Homework Answers
| Journal entry: | |||||
| Interest expense when Issue at 101. | |||||
| Dec31 2017 | Interest expense Account Dr. | 324720 | |||
| Premium on Bonds payable Dr. | 3280 | ||||
| Interest payable Account | 328000 | ||||
| Interest expensnse when issue at 96. | |||||
| Dec31 2017 | Interest expense Account Dr. | 341120 | |||
| Interest payable Account | 328000 | ||||
| Discount on Bonds payable | 13120 | ||||
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Question 4 Sunland Company sold $3,280,000 109 10-year bonds on january 1, 2017. The bonds were...
Please explain journal entries Crane Company sold $3,220,000, 10%, 10-year bonds on January 1, 2022. The...
Please explain journal entries
Crane Company sold $3,220,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually. Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1) 101 and (2) 96. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account...
Carla Vista Co. sold $3,290,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated...
Carla Vista Co. sold $3,290,000, 10%, 10-year bonds on January
1, 2022. The bonds were dated January 1, 2022, and pay interest on
January 1. The company uses straight-line amortization on bond
premiums and discounts.
CARLA VISTA CO. Balance Sheet (Partial) December 31, 2022 Long-term Liabilities Bonds Payable 3290000 Add premium on Bonds Payable Show the long-term liabilities balance sheet presentation for issuance of the bonds sold at 96 at December 31, 20 CARLA VISTA CO. Balance Sheet (Partial) December...
Kershaw Electric sold SS,615,000, 10%, 10-year bonds on January 1, 2017. The bonds were dated January...
Kershaw Electric sold SS,615,000, 10%, 10-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and paid bonds on January interest on January 1. The bonds were sold at 96. the bonds on January 1, 2017. (Credit account titles are Debit Credit Jam. 1, 2017 We were unable to transcribe this imaget 101. Record the redemption of the bonds sssuming that interest for the period has aready een paid. (Credit account titles are when amount is entered....
On January 1, 2017, Sunland Company sold 12% bonds having a maturity value of $520,000 for...
On January 1, 2017, Sunland Company sold 12% bonds having a
maturity value of $520,000 for $603,047, which provides the
bondholders with a 8% yield. The bonds are dated January 1, 2017,
and mature January 1, 2022, with interest payable December 31 of
each year. Sunland Company allocates interest and unamortized
discount or premium on the effective-interest basis.
Prepare the journal entry at the date of the bond issuance.
(Round answer to 0 decimal places, e.g. 38,548. If no
entry...
Pharoah Company sold $3,150,000, 7 % 10- year bonds on January 1, 2022. The bonds were...
Pharoah Company sold $3,150,000, 7 % 10- year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1) 104 and (2) 98. (Credit account titles are automatically indented when aroount is entered. Do not indent manually) No. Date Account Titles and...
Saylor Co. sold $3,000,000, 8%, 10-year bonds on January 1, 2022. The bonds were dated January...
Saylor Co. sold $3,000,000, 8%, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually. Your answer is partially correct. Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1) 103 and (2) 98. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date...
Saylor Co sold $3,000,000,896, 10-year bonds on January 1, 2022. The bonds were dated January 1,...
Saylor Co sold $3,000,000,896, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022 and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually. Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1) 103 and (2) 9a. (Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Date Account Titles and Explanation Debit Credit...
On January 1 2017, Headland Company sold 12% bonds having a maturity value of $ 410,000...
On January 1 2017, Headland Company sold 12% bonds having a maturity value of $ 410,000 for $. 441,084, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2017, and mature January 1 2022 with interest payable December 31 of each year. Headland Company allocates interest and unamortized discount or premium on the effective-interest basis. Prepare the journal entry at the date of the bond issuance. (Round answer to O decimal places, e.g. 38,548. If...
Sunland Company issued $535,000 of 5-year, 5% bonds at 96 on January 1, 2020. The bonds...
Sunland Company issued $535,000 of 5-year, 5% bonds at 96 on January 1, 2020. The bonds pay interest annually. 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.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS Compute the total cost of borrowing for these bonds. Total cost of borrowingt SHOW LIST OF ACCOUNTS Prepare the journal entry to record the issuance of...
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...
Please explain journal entries
Crane Company sold $3,220,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually. Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1) 101 and (2) 96. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account...
Carla Vista Co. sold $3,290,000, 10%, 10-year bonds on January
1, 2022. The bonds were dated January 1, 2022, and pay interest on
January 1. The company uses straight-line amortization on bond
premiums and discounts.
CARLA VISTA CO. Balance Sheet (Partial) December 31, 2022 Long-term Liabilities Bonds Payable 3290000 Add premium on Bonds Payable Show the long-term liabilities balance sheet presentation for issuance of the bonds sold at 96 at December 31, 20 CARLA VISTA CO. Balance Sheet (Partial) December...
Kershaw Electric sold SS,615,000, 10%, 10-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and paid bonds on January interest on January 1. The bonds were sold at 96. the bonds on January 1, 2017. (Credit account titles are Debit Credit Jam. 1, 2017 We were unable to transcribe this imaget 101. Record the redemption of the bonds sssuming that interest for the period has aready een paid. (Credit account titles are when amount is entered....
On January 1, 2017, Sunland Company sold 12% bonds having a
maturity value of $520,000 for $603,047, which provides the
bondholders with a 8% yield. The bonds are dated January 1, 2017,
and mature January 1, 2022, with interest payable December 31 of
each year. Sunland Company allocates interest and unamortized
discount or premium on the effective-interest basis.
Prepare the journal entry at the date of the bond issuance.
(Round answer to 0 decimal places, e.g. 38,548. If no
entry...
Pharoah Company sold $3,150,000, 7 % 10- year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1) 104 and (2) 98. (Credit account titles are automatically indented when aroount is entered. Do not indent manually) No. Date Account Titles and...
Saylor Co. sold $3,000,000, 8%, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually. Your answer is partially correct. Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1) 103 and (2) 98. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date...
Saylor Co sold $3,000,000,896, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022 and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually. Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1) 103 and (2) 9a. (Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Date Account Titles and Explanation Debit Credit...
On January 1 2017, Headland Company sold 12% bonds having a maturity value of $ 410,000 for $. 441,084, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2017, and mature January 1 2022 with interest payable December 31 of each year. Headland Company allocates interest and unamortized discount or premium on the effective-interest basis. Prepare the journal entry at the date of the bond issuance. (Round answer to O decimal places, e.g. 38,548. If...
Sunland Company issued $535,000 of 5-year, 5% bonds at 96 on January 1, 2020. The bonds pay interest annually. 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.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS Compute the total cost of borrowing for these bonds. Total cost of borrowingt SHOW LIST OF ACCOUNTS Prepare the journal entry to record the issuance of...
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...
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