|
|
|
Jan 1 | Cash (2,000,000*101%) | 2,020,000 | |
Premium on Bonds Payable | 20,000 | ||
Bonds payable | 2,000,000 | ||
Dec 31 | Interest expense | 276,000 | |
Premium on Bonds Payable (20,000/5) | 4,000 | ||
Interest payable (2,000,000*14%) | 280,000 | ||
Ivanhoe Inc. issues $2,000,000, 5-year, 14% bonds at 101, with interest payable annually on January 1....
Cullumber Inc. issues $3,500,000, 5-year, 8% bonds at 103, with interest payable annually on January 1. The straight-line method is used to amortize bond premium. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the adjusting journal entry to record interest expense and...
Golden Inc. issues $4,000,000, 5-year, 10% bonds at 102, with interest payable annually on January 1 . The straight-line method is used to amortize bond premium Your answer is partially correct. Try again Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. D not indent manually.) Date Account Titles and Explanation Jan. 1 Cash Debit Credit 38000000 Discount on Bonds Payable 2000000 Bonds Payable...
Kingbird, Inc. issued $480,000, 596, 20-year bonds on January 1, 2019, at 101. Interest is payable annually on January 1. Kingbird uses straight-line amortization for bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Prepare the journal entry to record the accrual of interest and the premium amortization on December 31,2019....
Sage Hill Inc. issues $3.4 million, 5-year, 6% bonds at 102, with interest payable on January 1. The straight-line method is used to amortize bond premium. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 2 Account Titles and Explanation Debit Credit Cash Bonds Payable Premium on Bonds Payable Prepare the journal entry to record interest expense and bond premium...
Kingbird, Inc. issues $5.2 million, 10-year, 9% bonds at 103, with interest payable on January 1. The straight-line method is used to amortize bond premium. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Prepare the journal entry to record interest expense and bond premium amortization on December 31, 2022, assuming...
Harvard Inc. issues $4.0 million, 5-year, 8% bonds at 102, with interest payable on January 1. The straight-line method is used to amortize bond premium. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash enter a debit amount Bonds Payable $4,000,000 Premium on Bonds Payable enter a credit amount Prepare...
Harvard Inc. issues $4.0 million, 5-year, 8% bonds at 102, with interest payable on January 1. The straight-line method is used to amortize bond premium. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Prepare the journal entry to record interest expense and bond premium amortization on December 31, 2022, assuming...
Exercise 15-15 a-d Ivanhoe Company issued $430,000, 9%, 20-year bonds on January 1, 2020, at 102. Interest is payable annually on January 1. Ivanhoe uses straight-line amortization for bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 Cash 438600 Bonds Payable 430000 Premium on Bonds Payable 8600 SHOW LIST OF...
Brief Exercise 10-20 Metlock, Inc. issues $2.10 million, 5-year, 11% bonds at 104, with interest payable annually January 1. The straight-line method is used to amortize bond premium. Prepare the journal entry to record the sale of these bonds on January 1, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 SHOW LIST OF ACCOUNTS Prepare the adjusting journal entry to record interest expense and...
Pharoah Company issued $450,000, 6%, 20-year bonds on January 1, 2020, at 101. Interest is payable annually on January 1. Pharoah uses straight-line amortization for bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 454500 450000 4500 Prepare the journal entry to record the accrual of interest and the premium...