Homework Answers
| Journal | ||||||
| Date | Particulars | LF | Debit | Credit | ||
| 01-01-21 | Cash Account | Dr | 75,723 | |||
| To | Bonds Payable | 70,000 | ||||
| To | Premium on Bonds | 5,723 | ||||
| (Being issue of bonds at premium) | ||||||
| 30-06-21 | Premium on Bonds (amortised) | Dr | 236 | |||
| Interest expense | Dr | 1,514 | ||||
| To | Cash Account | 1,750 | ||||
| (Being interest paid including the | ||||||
| premium amount amortised) | ||||||
| Calculation of premium | ||||||
| Present value of the bond | 75,723 | |||||
| Less: Face value of the bond | (70,000) | |||||
| Premium on bond | 5,723 | |||||
| Calculation of interest and amortised amount of bond | ||||||
| Interest paid on bond semi-annually (70,000 x 2.5%) | 1,750 | |||||
| Interest expense on bond (75,723 x 2%) | 1,514 | |||||
| Amortised amount of premium | 236 | |||||
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A company issues 5%, 10-year bonds with a face amount of $70,000 for $75,723 on January...
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for bonds of similar risk and maturity is 5%. Interest is paid
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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...
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two parts
A company issues 7%, 10-year bonds with a face amount of $80,000 for $85.951 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 6%. 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...
A company issues 9%, 10-year bonds with a face amount of $60,000 for $56,262 on January...
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A company issues 7%, 9-year bonds with a face amount of $90,000 for $84,301 on January...
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for $84,301 on January 1, 2021. The market interest rate for bonds
of similar risk and maturity is 8%. Interest is paid semiannually
on June 30 and December 31.
Journal entry worksheet Record the bond issue. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2021 Record entry Clear entry View general journal Journal entry worksheet 2 Record the first interest payment on June 30,...
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Pretzelmania, Inc., issues 7%, 10-year bonds with a face amount of $57,000 for $57,000 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 7%. 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 Record...
A company issues 75, 10 year bonds with a face amount of $80.000 for $74.564 on January 1, 2021 The market interest rate for bonds of similar risk and maturity is 8% Interest is paid semiannually on June 30 and December 31 Required: 1 2 Record the bond issue and first interest payment on June 20, 2021. no entry is required for a particulier transaction even select "No Journal Entry Required in the first account Teld. Do not round Intermediate...
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...
two parts
A company issues 7%, 10-year bonds with a face amount of $80,000 for $85.951 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 6%. 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...
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...
A company issues 7%, 9-year bonds with a face amount of $90,000
for $84,301 on January 1, 2021. The market interest rate for bonds
of similar risk and maturity is 8%. Interest is paid semiannually
on June 30 and December 31.
Journal entry worksheet Record the bond issue. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2021 Record entry Clear entry View general journal Journal entry worksheet 2 Record the first interest payment on June 30,...
Pretzelmania, Inc., issues 5%, 10-year bonds with a face amount of $68,000 for $68,000 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 5%. 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...
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Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $51,000 for $46,591 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 8%. 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. Round your intermed iate...
Pretzelmania, Inc., issues 7%, 10-year bonds with a face amount of $57,000 for $57,000 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 7%. 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 Record...
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