Ivanhoe Company issued $1,720,000 of bonds on January 1, 2020. Prepare the journal entry to record...
Ivanhoe Company issued $1,720,000 of bonds on January 1, 2020.
Prepare the journal entry to record the issuance of the bonds if they are issued at (1) 100, (2) 97, and (3) 105
Prepare the journal entry to record the redemption of the bonds at maturity, assuming the bonds were issued at 100.
Prepare the journal entry to record the redemption of the bonds before maturity at 97. Assume the balance in Premium on Bonds Payable is $8,250.
Homework Answers
a) Journal entry
| No | account and explanation | Debit | Credit |
| 1 | Cash | 1720000 | |
| Bonds payable | 1720000 | ||
| 2 | Cash (1720000*97/100) | 1668400 | |
| Discount on bonds payable | 51600 | ||
| Bonds payable | 1720000 | ||
| 3 | Cash (1720000*1.05) | 1806000 | |
| Bonds payable | 1720000 | ||
| Premium on bonds payable | 86000 | ||
b) Journal entry
| date | account and explanation | Debit | Credit |
| Bonds payable | 1720000 | ||
| Cash | 1720000 | ||
| (to record redemption) |
b) Journal entry
| date | account and explanation | Debit | Credit |
| Bonds payable | 1720000 | ||
| Premium on bonds payable | 8250 | ||
| Gain on redemption of bonds | 59850 | ||
| Cash (1720000*97%) | 1668400 | ||
| (to record redemption) |
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Your answer is partially correct. Try again.
Prepare the journal entry to record the issuance of the bonds if
they are issued at (1) 100, (2) 98, and (3) 101.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
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Account Titles and Explanation
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Credit
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Your answer is partially correct. Try again.
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(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
No.
Account Titles and Explanation
Debit
Credit
(1)
(2)
(3)
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Prepare the journal entry to record the issuance of the bonds.
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