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On January 1, Year 1, the Diamond Association issued bonds with a face value of $231,000,...
On January 1, Year 1, Young Company issued bonds with a face value of $115,000, a stated rate of interest of 17 percent, and a 10-year term to maturity. Interest is payable in cash on December 31 of each year. The effective rate of interest was 16 percent
On January 1, Year 1, Young Company issued bonds with a face value of $115,000, a stated rate of interest of 17 percent, and a 10-year term to maturity. Interest is payable in cash on December 31 of each year. The effective rate of interest was 16 percent at the time the bonds were issued. The bonds sold for $120,558. Young used the effective interest rate method to amortize the bond premium. Requireda. Determine the amount of the premium on...
On January 1, Year 1, Parker Company issued bonds with a face value of $77,000, a stated rate of interest of 8 p...
On January 1, Year 1, Parker Company issued bonds with a face value of $77,000, a stated rate of interest of 8 percent, and a five-year term to maturity. Interest is payable in cash on December 31 of each year. The effective rate of interest was 10 percent at the time the bonds were issued. The bonds sold for $71,162. Parker used the effective interest rate method to amortize the bond discount. (Round your intermediate calculations and final answers to...
On January 1, 2018, Parker Company issued bonds with a face value of $53,000, a stated...
On January 1, 2018, Parker Company issued bonds with a face value of $53,000, a stated rate of interest of 11 percent, and a five-year term to maturity. Interest is payable in cash on December 31 of each year. The effective rate of interest was 13 percent at the time the bonds were issued. The bonds sold for $49,272. Parker used the effective interest rate method to amortize the bond discount. Required: a. Prepare an amortization table. b. At what...
5 % On January 1, 2017, Lock Corporation issued $1,800,000 face value, 1 10 -year bonds...
5 % On January 1, 2017, Lock Corporation issued $1,800,000 face value, 1 10 -year bonds at $1,667,518 This price resulted in an effective-interest rate of 6% on the bonds. Lock uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1. Instructions: (Round all computations to the nearest dollar.) (a) Prepare the journal entry to record the issuance of the bonds on January 1, 2017. 01/01/14 Account title Account title Account title Amount...
Stafford Co. Issued $200,000 face value, 6%, 10-year bonds on January 1, 2017 for $172,740. The...
Stafford Co. Issued $200,000 face value, 6%, 10-year bonds on January 1, 2017 for $172,740. The market rate of interest was 8%. Interest is payable semi-annually on June 30 and December 31. Staffer uses the effective interest method to amortize bond premium or discount. (a) Determine the amount of interest expense to be recorded with the first cash interest payment. (b) Determine the carrying value of the bonds on December 31, 2017, after the interest payment has been made. (c)...
Stafford Co. Issued $200,000 face value, 6%, 10-year bonds on January 1, 2017 for $172,740. The...
Stafford Co. Issued $200,000 face value, 6%, 10-year bonds on January 1, 2017 for $172,740. The market rate of interest was 8%. Interest is payable semi-annually on June 30 and December 31. Staffer uses the effective interest method to amortize bond premium or discount. (a) Determine the amount of interest expense to be recorded with the first cash interest payment. (b) Determine the carrying value of the bonds on December 31, 2017, after the interest payment has been made. $...
On January 1, a company issued 4%, 20-year bonds with a face amount of $75 million...
On January 1, a company issued 4%, 20-year bonds with a face amount of $75 million for $45,310,905 to yield 8%. Interest is paid semiannually. What was the interest expense at the effective interest rate on the December 31 annual income statement? (Enter your answers in whole dollars. Round your intermediate calculations to the nearest dollar amount.) Period-End Cash Interest Paid Bond Interest Expense Discount Amortization Carrying Value $ 45,310,905 T January 1 June 30 December 31 Total
Stafford Co. Issued $200,000 face value, 6%, 10-year bonds on January 1, 2017 for $172,740. The...
Stafford Co. Issued $200,000 face value, 6%, 10-year bonds on January 1, 2017 for $172,740. The market rate of interest was 8%. Interest is payable semi-annually on June 30 and December 31. Staffer uses the effective interest method to amortize bond premium or discount. (a) Determine the amount of interest expense to be recorded with the first cash interest payment. $ 6,910 (b) Determine the carrying value of the bonds on December 31, 2017, after the interest payment has been...
Diaz Company issued $122,000 face value of bonds on January 1, 2018. The bonds had a...
Diaz Company issued $122,000 face value of bonds on January 1, 2018. The bonds had a 5 percent stated rate of interest and a ten-year term. Interest is paid in cash annually, beginning December 31, 2018. The bonds were issued at 99. The straight-line method is used for authorization. Determine the carrying value (face value less discount or plus premium) of the bond liability as of December 31, 2018. Determine the amount of interest expense reported on the 2018 income...
Diaz Company issued $84,000 face value of bonds on January 1, 2018. The bonds had a...
Diaz Company issued $84,000 face value of bonds on January 1, 2018. The bonds had a 8 percent stated rate of interest and a ten-year term. Interest is paid in cash annually, beginning December 31, 2018. The bonds were issued at 98. The straight-line method is used for amortization. Required Use a financial statements model like the one shown below to demonstrate how (1) the January 1, 2018, bond issue and (2) the December 31, 2018, recognition of interest expense,...
On January 1, Year 1, Parker Company issued bonds with a face value of $77,000, a stated rate of interest of 8 percent, and a five-year term to maturity. Interest is payable in cash on December 31 of each year. The effective rate of interest was 10 percent at the time the bonds were issued. The bonds sold for $71,162. Parker used the effective interest rate method to amortize the bond discount. (Round your intermediate calculations and final answers to...
On January 1, 2018, Parker Company issued bonds with a face value of $53,000, a stated rate of interest of 11 percent, and a five-year term to maturity. Interest is payable in cash on December 31 of each year. The effective rate of interest was 13 percent at the time the bonds were issued. The bonds sold for $49,272. Parker used the effective interest rate method to amortize the bond discount. Required: a. Prepare an amortization table. b. At what...
5 % On January 1, 2017, Lock Corporation issued $1,800,000 face value, 1 10 -year bonds at $1,667,518 This price resulted in an effective-interest rate of 6% on the bonds. Lock uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1. Instructions: (Round all computations to the nearest dollar.) (a) Prepare the journal entry to record the issuance of the bonds on January 1, 2017. 01/01/14 Account title Account title Account title Amount...
Stafford Co. Issued $200,000 face value, 6%, 10-year bonds on January 1, 2017 for $172,740. The market rate of interest was 8%. Interest is payable semi-annually on June 30 and December 31. Staffer uses the effective interest method to amortize bond premium or discount. (a) Determine the amount of interest expense to be recorded with the first cash interest payment. (b) Determine the carrying value of the bonds on December 31, 2017, after the interest payment has been made. (c)...
Stafford Co. Issued $200,000 face value, 6%, 10-year bonds on January 1, 2017 for $172,740. The market rate of interest was 8%. Interest is payable semi-annually on June 30 and December 31. Staffer uses the effective interest method to amortize bond premium or discount. (a) Determine the amount of interest expense to be recorded with the first cash interest payment. (b) Determine the carrying value of the bonds on December 31, 2017, after the interest payment has been made. $...
On January 1, a company issued 4%, 20-year bonds with a face amount of $75 million for $45,310,905 to yield 8%. Interest is paid semiannually. What was the interest expense at the effective interest rate on the December 31 annual income statement? (Enter your answers in whole dollars. Round your intermediate calculations to the nearest dollar amount.) Period-End Cash Interest Paid Bond Interest Expense Discount Amortization Carrying Value $ 45,310,905 T January 1 June 30 December 31 Total
Stafford Co. Issued $200,000 face value, 6%, 10-year bonds on January 1, 2017 for $172,740. The market rate of interest was 8%. Interest is payable semi-annually on June 30 and December 31. Staffer uses the effective interest method to amortize bond premium or discount. (a) Determine the amount of interest expense to be recorded with the first cash interest payment. $ 6,910 (b) Determine the carrying value of the bonds on December 31, 2017, after the interest payment has been...
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