On the first day of the fiscal year, a company issues a $2,000,000, 8%, five year...
On the first day of the fiscal year, a company issues a $2,000,000, 8%, five year bond for $2,170,600. Interest is paid semiannually. Premiums and discounts on bonds payable are amortized using the straight line method.
Q: On the first interest payment date, for what amount would the premium on bonds payable be debited?
My class is accounting. I think the answer is 4,633 but am struggling. Can someone please help?
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On the first day of the fiscal year, a company issues a
$2,000,000, 8%, five year...
On January 1,the first day of the fiscal year, Murray Company issues a $1,000,000, 5%, five-year...
On January 1,the first day of the fiscal year, Murray Company issues a $1,000,000, 5%, five-year bond, receiving cash of $947,560. The bond pays interest semiannually on June 30 and December 31, and is amortized semiannually suing the straight-lien method. Journalize the issuance of the bond on January 1. (Note: Journal entry needs to show date) Journalize the semiannual interest payments on the June 3 and December 31 of the first year. The bond discount amortization is combined with the...
On January 1,the first day of the fiscal year, Murray Company issues a $1,000,000, 5%, five-year...
On January 1,the first day of the fiscal year, Murray Company issues a $1,000,000, 5%, five-year bond, receiving cash of $947,560. The bond pays interest semiannually on June 30 and December 31, and is amortized semiannually suing the straight-lien method. A. Journalize the issuance of the bond on January 1. (Note: Journal entry needs to show date) B. Journalize the semiannual interest payments on the June 3 and December 31 of the first year. The bond discount amortization is combined...
On the first day of the fiscal year, a company issues an 911,000,6%, five year bond...
On the first day of the fiscal year, a company issues an 911,000,6%, five year bond that pays serniannual interest of $27,330 (5911,000 x 6% x 1/2), receiving cash of $856,300. Journalize the entry to record the first interest payment and the amortization of the related bond discount using the straight-ire method If an amount box does not require an entry leave it blank Discount on Bonds Payable 54,700 Interest Expense Bonds Payable
Premium Amortization On the first day of the fiscal year, a company issues a $7,200,000, 12%,...
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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...
On January 1, the first day of the fiscal year, a company issues a $2,750,000, 8%,...
On January 1, the first day of
the fiscal year, a company issues a $2,750,000, 8%, five-year bond
that pays semiannual interest of $110,000 ($2,750,000 x 8% x ½),
receiving cash of $2,938,110.
Journal Shaded cells have feedback. X Journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar. Refer to the Chart of Accounts for exact wording of account titles. How does grading work? PAGE 10 JOURNAL Score: 29/37 ACCOUNTING EQUATION...
On the first day of its fiscal year, Ebert Company issued $12,000,000 of 5-year, 11% bonds...
On the first day of its fiscal year, Ebert
Company issued $12,000,000 of 5-year, 11% bonds to finance its
operations. Interest is payable semiannually. The bonds were issued
at a market (effective) interest rate of 12%, resulting in Ebert
receiving cash of $11,558,459. The company uses the interest
method.
Amortize Premium by Interest Method Shunda Corporation wholesales parts to appliance manufacturers. On January 1, Shunda issued $30,000,000 of five-year, 10% bonds at a market (effective) interest rate of 8%, receiving...
Chapter 12 Homework Note: All homework assignments must be submitted through the Blackboard course site. Chapter...
Chapter 12 Homework Note: All homework assignments must be submitted through the Blackboard course site. Chapter 12 Question 1 (0.5 point) On the first day of the fiscal year, a company issues a $1,200,000, 9%, five year bond for $1,153,670. Interest is paid semiannually. Premiums and discounts on bonds payable are amortized using the straight line method. Required: On the date of issuance, for what amount would the discount on bonds payable be debited? Omit $ signs.
Issuing Bonds at a Discount On the first day of the fiscal year, a company issues...
Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $3,500,000, 6% five-year bond that pays semiannual interest of $105,000 ($3,500,000 x 6% x V2), receiving cash of $3,350,000. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. Interest Expense X 120,000 X Discount on Bonds Payable 15,000 X Cash X 105,000 x Feedback Check My Work Bonds Payable is always recorded at face value. Any...
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...
On the first day of the fiscal year, a company issues an 911,000,6%, five year bond that pays serniannual interest of $27,330 (5911,000 x 6% x 1/2), receiving cash of $856,300. Journalize the entry to record the first interest payment and the amortization of the related bond discount using the straight-ire method If an amount box does not require an entry leave it blank Discount on Bonds Payable 54,700 Interest Expense Bonds Payable
Premium Amortization On the first day of the fiscal year, a company issues a $7,200,000, 12%, 7-year bond that pays semiannual interest of $432,000 ($7,200,000 12% x 12), receiving cash of $8,304,066 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 321,594 x Premium on Bonds Payable 110,406 Cash 432,000 Feedback Check My Work Bonds Payable is...
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...
On January 1, the first day of
the fiscal year, a company issues a $2,750,000, 8%, five-year bond
that pays semiannual interest of $110,000 ($2,750,000 x 8% x ½),
receiving cash of $2,938,110.
Journal Shaded cells have feedback. X Journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar. Refer to the Chart of Accounts for exact wording of account titles. How does grading work? PAGE 10 JOURNAL Score: 29/37 ACCOUNTING EQUATION...
On the first day of its fiscal year, Ebert
Company issued $12,000,000 of 5-year, 11% bonds to finance its
operations. Interest is payable semiannually. The bonds were issued
at a market (effective) interest rate of 12%, resulting in Ebert
receiving cash of $11,558,459. The company uses the interest
method.
Amortize Premium by Interest Method Shunda Corporation wholesales parts to appliance manufacturers. On January 1, Shunda issued $30,000,000 of five-year, 10% bonds at a market (effective) interest rate of 8%, receiving...
Chapter 12 Homework Note: All homework assignments must be submitted through the Blackboard course site. Chapter 12 Question 1 (0.5 point) On the first day of the fiscal year, a company issues a $1,200,000, 9%, five year bond for $1,153,670. Interest is paid semiannually. Premiums and discounts on bonds payable are amortized using the straight line method. Required: On the date of issuance, for what amount would the discount on bonds payable be debited? Omit $ signs.
Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $3,500,000, 6% five-year bond that pays semiannual interest of $105,000 ($3,500,000 x 6% x V2), receiving cash of $3,350,000. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. Interest Expense X 120,000 X Discount on Bonds Payable 15,000 X Cash X 105,000 x Feedback Check My Work Bonds Payable is always recorded at face value. Any...
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