On January 1, 2017, Sandhill Corporation issued $550,000 of 7% bonds, due in 8 years. The...
On January 1, 2017, Sandhill Corporation issued $550,000 of 7%
bonds, due in 8 years. The bonds were issued for $517,958, and pay
interest each July 1 and January 1. Sandhill uses the
effective-interest method.
Prepare the company’s journal entries for (a) the January 1
issuance, (b) the July 1 interest payment, and (c) the December 31
adjusting entry. Assume an effective-interest rate of 8%.
Homework Answers
Journal entry
| Date | account and explanation | debit | credit |
| Jan 1 | Cash | 517958 | |
| Discount on bonds payable | 32042 | ||
| Bonds payable | 550000 | ||
| (To record bond issue) | |||
| July 1 | Interest expense (517958*4%) | 20718 | |
| Discount on bonds payable | 1468 | ||
| Cash (550000*3.5%) | 19250 | ||
| (To record interest) | |||
| Dec 31 | Interest expense (517958+1468)*4% | 20777 | |
| Discount on bonds payable | 1527 | ||
| Interest payable | 19250 | ||
| (To record adjusting entry) |
Add Answer to:
On January 1, 2017, Sandhill Corporation issued $550,000 of 7%
bonds, due in 8 years. The...
Brief Exercise 14-6 On January 1, 2017, Splish Corporation issued $640,000 of 9% bonds, due in...
Brief Exercise 14-6 On January 1, 2017, Splish Corporation issued $640,000 of 9% bonds, due in 8 years. The bonds were issued for $605,318, and pay interest each July 1 and January 1. Splish uses the effective-interest method. Prepare the company’s journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 10%
On January 1, 2017, Headland Corporation issued $500,000 of 7% bonds, due in 10 years. The...
On January 1, 2017, Headland Corporation issued $500,000 of 7% bonds, due in 10 years. The bonds were issued for $537,196, and pay interest each July 1 and January 1. The effective-interest rate is 6%. Prepare the company’s journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Headland uses the effective-interest method. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 decimal places,...
On January 1, 2020, Pearl Corporation issued $610,000 of 9% bonds, due in 10 years. The...
On January 1, 2020, Pearl Corporation issued $610,000 of 9% bonds, due in 10 years. The bonds were issued for $571,991, and pay interest each July 1 and January 1. Pearl uses the effective-interest method. Prepare the company’s journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 10%.
On January 1, 2017, Kingbird Corporation issued $680,000 of 9% bonds, due in 8 years. The...
On January 1, 2017, Kingbird Corporation issued $680,000 of 9% bonds, due in 8 years. The bonds were issued for $643,151, and pay interest each July 1 and January 1. Kingbird uses the effective-interest method Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective interest rate of 10%. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0...
On January 1, 2017, Skysong Corporation issued $650,000 of 9% bonds, due in 10 years. The...
On January 1, 2017, Skysong Corporation issued $650,000 of 9% bonds, due in 10 years. The bonds were issued for $694,171, and pay interest each July 1 and January 1 The effective interest rate is 8%. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment and (c) the December 31 adjusting entry. Skysong uses the effective-interest method. (Round intermediate calculations to 6 decimal places, eg. 1.251247 and final answer to 0 decimal...
on January 1, 2017, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The...
on January 1, 2017, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The tonds were issued fr ssss 224, and pay interest each Mi a d lanuary 1 MS uses the emot enternt method. Prepare the company's journal entries for (a) the January 1 Issuance, (b) the July 1 interest payment, and (e) the December 31 adjusting entry. Assume an effective-Interest rate of 8% (Round interasediate calculations to & de answer to O decimaง places eq. 38,548....
On January 1, 2020, JWS Corporation issued $600,000 of 7% bonds,due in 10 years. The...
On January 1, 2020, JWS Corporation issued $600,000 of 7% bonds,
due in 10 years. The bonds were issued for $559,231, and pay
interest each July 1 and January 1. JWS uses the effective-interest
method.Prepare the company’s journal entries for (a) the January 1
issuance, (b) the July 1 interest payment, and (c) the December 31
adjusting entry. Assume an effective-interest rate of 8%.(Round intermediate calculations to 6 decimal places,
e.g. 1.251247 and final answer to 0 decimal places, e.g....
On January 1, 2017, Coronado Corporation issued $650,000 of 9% bonds, due in 10 years. The...
On January 1, 2017, Coronado Corporation issued $650,000 of 9%
bonds, due in 10 years. The bonds were issued for $609,499, and pay
interest each July 1 and January 1. Coronado uses the
effective-interest method.
Prepare the company’s journal entries for (a) the January 1
issuance, (b) the July 1 interest payment, and (c) the December 31
adjusting entry. Assume an effective-interest rate of 10%.
(Round intermediate calculations to 6 decimal places,
e.g. 1.251247 and final answer to 0 decimal...
Brief Exercise 14-6 On January 1, 2017, Ivanhoe Corporation issued $610,000 of 9% bonds, due in 10 years. The bonds were...
Brief Exercise 14-6 On January 1, 2017, Ivanhoe Corporation issued $610,000 of 9% bonds, due in 10 years. The bonds were issued for $571,991, and pay interest each July 1 and January 1. Ivanhoe uses the effective-interest method. Prepare the company’s journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 10%. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer...
Brief Exercise 14-7 On January 1, 2017, Oriole Corporation issued $660,000 of 9% bonds, due in...
Brief Exercise 14-7 On January 1, 2017, Oriole Corporation issued $660,000 of 9% bonds, due in 8 years. The bonds were issued for $698,454, and pay interest each July 1 and January 1. The effective-interest rate is 8%. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Oriole uses the effective interest method. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer...
On January 1, 2017, Kingbird Corporation issued $680,000 of 9% bonds, due in 8 years. The bonds were issued for $643,151, and pay interest each July 1 and January 1. Kingbird uses the effective-interest method Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective interest rate of 10%. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0...
On January 1, 2017, Skysong Corporation issued $650,000 of 9% bonds, due in 10 years. The bonds were issued for $694,171, and pay interest each July 1 and January 1 The effective interest rate is 8%. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment and (c) the December 31 adjusting entry. Skysong uses the effective-interest method. (Round intermediate calculations to 6 decimal places, eg. 1.251247 and final answer to 0 decimal...
on January 1, 2017, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The tonds were issued fr ssss 224, and pay interest each Mi a d lanuary 1 MS uses the emot enternt method. Prepare the company's journal entries for (a) the January 1 Issuance, (b) the July 1 interest payment, and (e) the December 31 adjusting entry. Assume an effective-Interest rate of 8% (Round interasediate calculations to & de answer to O decimaง places eq. 38,548....
On January 1, 2020, JWS Corporation issued $600,000 of 7% bonds,
due in 10 years. The bonds were issued for $559,231, and pay
interest each July 1 and January 1. JWS uses the effective-interest
method.Prepare the company’s journal entries for (a) the January 1
issuance, (b) the July 1 interest payment, and (c) the December 31
adjusting entry. Assume an effective-interest rate of 8%.(Round intermediate calculations to 6 decimal places,
e.g. 1.251247 and final answer to 0 decimal places, e.g....
On January 1, 2017, Coronado Corporation issued $650,000 of 9%
bonds, due in 10 years. The bonds were issued for $609,499, and pay
interest each July 1 and January 1. Coronado uses the
effective-interest method.
Prepare the company’s journal entries for (a) the January 1
issuance, (b) the July 1 interest payment, and (c) the December 31
adjusting entry. Assume an effective-interest rate of 10%.
(Round intermediate calculations to 6 decimal places,
e.g. 1.251247 and final answer to 0 decimal...
Brief Exercise 14-7 On January 1, 2017, Oriole Corporation issued $660,000 of 9% bonds, due in 8 years. The bonds were issued for $698,454, and pay interest each July 1 and January 1. The effective-interest rate is 8%. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Oriole uses the effective interest method. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer...
Most questions answered within 3 hours.
-
Other decisions about scientific claims can have a much broader
impact.ENERGYarrow-10x10.png, environment, health, security - all...
asked 29 minutes ago -
I need to write a research paper and work cited about this
topic: The United States...
asked 51 minutes ago -
Hello! I was wondering if I could have some help?
If the vapor pressure of carvone...
asked 1 hour ago -
An economist wants to estimate the mean per capita income (in
thousands of dollars) for a...
asked 1 hour ago -
What would be the input/output characteristic of a circuit
obtained by putting two of your 2's-complementers...
asked 1 hour ago -
In Drosophila, the transition from the syncytial blastoderm
stage to the cellular blastoderm stage is a...
asked 2 hours ago -
Project management question:
Name 3 different types of resources (hint: humans are one
type)
asked 2 hours ago -
Consider the following reaction: C 2H 2( g) + 2H 2( g) C 2H 6(
g)...
asked 2 hours ago -
Consider a 1.0 L buffer containing 0.092 mol L-1 HCOOH and 0.100
mol L-1 HCOO-. What...
asked 2 hours ago -
Koch Realty has owned a vacant land with a FMV of
$775,000 and an adjusted basis...
asked 2 hours ago -
It is estimated 29% of all adults in United States invest in
stocks and that 85%...
asked 2 hours ago -
What does a 2-sided p value of 0.04 mean? (I am not asking if it
is...
asked 2 hours ago