Homework Answers
Correct Entry will be
Debit Interest Expense $14421 , Credit Discount on Bond Payable $921, Credit cash $13500
Working for your refrence
Interest Expense : 288413X 10%*6/12=$14420.65
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On January 1, a company issues bonds dated January 1 with a par value of $300,000. The bonds mature in 5 years. Th...
On January 1, a company issues bonds dated January 1 with a par value of $220,000....
On January 1, a company issues bonds dated January 1 with a par value of $220,000. The bonds mature in 5 years. The contract rate is 9% and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $228,930. The journal entry to record the first interest payment using the effective interest method of amortization is (Rounded to the nearest dollar.) Multiple Choice Debt Bond Interest Expense 39157, de...
On January 1, a company issues bonds dated January 1 with a par value of $650,000....
On January 1, a company issues bonds dated January 1 with a par value of $650,000. The bonds mature in 3 years. The contract rate is 6%, and interest is paid semiannually on June 30 and December 31. The bonds are sold for $626,000. The journal entry to record the first interest payment using straight-line amortization is: Multiple Choice Debit Interest Payable $19,500; credit Cash $19,500. 0 Debit Interest Expense $19,500; credit Cash $19,500. 0 Debit Interest Expense $23,500, credit...
On January 1, a company issues bonds dated January 1 with a par value of $450,000....
On January 1, a company issues bonds dated January 1 with a par value of $450,000. The bonds mature in 5 years. The contract rate is 10%, and interest is paid semiannually on June 30 and December 31. The market rate is 11% and the bonds are sold for $433,026. The journal entry to record the second interest payment using the effective interest method of amortization is: Multiple Choice O Debit Interest Expense $21,183.57; debit Premium on Bonds Payable $1,316.43;...
On January 1, a company issues bonds dated January 1 with a par value of $220,000....
On January 1, a company issues bonds dated January 1 with a par value of $220,000. The bonds mature in 5 years. The contract rate is 9%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $228,930. The journal entry to record the issuance of the bond is: Multiple Choice C Debit Cash $228,930; credit Bonds Payable $228,930 Debit Cash $228,930; credit Premium on Bonds Payable $8,930...
On January 1, a company issues bonds dated January 1 with a par value of $460,000....
On January 1, a company issues bonds dated January 1 with a par value of $460,000. The bonds mature in 5 years. The contract rate is 7%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $441,361. The journal entry to record the first interest payment using straight-line amortization is: (A) debit Interest Expense $17,963.90; credit Premium on Bonds Payable $1,863.90; credit Cash $16,100.00. (B) debit Interest...
On January 1, a company issues bonds dated January 1 with a par value of $320,000....
On January 1, a company issues bonds dated January 1 with a par value of $320,000. The bonds mature in 5 years. The contract rate is 7% , and interest is paid semiannually on June 30 and December 31. The market rate is 6 % and the bonds are sold for $333,650. The journal entry to record the first interest payment using the effective interest method of amortization is: (Rounded to the nearest dollar.) Multiple Choice Debit Bond Interest Expense...
On January 1, a company issues bonds dated January 1 with a par value of $210,000....
On January 1, a company issues bonds dated January 1 with a par value of $210,000. The bonds mature in 5 years. The contract rate is 11%, and interest is paid semiannually on June 30 and December 31. The market rate is 10% and the bonds are sold for $218,105. The journal entry to record the issuance of the bond is: Multiple Choice O Debit Cash $218,105; credit Premium on Bonds Payable $8,105, credit Bonds Pable $210,000 Debit Cash $218,105,...
On January 1, a company issues bonds dated January 1 with a par value if $490,000....
On January 1, a company issues bonds dated January 1 with a par value if $490,000. The bonds mature in 5 years. The contract rate is 8%, and interest is paid seminannually on June 30 and December 31. The market rate is 9% and the bonds are sold for $470,600. The journal entry to record the second interest payment using the effective interest methond of amortization is: A) Debit Interest Expense $21,247.96; credit Discount on Bonds Payable $1647.96; credit Cash...
On January 1, Parson Freight Company issues 9.0%, 10-year bonds with a par value of $2,900,000....
On January 1, Parson Freight Company issues 9.0%, 10-year bonds with a par value of $2,900,000. The bonds pay interest semiannually. The market rate of interest is 10.0% and the bond selling price was $2.719,298. The bond issuance should be recorded as: Multiple Choice O Debit Cash $2,719,298, debit interest Expense $180,702, credit Bonds Payable $2,900,000 O O Debit Cash $2,900,000; credit Bonds Payable $2.719.298, credit Discount on Bonds Payable $180,702 O o Debit Cash $2,900,000 credit Bonds Payable $2,900,000....
On January 1, Parson Freight Company issues 7.0%, 10-year bonds with a par value of $3,500,000....
On January 1, Parson Freight Company issues 7.0%, 10-year bonds with a par value of $3,500,000. The bonds pay interest semiannually. The market rate of interest is 8.0% and the bond selling price was $3,466,993. The bond issuance should be recorded as: Debit Cash $3,466,993; credit Bonds Payable $3,466,993. Debit Cash $3,500,000; credit Bonds Payable $3,500,000. Debit Cash $3,500,000; credit Bonds Payable $3,466,993; credit Discount on Bonds Payable $33,007. Debit Cash $3,466,993; debit Discount on Bonds Payable $33,007; credit Bonds...
On January 1, a company issues bonds dated January 1 with a par value of $220,000. The bonds mature in 5 years. The contract rate is 9% and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $228,930. The journal entry to record the first interest payment using the effective interest method of amortization is (Rounded to the nearest dollar.) Multiple Choice Debt Bond Interest Expense 39157, de...
On January 1, a company issues bonds dated January 1 with a par value of $650,000. The bonds mature in 3 years. The contract rate is 6%, and interest is paid semiannually on June 30 and December 31. The bonds are sold for $626,000. The journal entry to record the first interest payment using straight-line amortization is: Multiple Choice Debit Interest Payable $19,500; credit Cash $19,500. 0 Debit Interest Expense $19,500; credit Cash $19,500. 0 Debit Interest Expense $23,500, credit...
On January 1, a company issues bonds dated January 1 with a par value of $450,000. The bonds mature in 5 years. The contract rate is 10%, and interest is paid semiannually on June 30 and December 31. The market rate is 11% and the bonds are sold for $433,026. The journal entry to record the second interest payment using the effective interest method of amortization is: Multiple Choice O Debit Interest Expense $21,183.57; debit Premium on Bonds Payable $1,316.43;...
On January 1, a company issues bonds dated January 1 with a par value of $220,000. The bonds mature in 5 years. The contract rate is 9%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $228,930. The journal entry to record the issuance of the bond is: Multiple Choice C Debit Cash $228,930; credit Bonds Payable $228,930 Debit Cash $228,930; credit Premium on Bonds Payable $8,930...
On January 1, a company issues bonds dated January 1 with a par value of $320,000. The bonds mature in 5 years. The contract rate is 7% , and interest is paid semiannually on June 30 and December 31. The market rate is 6 % and the bonds are sold for $333,650. The journal entry to record the first interest payment using the effective interest method of amortization is: (Rounded to the nearest dollar.) Multiple Choice Debit Bond Interest Expense...
On January 1, a company issues bonds dated January 1 with a par value of $210,000. The bonds mature in 5 years. The contract rate is 11%, and interest is paid semiannually on June 30 and December 31. The market rate is 10% and the bonds are sold for $218,105. The journal entry to record the issuance of the bond is: Multiple Choice O Debit Cash $218,105; credit Premium on Bonds Payable $8,105, credit Bonds Pable $210,000 Debit Cash $218,105,...
On January 1, Parson Freight Company issues 9.0%, 10-year bonds with a par value of $2,900,000. The bonds pay interest semiannually. The market rate of interest is 10.0% and the bond selling price was $2.719,298. The bond issuance should be recorded as: Multiple Choice O Debit Cash $2,719,298, debit interest Expense $180,702, credit Bonds Payable $2,900,000 O O Debit Cash $2,900,000; credit Bonds Payable $2.719.298, credit Discount on Bonds Payable $180,702 O o Debit Cash $2,900,000 credit Bonds Payable $2,900,000....
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