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On January 1, 2016, Rodgers Company purchased $200,000 face value, 10%, 3-year bonds for S 190,165.35,...
On January 1, 2018, Rodgers Company purchased $300,000 face value, 10%, 3-year bonds for $292,506.75, a...
On January 1, 2018, Rodgers Company purchased $300,000 face value, 10%, 3-year bonds for $292,506.75, a price that yields a 11% effective annual interest rate. The bonds pay interest semiannually on June 30 and December 31. 2. Prepare an investment interest income and discount amortization schedule using the effective interest method. 3. Record the receipts of interest on June 30, 2018, and June 30, 2020.
On January 1, 2019, Rodgers Company purchased $400,000 face value, 10%, 3-year bonds for $390,009.00, a...
On January 1, 2019, Rodgers Company purchased $400,000 face value, 10%, 3-year bonds for $390,009.00, a price that yields a 11% effective annual interest rate. The bonds pay interest semiannually on June 30 and December 31. Required: 1. Record the purchase of the bonds. 2. Prepare an investment interest income and discount amortization schedule using the effective interest method. 3. Record the receipts of interest on June 30, 2019, and June 30, 2021.
On January 1, 2019, Rodgers Company purchased $100,000 face value, 9%, 3-year bonds for $97,462.11, a...
On January 1, 2019, Rodgers Company purchased $100,000 face
value, 9%, 3-year bonds for $97,462.11, a price that yields a 10%
effective annual interest rate. The bonds pay interest semiannually
on June 30 and December 31.
Required:
1.
Record the purchase of the bonds.
2.
Prepare an investment interest income and discount
amortization schedule using the effective interest method.
3.
Record the receipts of interest on June 30, 2019, and June
30, 2021.
Date Cash Debit Interest Income Credit Investment...
On January 1, 2019, Gatrong Corporation purchased 12%, 5-year Fleming Corporation bonds with a face value...
On January 1, 2019, Gatrong Corporation purchased 12%, 5-year Fleming Corporation bonds with a face value of $200,000. It expects to hold these bonds until maturity. The bonds pay interest semiannually on June 30 and December 31. Gatrong paid $215,443, a price that yields a 10% effective annual interest rate. Required: Prepare the journal entry on June 30 for Gatrong to record the first interest receipt, using the effective interest method. 3 journal entries
On January 1, 2016 Legion Company sold $200,000 of 10%, ten-year bonds. Interest payable semiannually in...
On January 1, 2016 Legion Company sold $200,000 of 10%, ten-year bonds. Interest payable semiannually in June 30 and December 31. the bonds were sold for $180,000, priced to yield 12%. Legion records interest at the effective rate. a. write the journal entry to recored the issue of the bond. b. How much should Legion report bond interest expense for the six month ended June 30, 2016? c. Write the journal entry for the first interest payment date on June...
Part 2--Sample Bond problem on recording bonds payable: On January 1, 2016, Shirley Corporation purchased 10%...
Part 2--Sample Bond problem on recording bonds payable: On January 1, 2016, Shirley Corporation purchased 10% bonds dated January 1, 2016, with a face amount of $10 million. The bonds mature in 2025 (10 years). For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually on June 30 and December 31. Required: 1. Determine the price of the bonds at January 1, 2016. 2. Prepare the journal entry to record the bond purchase by...
On January 1, 2016, Hackman Corporation issued $1,400,000 face value 12% bonds dated January 1, 2016,...
On January 1, 2016, Hackman Corporation issued $1,400,000 face value 12% bonds dated January 1, 2016, for $1,423,060. The bonds pay interest semiannually on June 30 and December 31 and are due December 31, 2020. Hackman uses the straight-line amortization method. Required: Record the issuance of the bonds and the first two interest payments.
Coffman Company sold bonds with a face value of $1,180,000 for $1,130,000. The bonds have a...
Coffman Company sold bonds with a face value of $1,180,000 for $1,130,000. The bonds have a coupon rate of 10 percent, mature in 10 years, and pay interest semiannually every June 30 and December 31. All of the bonds were sold on January 1 of this year. Record the sale of the bonds on January 1 and the payment of interest on June 30 of this year, without the use of a discount account. Coffman uses the effective-interest amortization method....
Coffman Company sold bonds with a face value of $985,000 for $594,994. The bonds have a...
Coffman Company sold bonds with a face value of $985,000 for $594,994. The bonds have a coupon rate of 2 percent, mature in 7 years, and pay interest semiannually every June 30 and December 31. All of the bonds were sold on January 1 of this year. Using a discount account, record the sale of the bonds on January 1 and the payment of interest on June 30 of this year. Coffman uses the effective-interest amortization method. Assume an annual...
On January 1, 2017, Sheffield Corp. issued ten-year bonds with a face amount of $5800000 and...
On January 1, 2017, Sheffield Corp. issued ten-year bonds with a face amount of $5800000 and a stated interest rate of 8% payable annually on January 1 . The bonds were priced to yield 10%. Present value factors are as follows: At 8% At 10% Present value of 1 for 10 periods 0.463 0.386 Present value of an ordinary annuity of 1 for 10 periods 6.710 6.145. The total issue price of the bonds was... 1. A company issues $...
On January 1, 2019, Rodgers Company purchased $100,000 face
value, 9%, 3-year bonds for $97,462.11, a price that yields a 10%
effective annual interest rate. The bonds pay interest semiannually
on June 30 and December 31.
Required:
1.
Record the purchase of the bonds.
2.
Prepare an investment interest income and discount
amortization schedule using the effective interest method.
3.
Record the receipts of interest on June 30, 2019, and June
30, 2021.
Date Cash Debit Interest Income Credit Investment...
On January 1, 2017, Sheffield Corp. issued ten-year bonds with a face amount of $5800000 and a stated interest rate of 8% payable annually on January 1 . The bonds were priced to yield 10%. Present value factors are as follows: At 8% At 10% Present value of 1 for 10 periods 0.463 0.386 Present value of an ordinary annuity of 1 for 10 periods 6.710 6.145. The total issue price of the bonds was... 1. A company issues $...
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