On January 1, 2021, Universe of Fun issues $890,000, 9% bonds that mature in 20 years....
On January 1, 2021, Universe of Fun issues $890,000, 9% bonds that mature in 20 years. The market interest rate for bonds of similar risk and maturity is 10%, and the bonds issue for $813,642. Interest is paid semiannually on June 30 and December 31.
Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.)
| Date | Cash Paid | Interest Expense | Change in Carrying Value | Carrying Value |
| 1/1/2021 | ||||
| 6/30/2021 | ||||
| 12/31/2021 |
Record the issuance of the bonds on January 1, the interest payments on June 30, and December 31, 2021. (If no journal entry is required for a particular transaction, select "No Journal Entry Required" in the first account field. Round your answers to the nearest whole dollar amount.
1) Record the bond Isssue
2)Record the First Semiannual interest Payment
3)Record the second semiannual interest payment
Homework Answers
Add Answer to:
On January 1, 2021, Universe of Fun issues $890,000, 9% bonds
that mature in 20 years....
On January 1, 2021, Universe of Fun issues $700,000, 7% bonds that mature in 10 years....
On January 1, 2021, Universe of Fun issues $700,000, 7% bonds that mature in 10 years. The market interest rate for bonds of similar risk and maturity is 8%, and the bonds issue for $652,434. Interest is paid semiannually on June 30 and December 31. eBook Print References Required: 1. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) Date Cash Paid Interest Expense Change in...
On January 1, 2021, Splash City issues $450,000 of 7% bonds, due in 10 years, with...
On January 1, 2021, Splash City issues $450,000 of 7% bonds, due
in 10 years, with interest payable semiannually on June 30 and
December 31 each year.
Assuming the market interest rate on the issue date is 8%, the
bonds will issue at $419,423.
Required: 1. Complete the first three rows of an amortization table. (Round your intermediate and final answers to the nearest whole dollar.) Date Cash Paid Interest Expense Change in Carrying Value Carrying Value 1/1/21 6/30/21 12/31/21...
On January 1, 2021, a company issues $740,000 of 8% bonds, due in nine years, with...
On January 1, 2021, a company issues $740,000 of 8% bonds, due in nine years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 9%, the bonds will issue at $695,008. Required: 1. Fill in the blanks in the amortization schedule below: (Round your answers to the nearest dollar amount. Enter all amounts as positive values.) Date Cash Paid Interest Expense Change in Carrying Value Carrying Value...
On January 1, 2021, White Water issues $510,000 of 7% bonds, due in 10 years, with...
On January 1, 2021, White Water issues $510,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 6%, the bonds will issue at $547,940. Exercise 9-12A Part 2 2. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for a particular...
Required information [The following information applies to the questions displayed below.) On January 1, 2021, Universe...
Required information [The following information applies to the questions displayed below.) On January 1, 2021, Universe of Fun issues $860,000, 9% bonds that mature in 20 years. The market interest rate for bonds of similar risk and maturity is 10%, and the bonds issue for $786,216. Interest is paid semiannually on June 30 and December 31. Required: 1. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to the nearest whole...
Duval Co. issues four-year bonds with a $107,000 par value on January 1, 2019, at a...
Duval Co. issues four-year bonds with a $107,000 par value on January 1, 2019, at a price of $102,920. The annual contract rate is 9%, and interest is paid semiannually on June 30 and December 31. Exercise 10-7 Part 1 1. Prepare a straight-line amortization table for these bonds. (Round your answers to the nearest dollar amount.) Unamortized Discount Carrying Value Semiannual Period-End 1/01/2019 6/30/2019 12/31/2019 6/30/2020 12/31/2020 6/30/2021 12/31/2021 6/30/2022 12/31/2022 2. Prepare journal entries to record the first...
Required information [The following information applies to the questions displayed below] On January 1, 2021, Universe...
Required information [The following information applies to the questions displayed below] On January 1, 2021, Universe of Fun issues $860,000, 9% bonds that mature in 20 years. The market interest rate for bonds of similar risk and maturity is 10%, and the bonds issue for $786,216. Interest is paid semiannually on June 30 and December 31. Required: 1. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to the nearest whole...
Required information [The following information applies to the questions displayed below.) On January 1, 2021. Splash...
Required information [The following information applies to the questions displayed below.) On January 1, 2021. Splash City issues $300,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 8%, the bonds will issue at $279.615. Required: 1. Complete the first three rows of an amortization table. (Round your intermediate and final answers to the nearest whole dollar.) Date Cash Paid...
On January 1, 2021, Splash City issues $330,000 of 7% bonds, due in 10 years, with...
On January 1, 2021, Splash City issues $330,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 8%, the bonds will issue at $307,577. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (Round your intermediate and final answers to the nearest whole dollar.) 1 January...
On January 1, 2021, Lizzy's Lemonade issues 6%, 10-year bonds with a face amount of $89,000...
On January 1, 2021, Lizzy's Lemonade issues 6%, 10-year bonds with a face amount of $89,000 for $82,675, priced to yield 7%. Interest Is paid semiannually. What amount of Interest expense will be recorded on June 30, 2021, the first interest payment date? (Round your final answer to the nearest whole dollar amount.) newconnect.meducation.com D ACCT-2090004 e Danse Help Required Assignment Brief Exercise 9-6 Record bond issue at face amount and related semiannual interest (LO9-5) Pretreimanis, Inc. issues 6% 10...
On January 1, 2021, Universe of Fun issues $700,000, 7% bonds that mature in 10 years. The market interest rate for bonds of similar risk and maturity is 8%, and the bonds issue for $652,434. Interest is paid semiannually on June 30 and December 31. eBook Print References Required: 1. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) Date Cash Paid Interest Expense Change in...
On January 1, 2021, Splash City issues $450,000 of 7% bonds, due
in 10 years, with interest payable semiannually on June 30 and
December 31 each year.
Assuming the market interest rate on the issue date is 8%, the
bonds will issue at $419,423.
Required: 1. Complete the first three rows of an amortization table. (Round your intermediate and final answers to the nearest whole dollar.) Date Cash Paid Interest Expense Change in Carrying Value Carrying Value 1/1/21 6/30/21 12/31/21...
Required information [The following information applies to the questions displayed below.) On January 1, 2021, Universe of Fun issues $860,000, 9% bonds that mature in 20 years. The market interest rate for bonds of similar risk and maturity is 10%, and the bonds issue for $786,216. Interest is paid semiannually on June 30 and December 31. Required: 1. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to the nearest whole...
Duval Co. issues four-year bonds with a $107,000 par value on January 1, 2019, at a price of $102,920. The annual contract rate is 9%, and interest is paid semiannually on June 30 and December 31. Exercise 10-7 Part 1 1. Prepare a straight-line amortization table for these bonds. (Round your answers to the nearest dollar amount.) Unamortized Discount Carrying Value Semiannual Period-End 1/01/2019 6/30/2019 12/31/2019 6/30/2020 12/31/2020 6/30/2021 12/31/2021 6/30/2022 12/31/2022 2. Prepare journal entries to record the first...
Required information [The following information applies to the questions displayed below] On January 1, 2021, Universe of Fun issues $860,000, 9% bonds that mature in 20 years. The market interest rate for bonds of similar risk and maturity is 10%, and the bonds issue for $786,216. Interest is paid semiannually on June 30 and December 31. Required: 1. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to the nearest whole...
Required information [The following information applies to the questions displayed below.) On January 1, 2021. Splash City issues $300,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 8%, the bonds will issue at $279.615. Required: 1. Complete the first three rows of an amortization table. (Round your intermediate and final answers to the nearest whole dollar.) Date Cash Paid...
On January 1, 2021, Lizzy's Lemonade issues 6%, 10-year bonds with a face amount of $89,000 for $82,675, priced to yield 7%. Interest Is paid semiannually. What amount of Interest expense will be recorded on June 30, 2021, the first interest payment date? (Round your final answer to the nearest whole dollar amount.) newconnect.meducation.com D ACCT-2090004 e Danse Help Required Assignment Brief Exercise 9-6 Record bond issue at face amount and related semiannual interest (LO9-5) Pretreimanis, Inc. issues 6% 10...
Most questions answered within 3 hours.
-
A solid, uniform disk of radius 0.250 m and mass 53.7 kg rolls
down a ramp...
asked 1 hour ago -
Given the following table of high speed internet access vs.
annual home income:
Home Income
%...
asked 1 hour ago -
A baseball batter hits a 0.145kg baseball straight up into the
air. The baseball leaves the...
asked 2 hours ago -
An FM modulator is tested using
single-tone baseband signal with frequency of 50kHz and a sprectrum...
asked 2 hours ago -
Write the ionic equations for the first stage of salts
hydrolysis.
Anion, Cation?
Na2S
NiSO4
K2SO4...
asked 3 hours ago -
suppose there is a normally distributed population with a mean of
250 and a standard deviation...
asked 4 hours ago -
Question Three
Suppose you as project manager are using the Waterfall
development methodology on a large...
asked 5 hours ago -
Which statement is not true about welfare in Canada?
A.Benefits typically vary based on one's ability...
asked 6 hours ago -
Please help me with FLOWCHART and UML diagram for class,
thank you!
#include <iostream>
#include <fstream>...
asked 6 hours ago -
3. Describe the “logic circuit” of the Lac operon. Which
proteins are bound or not to...
asked 6 hours ago -
Ayesha’s adjusted gross income is $60,000 in 2019. She donated a
piece of artwork with a...
asked 7 hours ago -
For Dijkstra’s shortest path algorithm:
a. Give the Big-O time for Dijkstra’s shortest path algorithm
and...
asked 7 hours ago