Homework Answers
| Answer: |
|
Amount should Sunland report as
interest expense for the six months ended June 30, 2021 = Carrying value x Market yield x Interest Period = $ 4,337,950 x 10% X 6 / 12 = $ 216,898 |
| Option (D) is Correct |
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On January 1, 2021. Concord Corporation sold $4900000 of its 8% bonds for $4337950 to yield...
31. On January 1, 2018, Huff Co. sold $5,000,000 of its 10% bonds for $4,426,480 to yield 12%. Interest is payable...
31. On January 1, 2018, Huff Co. sold $5,000,000 of its 10% bonds for $4,426,480 to yield 12%. Interest is payable semiannually on January 1 and July 1. What amount should Huff report as interest expense for the six months ended June 30, 2018? A) $221,330 B) $250,000 C) $265,589 D) $300,000
On January 1, 2021, Legion Company sold $230,000 of 6% ten-year bonds. Interest is payable semiannually...
On January 1, 2021, Legion Company sold $230,000 of 6% ten-year bonds. Interest is payable semiannually on June 30 and December 31. The bonds were sold for $150,858, priced to yield 12%. Legion records interest at the effective rate. Legion should report bond interest expense for the six months ended June 30, 2021, in the amount of: (Round your answer to the nearest dollar amount.) Multiple Choice $6,900. $13,800. $9,051. $27,600.
On January 1, 2021, Legion Company sold $270,000 of 4% ten-year bonds. Interest is payable semiannually...
On January 1, 2021, Legion Company sold $270,000 of 4% ten-year bonds. Interest is payable semiannually on June 30 and December 31. The bonds were sold for $169,056, priced to yield 10%. Legion records interest at the effective rate. Legion should report bond interest expense for the six months ended June 30, 2021, in the amount of: (Round your answer to the nearest dollar amount.) Multiple Choice $8,453. $21,600. $5,400. $13,500.
On January 1, 2021, Legion Company sold $280,000 of 8% ten-year bonds. Interest is payable semiannually...
On January 1, 2021, Legion Company sold $280,000 of 8% ten-year bonds. Interest is payable semiannually on June 30 and December 31. The bonds were sold for $245,106, priced to yield 10%. Legion records interest at the effective rate. Legion should pay cash interest for the six months ended June 30, 2021, in the amount of: $9,804. $11,200. $12.255. $14,000.
On January 1, 2001, Moon Co. sold $500,000 of its 10-year, 10% bonds for $450,650. Interest...
On January 1, 2001, Moon Co. sold $500,000 of its 10-year, 10% bonds for $450,650. Interest is payable semiannually on January 1 and July 1. Using the effective interest method, what amount should Moon report as interest expense for the six months ended June 30, 2001?
On January 1, 2017, Concord Corporation sold 9% bonds with a face value of $2700000. The...
On January 1, 2017, Concord Corporation sold 9% bonds with a
face value of $2700000. The bonds mature in five years, and
interest is paid semiannually on June 30 and December 31. The bonds
were sold for $2924600 to yield 7%. Using the effective-interest
method of amortization, interest expense for 2017 is
$204052.
$189000.
$204672.
$243000
Concord Corporation sold $2,950,000, 9%, 5-year bonds on January 1, 2022. The bonds were dated January...
Concord Corporation sold $2,950,000, 9%, 5-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. Concord Corporation uses the straight-line method to amortize bond premium or discount. - Your answer is partially correct. Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 103. (Credit account titles are automatically indented when amount is entered. Do not...
On June 30, 2021, Moran Corporation issued $8.5 million of its 10% bonds for $7.7 million....
On June 30, 2021, Moran Corporation issued $8.5 million of its 10% bonds for $7.7 million. The bonds were priced to yield 12%. The bonds are dated June 30, 2021. Interest is payable semiannually on December 31 and July 1. If the effective interest method is used, by how much should the bond discount be reduced for the six months ended December 31, 2021? Multiple Choice $37,000. $43,500. oooo $35,500. $26,000.
Help Save & Sub On June 30, 2021, Moran Corporation issued $13.5 million of its 8%...
Help Save & Sub On June 30, 2021, Moran Corporation issued $13.5 million of its 8% bonds for $12.2 million. The bonds were priced to yield 10%. The bonds are dated June 30, 2021. Interest is payable semiannually on December 31 and July 1. If the effective interest method is used, by how much should the bond discount be reduced for the six months ended December 31, 2017 Help Sav Multiple Choice $76,500. $68,500. оо O s70,ооо. O ээрoo.
Current Attempt in Progress Presented below are two independent situations. (a) Concord Co. sold $1,880,000 of...
Current Attempt in Progress Presented below are two independent situations. (a) Concord Co. sold $1,880,000 of 12%, 10-year bonds at 105 on January 1, 2020. The bonds were dated January 1, 2020, and pay interest on July 1 and January 1. If Concord uses the straight-line method to amortize bond premium or discount, determine the amount of interest expense to be reported on July 1, 2020, and December 31, 2020. (Round answer to O decimal places, e.g. 38,548.) Interest expense...
31. On January 1, 2018, Huff Co. sold $5,000,000 of its 10% bonds for $4,426,480 to yield 12%. Interest is payable semiannually on January 1 and July 1. What amount should Huff report as interest expense for the six months ended June 30, 2018? A) $221,330 B) $250,000 C) $265,589 D) $300,000
On January 1, 2021, Legion Company sold $280,000 of 8% ten-year bonds. Interest is payable semiannually on June 30 and December 31. The bonds were sold for $245,106, priced to yield 10%. Legion records interest at the effective rate. Legion should pay cash interest for the six months ended June 30, 2021, in the amount of: $9,804. $11,200. $12.255. $14,000.
On January 1, 2017, Concord Corporation sold 9% bonds with a
face value of $2700000. The bonds mature in five years, and
interest is paid semiannually on June 30 and December 31. The bonds
were sold for $2924600 to yield 7%. Using the effective-interest
method of amortization, interest expense for 2017 is
$204052.
$189000.
$204672.
$243000
Concord Corporation sold $2,950,000, 9%, 5-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. Concord Corporation uses the straight-line method to amortize bond premium or discount. - Your answer is partially correct. Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 103. (Credit account titles are automatically indented when amount is entered. Do not...
On June 30, 2021, Moran Corporation issued $8.5 million of its 10% bonds for $7.7 million. The bonds were priced to yield 12%. The bonds are dated June 30, 2021. Interest is payable semiannually on December 31 and July 1. If the effective interest method is used, by how much should the bond discount be reduced for the six months ended December 31, 2021? Multiple Choice $37,000. $43,500. oooo $35,500. $26,000.
Help Save & Sub On June 30, 2021, Moran Corporation issued $13.5 million of its 8% bonds for $12.2 million. The bonds were priced to yield 10%. The bonds are dated June 30, 2021. Interest is payable semiannually on December 31 and July 1. If the effective interest method is used, by how much should the bond discount be reduced for the six months ended December 31, 2017 Help Sav Multiple Choice $76,500. $68,500. оо O s70,ооо. O ээрoo.
Current Attempt in Progress Presented below are two independent situations. (a) Concord Co. sold $1,880,000 of 12%, 10-year bonds at 105 on January 1, 2020. The bonds were dated January 1, 2020, and pay interest on July 1 and January 1. If Concord uses the straight-line method to amortize bond premium or discount, determine the amount of interest expense to be reported on July 1, 2020, and December 31, 2020. (Round answer to O decimal places, e.g. 38,548.) Interest expense...
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