On the first day of the fiscal year, a company issues a $306,000, 6%, 10-year bond...
On the first day of the fiscal year, a company issues a $306,000, 6%, 10-year bond that pays semiannual interest of $9,180 ($306,000 x 6% x 1/2), receiving cash of $321,300. Journalize the entry to record the first interest payment and amortization of premium using the straight-line method.
If an amount box does not require an entry, leave it blank.
| Interest Expense | |||
| Premium on Bonds Payable | |||
| Cash |
Homework Answers
Answer
- Premium on Bonds Payable = $ 321300 – 306000 = $ 15,300
- No. of interest payment = 10 years x 2 semi annual = 20
- Straight line Premium amortisation = $ 15300 / 20
= $ 765 - Journal entry
|
Interest Expense [9180 – 765] |
$ 8,415 |
||
|
Premium on Bonds Payable |
$ 765 |
||
|
Cash |
$ 9,180 |
Add Answer to:
On the first day of the fiscal year, a company issues a
$306,000, 6%, 10-year bond...
On the first day of the fiscal year, a company issues a $8,900,000, 6%, 5-year bond...
On the first day of the fiscal year, a company issues a $8,900,000, 6%, 5-year bond that pays semiannual interest of $267,000 ($8,900,000 × 6% × ½), receiving cash of $9,699,451. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. Cash Premium on Bonds Payable Bonds Payable On the first day of the fiscal year, a company issues a $8,800,000, 10%, 9-year bond that pays semiannual interest of $440,000 ($8,800,000 × 10% ×...
On the first day of the fiscal year, a company issues a $438,000, 6%, 10-year bond...
On the first day of the fiscal year, a company issues a $438,000, 6%, 10-year bond that pays semiannual interest of $13,140 ($438,000 x 6% x 1/2), receiving cash of $459,900. Journalize the entry to record the first interest payment and amortization of premium using the straight-line method. If an amount box does not require an entry, leave it blank.
Issuing Bonds at a Premium On the first day of the fiscal year, a company issues...
Issuing Bonds at a Premium On the first day of the fiscal year, a company issues a $5,500,000, 6%, 8-year bond that pays semiannual interest of $165,000 ($5,500,000 x 6% %). receiving cash of $5,859,013. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. Check My Work 2 more Check My Works remaining Premium Amortization On the first day of the fiscal year, a company issues a $5,500,000, 10%, 6-year bond that pays...
Issuing Bonds at a Premium On the first day of the fiscal year, a company issues...
Issuing Bonds at a Premium On the first day of the fiscal year, a company issues a $2,800,000, 8%, 6-year bond that pays semiannual interest of $112,000 ($2,800,000 x 8% x V), receiving cash of $3,230,825. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. Premium Amortization On the first day of the fiscal year, a company issues a $3,000,000, 12%, 4-year bond that pays semiannual interest of $180,000 ($3,000,000 x 12% V),...
1) Premium Amortization On the first day of the fiscal year, a company issues a $7,800,000,...
1) Premium Amortization On the first day of the fiscal year, a company issues a $7,800,000, 11%, 5-year bond that pays semiannual interest of $429,000 ($7,800,000 × 11% × ½), receiving cash of $8,417,190. Journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. Cash Premium on Bonds Payable Bonds Payable 2) Discount Amortization On the first day of the...
1-Issuing Bonds at a Premium On the first day of the fiscal year, a company issues...
1-Issuing Bonds at a Premium On the first day of the fiscal year, a company issues a $2,500,000, 12%, 4-year bond that pays semiannual interest of $150,000 ($2,500,000 × 12% × ½), receiving cash of $2,661,579. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. 2-Premium Amortization On the first day of the fiscal year, a company issues a $2,600,000, 9%, 9-year bond that pays semiannual interest of $117,000 ($2,600,000 × 9% ×...
Issuing Bonds at a Premium On the first day of the fiscal year, a company issues...
Issuing Bonds at a Premium On the first day of the fiscal year, a company issues an $5,800,000, 8%, 9-year bond that pays semiannual interest of $232,000 ($5,800,000 × 8% × ½), receiving cash of $6,182,502. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. Cash Premium on Bonds Payable Bonds Payable On the first day of the fiscal year, a company issues a $6,000,000, 11%, 4-year bond that pays semiannual interest of...
Premium Amortization On the first day of the fiscal year, a company issues a $2,100,000, 7%, 6-year bond that pays semi...
Premium Amortization On the first day of the fiscal year, a company issues a $2,100,000, 7%, 6-year bond that pays semiannual interest of $73,500 ($2,100,000 x 7% x 2), receiving cash of $2,315,412. Journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. Interest Expense Premium on Bonds Payable Cash
Premium Amortization on the first day of the fiscal year, a company issues a $6,000,000, 796, 6-year bond that pays semiannual interest of $210,000 ($6,000,000 x 796 × Y), receiving cash of $6,951,78...
Premium Amortization on the first day of the fiscal year, a company issues a $6,000,000, 796, 6-year bond that pays semiannual interest of $210,000 ($6,000,000 x 796 × Y), receiving cash of $6,951,781. Journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. Accounts Payable Bonds Payable Cash Discount on Bonds Payable Interest Expense Interest Payable
Premium Amortization on the...
Premium Amortization On the first day of the fiscal year, a company issues a $6,400,000, 6%,...
Premium Amortization On the first day of the fiscal year, a company issues a $6,400,000, 6%, 6-year bond that pays semiannual interest of $192,000 ($6,400,000 × 6% × ½), receiving cash of $7,076,822. Journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. Cash Premium on Bonds Payable Bonds Payable Feedback
On the first day of the fiscal year, a company issues a $438,000, 6%, 10-year bond that pays semiannual interest of $13,140 ($438,000 x 6% x 1/2), receiving cash of $459,900. Journalize the entry to record the first interest payment and amortization of premium using the straight-line method. If an amount box does not require an entry, leave it blank.
Issuing Bonds at a Premium On the first day of the fiscal year, a company issues a $5,500,000, 6%, 8-year bond that pays semiannual interest of $165,000 ($5,500,000 x 6% %). receiving cash of $5,859,013. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. Check My Work 2 more Check My Works remaining Premium Amortization On the first day of the fiscal year, a company issues a $5,500,000, 10%, 6-year bond that pays...
Issuing Bonds at a Premium On the first day of the fiscal year, a company issues a $2,800,000, 8%, 6-year bond that pays semiannual interest of $112,000 ($2,800,000 x 8% x V), receiving cash of $3,230,825. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. Premium Amortization On the first day of the fiscal year, a company issues a $3,000,000, 12%, 4-year bond that pays semiannual interest of $180,000 ($3,000,000 x 12% V),...
Premium Amortization On the first day of the fiscal year, a company issues a $2,100,000, 7%, 6-year bond that pays semiannual interest of $73,500 ($2,100,000 x 7% x 2), receiving cash of $2,315,412. Journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. Interest Expense Premium on Bonds Payable Cash
Premium Amortization on the first day of the fiscal year, a company issues a $6,000,000, 796, 6-year bond that pays semiannual interest of $210,000 ($6,000,000 x 796 × Y), receiving cash of $6,951,781. Journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. Accounts Payable Bonds Payable Cash Discount on Bonds Payable Interest Expense Interest Payable
Premium Amortization on the...
Most questions answered within 3 hours.
-
Suppose that Alicia has $30,000 in invested as follows: $10,000
in TJX Cos., $15,000 in Macy’s,...
asked 13 minutes ago -
Volunteer Pharmaceuticals (VP) wants to set aside money in the
R&D fund to seek supplemental drug...
asked 13 minutes ago -
What is precedent?
an order by the court.
the power of a court to overrule a...
asked 20 minutes ago -
Classify the tonicity of a solution made by dissolving 12mg of
sodium chloride in 1.0mL of...
asked 26 minutes ago -
Consider the equilibrium reaction: 2A (aq) + 3B (aq) <-->
C (aq) (in my notation <-->...
asked 26 minutes ago -
A recent poll found that 21% of a random sample of 1200 people
lost jobs due...
asked 32 minutes ago -
Indicate whether aqueous solutions of the following substances
contain ions. If so, write formulas for the...
asked 28 minutes ago -
Include at least one psychology theory, model or concept
discussed in Chapter 1, 2 or the...
asked 38 minutes ago -
Need help in drawing out a map pathway of pentose phosphate
pathway and pyruvate dehydrogenase/citric acid...
asked 45 minutes ago -
Question 1
At the end of Year 6,
South Co.'s tax department estimates that they will...
asked 47 minutes ago -
Use standard enthalpies of formation to determine
ΔHorxn for:
1. 3NO2(g) + H2O(l) → 2HNO3(aq)
+...
asked 51 minutes ago -
Abigail Adams was hired as an associate professor of economics
at Heartland University. She was the...
asked 53 minutes ago