On January 1, 2018, Montgomery Inc. issued $200,000, 20-year, 5% bonds at 102. Interest is payable...
Homework Answers
The entry would be
| Cash (200,000*102%) | 204,000 | |
| Bonds payable | 200,000 | |
| Premium on Bonds Payable | 4,000 |
Option C is the answer
Add Answer to:
On January 1, 2018, Montgomery Inc. issued $200,000, 20-year,
5% bonds at 102. Interest is payable...
DeShone Kizer Incorporated issued $200,000, 9% annual interest rate, 5-year bonds payable on January 1, 2018....
DeShone Kizer Incorporated issued $200,000, 9% annual interest rate, 5-year bonds payable on January 1, 2018. The market rate of interest on similar debt instruments was greater than 9% on the date of issuance, so the selling price of the bonds payable was 97 (97% of face value). Interest is paid semiannually on every July1 and January 1. Kizer Inc. maintains their accounting records on a calendar year ending December 31. The journal entry for the payment of interest on...
Culver Company issued $408,000 of 10%, 20-year bonds on January 1, 2017, at 102. Interest is...
Culver Company issued $408,000 of 10%, 20-year bonds on January 1, 2017, at 102. Interest is payable semiannually on July 1 and January 1. Culver Company uses the effective-interest method of amortization for bond premium or discount. Assume an effective yield of 9.7705%. Prepare the journal entries to record the following. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account...
Alexander Company issued $260,000, 4%, 10-year bonds payable at 94 on January 1, 2018. 6. Journalize...
Alexander Company issued $260,000, 4%, 10-year bonds payable at 94 on January 1, 2018. 6. Journalize the issuance of the bonds payable on January 1, 2018. 7. Jounalize the payment of semiannual interest and amortization of the bond discount or premium (using the straight-line amortization method) on July 1, 2018 8. Assume the bonds payable was instead issued at 108. Journalize the issuance of the bonds payable and the payment of the first semiannual interest and amortization of the bond...
Ivanhoe Company issued $430,000, 9%, 20-year bonds on January 1, 2020, at 102. Interest is payable...
Ivanhoe Company issued $430,000, 9%, 20-year bonds on January 1,
2020, at 102. Interest is payable annually on January 1. Ivanhoe
uses straight-line amortization for bond premium or discount.
(a)
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.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1, 2020
Harvey Company issued $612,000 of 10%, 20-year bonds on January 1, 2017, at 102. Interest is...
Harvey Company issued $612,000 of 10%, 20-year bonds on January 1, 2017, at 102. Interest is payable semiannually on July 1 and January 1. Harvey Company uses the effective-interest method of amortization for bond premium or discount. Assume an effective yield of 9.7705% Prepare the journal entries to record the following: (a) The issuance of the bonds. (b) The payment of interest and related amortization on July 1, 2017. (c) The accrual of interest and the related amortization on December...
Harvard Inc. issues $4.0 million, 5-year, 8% bonds at 102, with interest payable on January 1....
Harvard Inc. issues $4.0 million, 5-year, 8% bonds at 102, with interest payable on January 1. The straight-line method is used to amortize bond premium. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash enter a debit amount Bonds Payable $4,000,000 Premium on Bonds Payable enter a credit amount Prepare...
Obert Company issued a $140,000, 6%, 10 year bond payable at 88 on January 1, 2018....
Obert Company issued a $140,000, 6%, 10 year bond payable at 88 on January 1, 2018. Interest is paid semiannually on January 1 and July 1. Read the requirements Requirement 1. Journalize the issuance of the bond payable on January 1, 2018. (Record debits first, then credits Select explanations on the last line of the journal entry) Date Accounts and Explanation Debit Credit 2018 Jan. 1 Requirement 2. Journalize the payment of semiannual interest and amortization of the bond discount...
Alexander Company issued $160,000, 12%, 10-year bonds payable at 96 on January 1, 2018. 6. Journalize...
Alexander Company issued $160,000, 12%, 10-year bonds payable at 96 on January 1, 2018. 6. Journalize the issuance of the bonds payable on January 1, 2018. 7. Journalize the payment of semiannual interest and amortization of the bond discount or premium (using the straight-line amortization method) on July 1, 2018. 8. Assume the bonds payable was instead issued at 110. Journalize the issuance of the bonds payable and the payment of the first semiannual interest and amortization of the bond...
Bryant Company issued $80,000, 2%, 10-year bonds payable at 90 on January 1, 2018. 6. Journalize...
Bryant Company issued $80,000, 2%, 10-year bonds payable at 90 on January 1, 2018. 6. Journalize the issuance of the bonds payable on January 1, 2018. 7. Journalize the payment of semiannual interest and amortization of the bond discount or premium (using the straight-line amortization method) on July 1, 2018. 8. Assume the bonds payable was instead issued at 112. Journalize the issuance of the bonds payable and the payment of the first semiannual interest and amortization of the bond...
Golden Inc. issues $4,000,000, 5-year, 10% bonds at 102, with interest payable annually on January 1...
Golden Inc. issues $4,000,000, 5-year, 10% bonds at 102, with interest payable annually on January 1 . The straight-line method is used to amortize bond premium Your answer is partially correct. Try again Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. D not indent manually.) Date Account Titles and Explanation Jan. 1 Cash Debit Credit 38000000 Discount on Bonds Payable 2000000 Bonds Payable...
DeShone Kizer Incorporated issued $200,000, 9% annual interest rate, 5-year bonds payable on January 1, 2018. The market rate of interest on similar debt instruments was greater than 9% on the date of issuance, so the selling price of the bonds payable was 97 (97% of face value). Interest is paid semiannually on every July1 and January 1. Kizer Inc. maintains their accounting records on a calendar year ending December 31. The journal entry for the payment of interest on...
Culver Company issued $408,000 of 10%, 20-year bonds on January 1, 2017, at 102. Interest is payable semiannually on July 1 and January 1. Culver Company uses the effective-interest method of amortization for bond premium or discount. Assume an effective yield of 9.7705%. Prepare the journal entries to record the following. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account...
Alexander Company issued $260,000, 4%, 10-year bonds payable at 94 on January 1, 2018. 6. Journalize the issuance of the bonds payable on January 1, 2018. 7. Jounalize the payment of semiannual interest and amortization of the bond discount or premium (using the straight-line amortization method) on July 1, 2018 8. Assume the bonds payable was instead issued at 108. Journalize the issuance of the bonds payable and the payment of the first semiannual interest and amortization of the bond...
Ivanhoe Company issued $430,000, 9%, 20-year bonds on January 1,
2020, at 102. Interest is payable annually on January 1. Ivanhoe
uses straight-line amortization for bond premium or discount.
(a)
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.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1, 2020
Obert Company issued a $140,000, 6%, 10 year bond payable at 88 on January 1, 2018. Interest is paid semiannually on January 1 and July 1. Read the requirements Requirement 1. Journalize the issuance of the bond payable on January 1, 2018. (Record debits first, then credits Select explanations on the last line of the journal entry) Date Accounts and Explanation Debit Credit 2018 Jan. 1 Requirement 2. Journalize the payment of semiannual interest and amortization of the bond discount...
Alexander Company issued $160,000, 12%, 10-year bonds payable at 96 on January 1, 2018. 6. Journalize the issuance of the bonds payable on January 1, 2018. 7. Journalize the payment of semiannual interest and amortization of the bond discount or premium (using the straight-line amortization method) on July 1, 2018. 8. Assume the bonds payable was instead issued at 110. Journalize the issuance of the bonds payable and the payment of the first semiannual interest and amortization of the bond...
Bryant Company issued $80,000, 2%, 10-year bonds payable at 90 on January 1, 2018. 6. Journalize the issuance of the bonds payable on January 1, 2018. 7. Journalize the payment of semiannual interest and amortization of the bond discount or premium (using the straight-line amortization method) on July 1, 2018. 8. Assume the bonds payable was instead issued at 112. Journalize the issuance of the bonds payable and the payment of the first semiannual interest and amortization of the bond...
Golden Inc. issues $4,000,000, 5-year, 10% bonds at 102, with interest payable annually on January 1 . The straight-line method is used to amortize bond premium Your answer is partially correct. Try again Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. D not indent manually.) Date Account Titles and Explanation Jan. 1 Cash Debit Credit 38000000 Discount on Bonds Payable 2000000 Bonds Payable...
Most questions answered within 3 hours.
-
Exercise on Mirror, Mirror on the Wall/lnitial Self
Evaluation
Write an Initial Self Evaluation paper that...
asked 26 minutes ago -
Implementation of policy recommendations is often a
problem. What do you see as the major barriers...
asked 1 hour ago -
23- The consideration needed to support a contract
must:
a. Flow to the promise AND have...
asked 3 hours ago -
1. What is the main causal factor of Border line personality
disorder? Research has also found...
asked 5 hours ago -
The National Institute of Standards and Technology (NIST)
supplies "standard materials" whose physical properties are
supposed...
asked 5 hours ago -
Alpha Centauri A and B are Sun-like stars, and together they
form the binary star Alpha...
asked 5 hours ago -
What is the pH of a 0.200 M solution of sulfurous acid? Given:
Ka1 = 1.70×10–2,...
asked 5 hours ago -
Sociologists have conducted much interesting research on gender
stereotypes in American society. A curious aspect of...
asked 5 hours ago -
1. Based on your results, calculate how many kilograms of plant
material you would need to...
asked 6 hours ago -
Sample (taken every two minutes)
Angle of Rotation
0
102.9
2
104.2
4
106.2
6
104.8*...
asked 5 hours ago -
Adrian's utilities of two consumption bundles are 50 and 100,
respectively. This implies that A. Adrian...
asked 6 hours ago -
1. A 24.9 mL sample of 0.332 M
methylamine,
CH3NH2, is titrated with
0.264 M perchloric...
asked 6 hours ago