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Question 7 Assume the following account balances immediately after an interest payments date: Bonds Payable $200,000...
Early Retirement of Bonds Elston Company issued $500,000 of eight percent, 20-year bonds at 106 on...
Early Retirement of Bonds Elston Company issued $500,000 of eight percent, 20-year bonds at 106 on January 1, 2010. Interest is payable semiannually on July 1 and January 1. Through January 1, 2016, Elston amortized $5,000 of the bond premium. On January 1, 2016, Elston retired the bonds at 103 (after making the interest payment on that date). Prepare the journal entry to record the bond retirement on January 1, 2016. General Journal Date Description Debit Credit Jan.1 Bonds Payable...
Philosophy Insights Corporation retires its $500,000 face-value bonds at 102 on January 1, after interest is...
Philosophy Insights Corporation retires its $500,000 face-value bonds at 102 on January 1, after interest is paid. The bonds’ carrying value at the date of retirement is $481,250. What should the entry to record the redemption include? $10,000 debit to premium on bonds payable $18,750 credit to discount on bonds payable $18,750 credit to loss on bond redemption $28,750 debit to gain on bond redemption
On January 1, 2018, Montgomery Inc. issued $200,000, 20-year, 5% bonds at 102. Interest is payable...
On January 1, 2018, Montgomery Inc. issued $200,000, 20-year, 5% bonds at 102. Interest is payable semiannually on January 1 and July 1. The journal entry to record this transaction on January 1, 2018, is: options: debit cash, $200,000; credit bonds payable, $200,000. debit cash, $252,500; credit bonds payable, $250,000, credit premium on bonds payable, $2,500 debit cash, $204,000; credit bonds payable, $200,000; credit premium on bonds payable, $4,000. debit cash, $250,000; debit premium on bonds payable, $5,000; credit bonds...
ACG 2021 – CHAP 9 & 10 EXERCISE
Journal- Principles -Ch 9 & 10.pdfA company has a \(\$ 500,000\) callable bond with a \(\$ 7,000\) premium on the books. These balances are reflected in the t-accts below. The bond is retired at a price of 102. Review these steps to record the retirement entry.1) Determine how much cash must be paid and record in the T-acct. \(\$ 500,000 \times 1.02=\$ 510,000\)2) Record entry to zero out the Bonds Payable account.3) Record entry to zero out the Premium account.4)...
[The following information applies to the questions displayed below.] Legacy issues $600,000 of 7.0%, four-year bonds...
[The following information applies to the questions
displayed below.]
Legacy issues $600,000 of 7.0%, four-year bonds dated January 1,
2019, that pay interest semiannually on June 30 and December 31.
They are issued at $541,807 when the market rate is 10%.
1. Prepare the January 1 journal entry to
record the bonds' issuance.
Options for the
General Journal
Accounts payable
Accounts receivable
Accumulated depreciation
Bond interest expense
Bond interest payable
Bonds payable
Cash
Common stock
Contributed capital in excess of...
On January 1, 2018, Methodical Manufacturing issued 100 bonds, each with a face value of $1,000, a stated interest rate...
On January 1, 2018, Methodical Manufacturing issued 100 bonds, each with a face value of $1,000, a stated interest rate of 6 percent paid annually on December 31, and a maturity date of December 31, 2020. On the issue date, the market interest rate was 5.50 percent, so the total proceeds from the bond issue were $101,347. Methodical uses the straight-line bond amortization method and adjusts for any rounding errors when recording interest in the final year. Required: 1. Prepare...
23. On January 1, 2018, Legion Company sold $200,000 of 10% ten-year bonds. Interest is payable...
23. On January 1, 2018, Legion Company sold $200,000 of 10% ten-year bonds. Interest is payable semiannually on June 30 and December 31 . The bonds were sold for S 177,000, priced to yield 12% Legion records interest at the effective rate. Legion should report bond interest expense for the six months ended June 30, 2018, in the amount of: A) $10,000. B) $10,620. C) $12,000. D) $8,850. Problems 24-26 are a part of a multi-step problem using the following...
On January 1, 2013, Loop de Loop Raceway issued 550 bonds, each with a face value...
On January 1, 2013, Loop de Loop Raceway issued 550 bonds, each with a face value of $1,000, a stated interest rate of 5 percent paid annually on December 31, and a maturity date of December 31, 2015. On the issue date, the market interest rate was 6 percent, so the total proceeds from the bond issue were $535,288. Loop de Loop uses the straight-line bond amortization method Required: 1. Prepare a bond amortization schedule. Changes During the Period Period...
On January 1, 2013, Loop de Loop Raceway issued 700 bonds, each with a face value...
On January 1, 2013, Loop de Loop Raceway issued 700 bonds, each with a face value of $1,000, a stated interest rate of 6 percent paid annually on December 31, and a maturity date of December 31, 2015. On the issue date, the market interest rate was 7 percent, so the total proceeds from the bond issue were $681,631. Loop de Loop uses the straight-line bond amortization method. Required: 1. Prepare a bond amortization schedule. Changes During the Period Period...
On January 1, 2018, Loop Raceway issued 700 bonds, each with a face value of $1,000,...
On January 1, 2018, Loop Raceway issued 700 bonds, each with a
face value of $1,000, a stated interest rate of 6 percent paid
annually on December 31, and a maturity date of December 31, 2020.
On the issue date, the market interest rate was 7 percent, so the
total proceeds from the bond issue were $681,631. Loop uses the
straight-line bond amortization method and adjusts for any rounding
errors when recording interest in the final year.
Required:
1. Prepare...
[The following information applies to the questions
displayed below.]
Legacy issues $600,000 of 7.0%, four-year bonds dated January 1,
2019, that pay interest semiannually on June 30 and December 31.
They are issued at $541,807 when the market rate is 10%.
1. Prepare the January 1 journal entry to
record the bonds' issuance.
Options for the
General Journal
Accounts payable
Accounts receivable
Accumulated depreciation
Bond interest expense
Bond interest payable
Bonds payable
Cash
Common stock
Contributed capital in excess of...
23. On January 1, 2018, Legion Company sold $200,000 of 10% ten-year bonds. Interest is payable semiannually on June 30 and December 31 . The bonds were sold for S 177,000, priced to yield 12% Legion records interest at the effective rate. Legion should report bond interest expense for the six months ended June 30, 2018, in the amount of: A) $10,000. B) $10,620. C) $12,000. D) $8,850. Problems 24-26 are a part of a multi-step problem using the following...
On January 1, 2013, Loop de Loop Raceway issued 550 bonds, each with a face value of $1,000, a stated interest rate of 5 percent paid annually on December 31, and a maturity date of December 31, 2015. On the issue date, the market interest rate was 6 percent, so the total proceeds from the bond issue were $535,288. Loop de Loop uses the straight-line bond amortization method Required: 1. Prepare a bond amortization schedule. Changes During the Period Period...
On January 1, 2013, Loop de Loop Raceway issued 700 bonds, each with a face value of $1,000, a stated interest rate of 6 percent paid annually on December 31, and a maturity date of December 31, 2015. On the issue date, the market interest rate was 7 percent, so the total proceeds from the bond issue were $681,631. Loop de Loop uses the straight-line bond amortization method. Required: 1. Prepare a bond amortization schedule. Changes During the Period Period...
On January 1, 2018, Loop Raceway issued 700 bonds, each with a
face value of $1,000, a stated interest rate of 6 percent paid
annually on December 31, and a maturity date of December 31, 2020.
On the issue date, the market interest rate was 7 percent, so the
total proceeds from the bond issue were $681,631. Loop uses the
straight-line bond amortization method and adjusts for any rounding
errors when recording interest in the final year.
Required:
1. Prepare...
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