Patton issues $650,000 of 5%, four-year bonds dated January 1, 2011, that pay interest semiannually on...
1) Prepare the journal entries to record the first two interest payments
Homework Answers
Answer: Interest on bonds Dr (650000*5/2 %) 16250, bank cr 16250.
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Patton issues $650,000 of 5%, four-year bonds dated January 1,
2011, that pay interest semiannually on...
Legacy issues $710,000 of 8.0%, four year bonds dated January 1, 2017, that pay interest semiannually...
Legacy issues $710,000 of 8.0%, four year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. They are issued at $621,812 and their market rate is 12% at the issue date. 2. Determine the total bond interest expense to be recognized over the bonds' life. Total bond interest expense over life of bonds: Amount repaid payments of Par value at maturity Total repaid Less amount borrowed Total bond interest expense Legacy issues $710,000 of...
Legacy issues $630,000 of 9.0%, four-year bonds dated January 1, 2018, that pay interest semiannually on...
Legacy issues $630,000 of 9.0%, four-year bonds dated January 1, 2018, that pay interest semiannually on June 30 and December 31. They are issued at $571,310, and their market rate is 12% at the issue date. Required: 1. Are these bonds issued at a premium or a discount and how can you tell? 2. Prepare the January 1, 2018, journal entry to record the bonds' issuance. 3. Prepare an effective interest amortization table for the bonds. 4. Prepare the journal...
Legacy issues $570,000 of 8.5%, four-year bonds dated January 1, 2017, that pay interest semiannually on June 30 and Dec...
Legacy issues $570,000 of 8.5%, four-year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. They are issued at $508,050 and their market rate is 12% at the issue date. 1. Prepare the January 1, 2017, journal entry to record the bonds' issuance. 2. Determine the total bond interest expense to be recognized over the bonds' life. 3. Prepare a straight-line amortization table for the bonds' first two years. 4. Prepare the journal entries...
Legacy issues $710,000 of 8.0%, four-year bonds dated January 1, 2017, that pay interest semiannually on...
Legacy issues $710,000 of 8.0%, four-year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. They are issued at $621,812 and their market rate is 12% at the issue date. Required: 1. Prepare the January 1, 2017, journal entry to record the bonds' Issuance. View transaction list Journal entry worksheet Record the issue of bonds with a par value of $710,000 cash on January 1, 2017 at an issue price of $621,812. Note: Enter...
Legacy issues $560,000 of 9.0%, four-year bonds dated January 1, 2019, that pay interest semiannually on...
Legacy issues $560,000 of 9.0%,
four-year bonds dated January 1, 2019, that pay interest
semiannually on June 30 and December 31. They are issued at
$507,831 when the market rate is 12%.
Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. View transaction list Journal entry worksheet Record the issue of bonds with a par value of $560,000 on January 1, 2019 at an issue price of $507,831. Note: Enter debits before credits. General Journal Debit...
Legacy issues $560,000 of 9.0%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and Dec...
Legacy issues $560,000 of 9.0%, four-year bonds dated January 1,
2019, that pay interest semiannually on June 30 and December 31.
They are issued at $507,831 when the market rate is 12%.
4. Prepare the journal entries to record the first two interest payments View transaction list Journal entry worksheet 2 Record the interest payment and amortization on June 30 Note: Enter debits before credits Date General Journal Debit Credit June 30 Record entry View general journal Clear entry 4....
2. Romero issues $3,400,000 of 10%, 10 year bonds dated January 1, 2019, that pay interest semiannually on June 30...
2. Romero issues $3,400,000 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. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. 2. Prepare the journal entries to record the first two interest payments.
Legacy issues $590,000 of 7.5%, four-year bonds dated January 1, 2019, that pay interest semiannually on...
Legacy issues $590,000 of 7.5%, four-year bonds dated January 1,
2019, that pay interest semiannually on June 30 and December 31.
They are issued at $542,310 when the market rate is 10%.
Required:
1. Prepare the January 1 journal entry to record
the bonds' issuance.
2. Complete the below table to calculate the total
bond interest expense to be recognized over the bonds' life.
3. Prepare an effective interest amortization
table for the bonds' first two years.
4. Prepare the...
Legacy issues $550,000 of 9.5%, four-year bonds dated January 1, 2017, that pay interest semiannually on...
Legacy issues $550,000 of 9.5%, four-year bonds dated January 1,
2017, that pay interest semiannually on June 30 and December 31.
They are issued at $507,301 and their market rate is 12% at the
issue date.
Required:
1. Prepare the January 1, 2017, journal entry
to record the bonds' issuance.
2. Complete the below table to calculate the total
bond interest expense to be recognized over the bonds' life.
3. Prepare an effective interest amortization
table for the bonds' first...
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....
Legacy issues $710,000 of 8.0%, four year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. They are issued at $621,812 and their market rate is 12% at the issue date. 2. Determine the total bond interest expense to be recognized over the bonds' life. Total bond interest expense over life of bonds: Amount repaid payments of Par value at maturity Total repaid Less amount borrowed Total bond interest expense Legacy issues $710,000 of...
Legacy issues $630,000 of 9.0%, four-year bonds dated January 1, 2018, that pay interest semiannually on June 30 and December 31. They are issued at $571,310, and their market rate is 12% at the issue date. Required: 1. Are these bonds issued at a premium or a discount and how can you tell? 2. Prepare the January 1, 2018, journal entry to record the bonds' issuance. 3. Prepare an effective interest amortization table for the bonds. 4. Prepare the journal...
Legacy issues $710,000 of 8.0%, four-year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. They are issued at $621,812 and their market rate is 12% at the issue date. Required: 1. Prepare the January 1, 2017, journal entry to record the bonds' Issuance. View transaction list Journal entry worksheet Record the issue of bonds with a par value of $710,000 cash on January 1, 2017 at an issue price of $621,812. Note: Enter...
Legacy issues $560,000 of 9.0%,
four-year bonds dated January 1, 2019, that pay interest
semiannually on June 30 and December 31. They are issued at
$507,831 when the market rate is 12%.
Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. View transaction list Journal entry worksheet Record the issue of bonds with a par value of $560,000 on January 1, 2019 at an issue price of $507,831. Note: Enter debits before credits. General Journal Debit...
Legacy issues $560,000 of 9.0%, four-year bonds dated January 1,
2019, that pay interest semiannually on June 30 and December 31.
They are issued at $507,831 when the market rate is 12%.
4. Prepare the journal entries to record the first two interest payments View transaction list Journal entry worksheet 2 Record the interest payment and amortization on June 30 Note: Enter debits before credits Date General Journal Debit Credit June 30 Record entry View general journal Clear entry 4....
2. Romero issues $3,400,000 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. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. 2. Prepare the journal entries to record the first two interest payments.
Legacy issues $590,000 of 7.5%, four-year bonds dated January 1,
2019, that pay interest semiannually on June 30 and December 31.
They are issued at $542,310 when the market rate is 10%.
Required:
1. Prepare the January 1 journal entry to record
the bonds' issuance.
2. Complete the below table to calculate the total
bond interest expense to be recognized over the bonds' life.
3. Prepare an effective interest amortization
table for the bonds' first two years.
4. Prepare the...
Legacy issues $550,000 of 9.5%, four-year bonds dated January 1,
2017, that pay interest semiannually on June 30 and December 31.
They are issued at $507,301 and their market rate is 12% at the
issue date.
Required:
1. Prepare the January 1, 2017, journal entry
to record the bonds' issuance.
2. Complete the below table to calculate the total
bond interest expense to be recognized over the bonds' life.
3. Prepare an effective interest amortization
table for the bonds' first...
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