Homework Answers
Jan 2019
Cash A/C Dr 2,72,000
Discount on Bonds Payable Dr 3,000
Bonds Payable Cr 2,75,000
Add Answer to:
On January 1, 2019, the date of bond authorization, Paquette Inc. issued 3-year, 12-per cent bonds. Semi-annual inte...
CP 10–4 On January 1, 2019, the date of bond authorization, Paquette Inc. issued 3‐year, 12‐per...
CP 10–4 On January 1, 2019, the date of bond authorization, Paquette Inc. issued 3‐year, 12‐per cent bonds. Semi‐annual interest is payable on June 30 and December 31. Paquette uses the straight‐line method of amortization. The following journal entry records the first payment of interest: 2019 June 30 Interest Expense 17,000 Cash 16,500 Discount on Bonds 500 Required: Reconstruct the journal entry made to record the issuance of bonds on January 1, 2019.
On January 1, 2019, a company issues a $500,000, 8%, 10-year bond that pays semiannual interest. (a) Prepare the general journal entry to record the issuance of the bonds on January 1,2019 the co...
On January 1, 2019, a company issues a $500,000, 8%, 10-year bond that pays semiannual interest. (a) Prepare the general journal entry to record the issuance of the bonds on January 1,2019 the company uses the effective interest method of amortization of any discount or premium on bonds. Prepare the June 30, 2019 and the second interest payment on December 31, 2019. general journal entry to record the first semiannual interest payment on Credit Debit Date
On January 1, 2019,...
on January 1, 2019, booth sales issued $10,000 in bonds for $10,900. these are 5-year bonds...
on January 1, 2019, booth sales issued $10,000 in bonds for $10,900. these are 5-year bonds with a stated rate of 4%, and pay semiannual interest. booth sales uses the straight-line method to amortize bond premium. A) prepare the journal entry for the issuance of the bonds on January 1, 2019 B) prepare the journal entry for the first interest payment on June 30, 2019.
Hillside issues $2,000,000 of 6%, 15-year bonds dated January 1, 2019, that pay interest semiannually on...
Hillside issues $2,000,000 of 6%, 15-year bonds dated January 1,
2019, that pay interest semiannually on June 30 and December 31.
The bonds are issued at a price of $1,728,224.
Required:
1. Prepare the January 1 journal entry to record
the bonds’ issuance.
2(a) For each semiannual period, complete the
table below to calculate the cash payment.
2(b) For each semiannual period, complete the
table below to calculate the straight-line discount
amortization.
2(c) For each semiannual period, complete the
table...
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...
Mechanical Autoparts Inc. issued $190,000 of 9%, 10-year bonds at a price of 88 on January...
Mechanical Autoparts Inc. issued $190,000 of 9%, 10-year bonds at a price of 88 on January 31, 2017. The market interest rate at the date of issuance was 11%, and the standard bonds pay interest 1. Prepare an effective-interest amortization table for the bonds through the first three interest payments. 2. Record Mechanical's issuance of the bonds on January 31, 2017, and payment of the first semi-annual interest amount and amortization of the bonds on July 31, 2017. Explanations are...
Premiere Autoparts Inc. issued $140,000 of 7%, 10-year bonds at a price of 86 on January...
Premiere Autoparts Inc. issued $140,000 of 7%, 10-year bonds at a price of 86 on January 31, 2017. The market interest rate at the date of issuance was 9%, and the standard bonds pay interest semi-annually. 1. Prepare an effective-interest amortization table for the bonds through the first three interest payments. 2. Record Premiere's issuance of the bonds on January 31, 2017, and payment of the first semi-annual interest amount and amortization of the bonds on July 31, 2017. Explanations...
Supreme Autoparts Inc. issued $190,000 of 7%, 10-year bonds at a price of 82 on January...
Supreme Autoparts Inc. issued $190,000 of 7%, 10-year bonds at a price of 82 on January 31, 2017. The market interest rate at the date of issuance was 9%, and the standard bonds pay interest semi-annually 1. Prepare an effective-interest amortization table for the bonds through the first three interest payments. 2. Record Supreme's issuance of the bonds on January 31, 2017, and payment of the first semi-annual interest amount and amortization of the bonds on July 31, 2017. Explanations...
Romero issues $3,400 of 10%, 10 year bonds dated January 1, 2019, that pay interest semiannually...
Romero issues $3,400 of 10%, 10 year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $4,192,932. 1. Prepare the January 1 journal entry to record the bonds issuance. 2. For each semiannual period, compute (a) the cash payment, (b) the straight line discount amortization, and (c) the bond interest expense. 3. Determine the total bond interest expense to be recognized over the bonds' life. 4....
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...
On January 1, 2019, a company issues a $500,000, 8%, 10-year bond that pays semiannual interest. (a) Prepare the general journal entry to record the issuance of the bonds on January 1,2019 the company uses the effective interest method of amortization of any discount or premium on bonds. Prepare the June 30, 2019 and the second interest payment on December 31, 2019. general journal entry to record the first semiannual interest payment on Credit Debit Date
On January 1, 2019,...
Hillside issues $2,000,000 of 6%, 15-year bonds dated January 1,
2019, that pay interest semiannually on June 30 and December 31.
The bonds are issued at a price of $1,728,224.
Required:
1. Prepare the January 1 journal entry to record
the bonds’ issuance.
2(a) For each semiannual period, complete the
table below to calculate the cash payment.
2(b) For each semiannual period, complete the
table below to calculate the straight-line discount
amortization.
2(c) For each semiannual period, complete the
table...
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...
Mechanical Autoparts Inc. issued $190,000 of 9%, 10-year bonds at a price of 88 on January 31, 2017. The market interest rate at the date of issuance was 11%, and the standard bonds pay interest 1. Prepare an effective-interest amortization table for the bonds through the first three interest payments. 2. Record Mechanical's issuance of the bonds on January 31, 2017, and payment of the first semi-annual interest amount and amortization of the bonds on July 31, 2017. Explanations are...
Premiere Autoparts Inc. issued $140,000 of 7%, 10-year bonds at a price of 86 on January 31, 2017. The market interest rate at the date of issuance was 9%, and the standard bonds pay interest semi-annually. 1. Prepare an effective-interest amortization table for the bonds through the first three interest payments. 2. Record Premiere's issuance of the bonds on January 31, 2017, and payment of the first semi-annual interest amount and amortization of the bonds on July 31, 2017. Explanations...
Supreme Autoparts Inc. issued $190,000 of 7%, 10-year bonds at a price of 82 on January 31, 2017. The market interest rate at the date of issuance was 9%, and the standard bonds pay interest semi-annually 1. Prepare an effective-interest amortization table for the bonds through the first three interest payments. 2. Record Supreme's issuance of the bonds on January 31, 2017, and payment of the first semi-annual interest amount and amortization of the bonds on July 31, 2017. Explanations...
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...
Most questions answered within 3 hours.
-
Assume a muscle has a PCSA = 20 cm2 and Lo = 12 cm. Assume it...
asked 4 minutes ago -
What is the yield to maturity of a ten-year, $1,000 bond with a
5.2% coupon rate...
asked 41 minutes ago -
A mass m = 5 kg is tied on one end of a rope and is...
asked 46 minutes ago -
The Average sales price of single-family houses in Charlotte is
$210,000 with a standard deviation of...
asked 54 minutes ago -
Target Costing
Laser Impressions, Inc., manufactures color laser printers.
Model J20 presently sells for $225 and...
asked 1 hour ago -
a bottle cap manufacturer with four machines and six operators
wants to see if variation in...
asked 1 hour ago -
State Farm Insurance studies show that in Colorado, 55% of the
auto insurance claims submitted for...
asked 2 hours ago -
Complete the following reactions which form ethers (A
and B) and cyclic ethers (C-E) as major...
asked 2 hours ago -
in a perfectly elastic collision what is the velocity of ball A
if the original direction...
asked 3 hours ago -
PLEASE ANSWER ALL
1) The pressure of the atmosphere decreases with increasing
altitude in the
Choose...
asked 3 hours ago -
A simple random sample of 25,000 individuals are surveyed in
order to determine the prevalence of...
asked 3 hours ago -
People who do very detailed work close up, such as jewelers,
often can see objects clearly...
asked 3 hours ago