Homework Answers
ANSWER:
OPTION: Debit Cash $2796147, Debit Discount on Bonds Payable $203853, Credit Bonds Payable $3000000
EXPLANATION:
When a bond is issued with a discount, the difference between total face value and total issue price is shown as "discount on bonds payable".
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On January 1, Parson Freight Company issues 70 % , 10- year bonds with a par...
On January 1, Parson Freight Company issues 7.0 % , 10- year bonds with a par...
On January 1, Parson Freight Company issues 7.0 % , 10- year bonds with a par value of $4,500,000. The bonds pay interest semiannually. The market rate of interest is 8.0 % and the bond 16 selling price was $4,194,222. The bond issuance should be recorded as: Multiple Choice Debit Cash $4,500,000; credit Bonds Payable $4,194,222; credit Discount on Bonds Payable $305,778. Debit Cash $4,194,222; credit Bonds Payable $4,194,222. Debit Cash $4,500,000; credit Bonds Payable $4,500,000. Debit Cash $4,194,222; debit Discount on Bonds Payable $305,778;...
On January 1, Parson Freight Company issues 7.0%, 10-year bonds with a par value of $3,500,000....
On January 1, Parson Freight Company issues 7.0%, 10-year bonds with a par value of $3,500,000. The bonds pay interest semiannually. The market rate of interest is 8.0% and the bond selling price was $3,466,993. The bond issuance should be recorded as: Debit Cash $3,466,993; credit Bonds Payable $3,466,993. Debit Cash $3,500,000; credit Bonds Payable $3,500,000. Debit Cash $3,500,000; credit Bonds Payable $3,466,993; credit Discount on Bonds Payable $33,007. Debit Cash $3,466,993; debit Discount on Bonds Payable $33,007; credit Bonds...
On January 1, Parson Freight Company issues 9.0%, 10-year bonds with a par value of $3,900,000....
On January 1, Parson Freight Company issues 9.0%, 10-year bonds with a par value of $3,900,000. The bonds pay interest semiannually. The market rate of interest is 10.0% and the bond selling price was $3,634,992. The bond issuance should be recorded as Multiple Choice Debit Cash $3,900,000; credit Bonds Payable $3,900,000. Debit Cash $3,634,992; credit Bonds Payable $3,634,992. Debit Cash $3,900,000; credit Bonds Payable $3,634,992; credit Discount on Bonds Payable $265,008. Debit Cash $3,634,992; debit Discount on Bonds Payable $265,008;...
On January 1, Parson Freight Company issues 9.0%, 10-year bonds with a par value of $2,900,000....
On January 1, Parson Freight Company issues 9.0%, 10-year bonds with a par value of $2,900,000. The bonds pay interest semiannually. The market rate of interest is 10.0% and the bond selling price was $2.719,298. The bond issuance should be recorded as: Multiple Choice O Debit Cash $2,719,298, debit interest Expense $180,702, credit Bonds Payable $2,900,000 O O Debit Cash $2,900,000; credit Bonds Payable $2.719.298, credit Discount on Bonds Payable $180,702 O o Debit Cash $2,900,000 credit Bonds Payable $2,900,000....
On January 1, a company issues bonds dated January 1 with a par value of $320,000....
On January 1, a company issues bonds dated January 1 with a par value of $320,000. The bonds mature in 5 years. The contract rate is 7% , and interest is paid semiannually on June 30 and December 31. The market rate is 6 % and the bonds are sold for $333,650. The journal entry to record the first interest payment using the effective interest method of amortization is: (Rounded to the nearest dollar.) Multiple Choice Debit Bond Interest Expense...
A company issues 9%, 7-year bonds with a par value of $260,000 on January 1 at...
A company issues 9%, 7-year bonds with a par value of $260,000 on January 1 at a price of $273,732, when the market rate of interest was 8%. The bonds pay interest semiannually. The amount of each semiannual interest payment is: A) $23,400. B) $11,700. C) $0. D) $20,800. E)$10,400. A company must repay the bank a single payment of $26,000 cash in 6 years for a loan it entered into. The loan is at 7% interest compounded annually. The...
On January 1, a company issues bonds dated January 1 with a par value of $210,000....
On January 1, a company issues bonds dated January 1 with a par value of $210,000. The bonds mature in 5 years. The contract rate is 11%, and interest is paid semiannually on June 30 and December 31. The market rate is 10% and the bonds are sold for $218,105. The journal entry to record the issuance of the bond is: Multiple Choice O Debit Cash $218,105; credit Premium on Bonds Payable $8,105, credit Bonds Pable $210,000 Debit Cash $218,105,...
On January 1, a company issues bonds dated January 1 with a par value of $220,000....
On January 1, a company issues bonds dated January 1 with a par value of $220,000. The bonds mature in 5 years. The contract rate is 9%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $228,930. The journal entry to record the issuance of the bond is: Multiple Choice C Debit Cash $228,930; credit Bonds Payable $228,930 Debit Cash $228,930; credit Premium on Bonds Payable $8,930...
please help Submit #4 Ch.9 810 (90 min.) Help Save & Exit On January 1, Parson...
please help
Submit #4 Ch.9 810 (90 min.) Help Save & Exit On January 1, Parson Freight Company issues 70%, 10-year bonds with a par value of $4,000,000. The bonds pay interest semiannually. The market rate of interest is 8.0% and the bond selling price was $3,728.197. The bond issuance should be recorded as: Multiple Choice O Debit Cash $3,728.197. debit interest Expense $271.803, credit Bonds Payable $4.000.000 O Debit Cash $3,728,197, credit Bonds Payable $3728,197 o o Debit Cash...
On January 1, Raven Flight Company issues 3.25%, 10-year bonds with a par value of $1,250,000....
On January 1, Raven Flight Company issues 3.25%, 10-year bonds with a par value of $1,250,000. The bonds pay interest annually. The market rate of interest is 3.00% and the bond selling price was $1,300,000. The bond issuance should be recorded as: Debit Cash $1,300,000; debit premium on Bonds Payable $50,000; credit Bonds Payable $1250,00. Debit Cash $1,300,000; credit Bonds Payable $1,250,000. Debit Cash $1,300,000; credit Bonds Payable $1,250,000; credit Premium on Bonds Payable $50,000. Debit Cash $1,300,000; credit Interest...
On January 1, Parson Freight Company issues 7.0 % , 10- year bonds with a par value of $4,500,000. The bonds pay interest semiannually. The market rate of interest is 8.0 % and the bond 16 selling price was $4,194,222. The bond issuance should be recorded as: Multiple Choice Debit Cash $4,500,000; credit Bonds Payable $4,194,222; credit Discount on Bonds Payable $305,778. Debit Cash $4,194,222; credit Bonds Payable $4,194,222. Debit Cash $4,500,000; credit Bonds Payable $4,500,000. Debit Cash $4,194,222; debit Discount on Bonds Payable $305,778;...
On January 1, Parson Freight Company issues 9.0%, 10-year bonds with a par value of $3,900,000. The bonds pay interest semiannually. The market rate of interest is 10.0% and the bond selling price was $3,634,992. The bond issuance should be recorded as Multiple Choice Debit Cash $3,900,000; credit Bonds Payable $3,900,000. Debit Cash $3,634,992; credit Bonds Payable $3,634,992. Debit Cash $3,900,000; credit Bonds Payable $3,634,992; credit Discount on Bonds Payable $265,008. Debit Cash $3,634,992; debit Discount on Bonds Payable $265,008;...
On January 1, Parson Freight Company issues 9.0%, 10-year bonds with a par value of $2,900,000. The bonds pay interest semiannually. The market rate of interest is 10.0% and the bond selling price was $2.719,298. The bond issuance should be recorded as: Multiple Choice O Debit Cash $2,719,298, debit interest Expense $180,702, credit Bonds Payable $2,900,000 O O Debit Cash $2,900,000; credit Bonds Payable $2.719.298, credit Discount on Bonds Payable $180,702 O o Debit Cash $2,900,000 credit Bonds Payable $2,900,000....
On January 1, a company issues bonds dated January 1 with a par value of $320,000. The bonds mature in 5 years. The contract rate is 7% , and interest is paid semiannually on June 30 and December 31. The market rate is 6 % and the bonds are sold for $333,650. The journal entry to record the first interest payment using the effective interest method of amortization is: (Rounded to the nearest dollar.) Multiple Choice Debit Bond Interest Expense...
On January 1, a company issues bonds dated January 1 with a par value of $210,000. The bonds mature in 5 years. The contract rate is 11%, and interest is paid semiannually on June 30 and December 31. The market rate is 10% and the bonds are sold for $218,105. The journal entry to record the issuance of the bond is: Multiple Choice O Debit Cash $218,105; credit Premium on Bonds Payable $8,105, credit Bonds Pable $210,000 Debit Cash $218,105,...
On January 1, a company issues bonds dated January 1 with a par value of $220,000. The bonds mature in 5 years. The contract rate is 9%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $228,930. The journal entry to record the issuance of the bond is: Multiple Choice C Debit Cash $228,930; credit Bonds Payable $228,930 Debit Cash $228,930; credit Premium on Bonds Payable $8,930...
please help
Submit #4 Ch.9 810 (90 min.) Help Save & Exit On January 1, Parson Freight Company issues 70%, 10-year bonds with a par value of $4,000,000. The bonds pay interest semiannually. The market rate of interest is 8.0% and the bond selling price was $3,728.197. The bond issuance should be recorded as: Multiple Choice O Debit Cash $3,728.197. debit interest Expense $271.803, credit Bonds Payable $4.000.000 O Debit Cash $3,728,197, credit Bonds Payable $3728,197 o o Debit Cash...
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