiannually on August 31 and February 28. Stratford uses the straight- line method and its fiscal year ends December 31. Required: 1. to 4. Prepare the journal entries to record the issuance of the bonds by Stratford Lighting on March 1, 2021, interest on August 31,...
3 On February 1, 2021, Cromley Motor Products issued 6% bonds, dated February 1, with a...
3
On February 1, 2021, Cromley Motor Products issued 6% bonds, dated February 1, with a face amount of $75 million. The bonds mature on January 31, 2025 (4 years). The market yield for bonds of similar risk and maturity was 8%. Interest is paid semiannually on July 31 and January 31. Barnwell Industries acquired $75,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31. (FV of S1. PV of $1. EVA of...
On February 1, 2018, Sanford & Son issued 12% bonds dated February 1, 2018, with a...
On February 1, 2018, Sanford & Son issued 12% bonds dated February 1, 2018, with a face amount of $100,000. The bonds sold for $117,160 and mature in 20 years. The effective interest rate for these bonds was 10%. Interest is paid semiannually on July 31 and January 31. Sanford & Son's fiscal year is the calendar year. Required: 1. Prepare the journal entry to record the bond issuance on February 1, 2018. 2. Prepare the entry to record interest...
On January 1, 2021, Mania Enterprises issued 12% bonds dated January 1, 2021, with a face...
On January 1, 2021, Mania Enterprises issued 12% bonds dated January 1, 2021, with a face amount of $20.3 million. The bonds mature in 2030 (10 years). For bonds of similar risk and maturity, the market yield is 10%. Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round your intermediate calculations to...
On February 1, 2016, Cromley Motor Products issued 6% bonds, dated February 1, with a face...
On February 1, 2016, Cromley Motor Products issued 6% bonds,
dated February 1, with a face amount of $85 million. The bonds
mature on January 31, 2020 (4 years). The market yield for bonds of
similar risk and maturity was 8%. Interest is paid semiannually on
July 31 and January 31. Barnwell Industries acquired $85,000 of the
bonds as a long-term investment. The fiscal years of both firms end
December 31.
Below is the list of 6 journal entries for...
On February 1, 2021. Cromley Motor Products issued 12% bonds, dated February 1, with a face...
On February 1, 2021. Cromley Motor Products issued 12% bonds, dated February 1, with a face amount of $85 million. The bonds mature on January 31, 2025 (4 years). The market yield for bonds of similar risk and maturity was 14%. Interest is paid semiannually on July 31 and January 31. Barnwell Industries acquired $85,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31. (FV of $1, PV of $1, FVA of $1,...
On January 1, 2021, for $17.2 million, Marker Company issued 8% bonds, dated January 1, 2021,...
On January 1, 2021, for $17.2 million, Marker Company issued 8% bonds, dated January 1, 2021, with a face amount of $19.2 million. For bonds of similar risk and maturity, the market yield is 10%. Interest is paid semiannually on June 30 and. December 31. Required: 1. Prepare the journal entry to record interest on June 30, 2021, using the effective interest method. 2. Prepare the journal entry to record interest on December 31, 2021, using the effective interest method....
On February 1,2021, Fox Corp. issued 9%bonds dated February 1,2021, with a face amount of $290000....
On February 1,2021, Fox Corp. issued 9%bonds dated
February 1,2021, with a face amount of $290000.
On February 1, 2021, Fox Corporation issued 9% bonds dated February 1, 2021. with a face amount of $290,000. The bonds sold for $265,121 and mature in 20 years. The effective interest rate for these bonds was 10%. Interest is paid semiannually on July 31 and January 31. Fox's fiscal year is the calendar year. Fox uses the straight-line method of amortization. Required: 1....
3 On April 1, 2021, Western Communications, Inc., issued 12% bonds, dated March 1, 2021, with...
3
On April 1, 2021, Western Communications, Inc., issued 12% bonds, dated March 1, 2021, with face amount of $43 million. The bonds sold for $42.3 million and mature on February 28, 2024. Interest is paid semiannually on August 31 and February 28. Stillworth Corporation acquired $43,000 of the bonds as a long-term Investment. The fiscal years of both firms end December 31, and both firms use the straight-line method. Required: 1. Prepare the journal entries to record (a) issuance...
On February 1, 2021, Strauss-Lombardi issued 9% bonds, dated February 1, with a face amount of $800,000. The bonds sold for $731,364 and mature on January 31, 2041 (20 years). The market yield for bonds of similar risk and maturity was 10%. Interest is paid semiannually on July 31 and January 31. Strauss-Lombardi's fiscal year ends December 31. Required: 1. to 4. Prepare the journal entries to record their issuance by Strauss-Lombardi on February 1, 2021, interest on July 31,...
On March 1, 2021, Stratford Lighting issued 10% bonds, dated March 1, with a face amount of $870,000. The bonds sold for $855,000 and mature on February 28, 2041 (20 years). Interest is paid semiannually on August 31 and February 28. Stratford uses the straight- line method and its fiscal year ends December 31. Required: 1. to 4. Prepare the journal entries to record the issuance of the bonds by Stratford Lighting on March 1, 2021, interest on August 31,...
3
On February 1, 2021, Cromley Motor Products issued 6% bonds, dated February 1, with a face amount of $75 million. The bonds mature on January 31, 2025 (4 years). The market yield for bonds of similar risk and maturity was 8%. Interest is paid semiannually on July 31 and January 31. Barnwell Industries acquired $75,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31. (FV of S1. PV of $1. EVA of...
On January 1, 2021, Mania Enterprises issued 12% bonds dated January 1, 2021, with a face amount of $20.3 million. The bonds mature in 2030 (10 years). For bonds of similar risk and maturity, the market yield is 10%. Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round your intermediate calculations to...
On February 1, 2016, Cromley Motor Products issued 6% bonds,
dated February 1, with a face amount of $85 million. The bonds
mature on January 31, 2020 (4 years). The market yield for bonds of
similar risk and maturity was 8%. Interest is paid semiannually on
July 31 and January 31. Barnwell Industries acquired $85,000 of the
bonds as a long-term investment. The fiscal years of both firms end
December 31.
Below is the list of 6 journal entries for...
On February 1, 2021. Cromley Motor Products issued 12% bonds, dated February 1, with a face amount of $85 million. The bonds mature on January 31, 2025 (4 years). The market yield for bonds of similar risk and maturity was 14%. Interest is paid semiannually on July 31 and January 31. Barnwell Industries acquired $85,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31. (FV of $1, PV of $1, FVA of $1,...
On January 1, 2021, for $17.2 million, Marker Company issued 8% bonds, dated January 1, 2021, with a face amount of $19.2 million. For bonds of similar risk and maturity, the market yield is 10%. Interest is paid semiannually on June 30 and. December 31. Required: 1. Prepare the journal entry to record interest on June 30, 2021, using the effective interest method. 2. Prepare the journal entry to record interest on December 31, 2021, using the effective interest method....
On February 1,2021, Fox Corp. issued 9%bonds dated
February 1,2021, with a face amount of $290000.
On February 1, 2021, Fox Corporation issued 9% bonds dated February 1, 2021. with a face amount of $290,000. The bonds sold for $265,121 and mature in 20 years. The effective interest rate for these bonds was 10%. Interest is paid semiannually on July 31 and January 31. Fox's fiscal year is the calendar year. Fox uses the straight-line method of amortization. Required: 1....
3
On April 1, 2021, Western Communications, Inc., issued 12% bonds, dated March 1, 2021, with face amount of $43 million. The bonds sold for $42.3 million and mature on February 28, 2024. Interest is paid semiannually on August 31 and February 28. Stillworth Corporation acquired $43,000 of the bonds as a long-term Investment. The fiscal years of both firms end December 31, and both firms use the straight-line method. Required: 1. Prepare the journal entries to record (a) issuance...
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