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- A $2,600 credit balance in the Premium on Bonds Payable account represents which of the following? Select one: a. An overpayment for a bond purchase b. An underpayment for a bond purchase c. The current amount of amortization expense d. The unamortized amount of premium earned on a bond issueProvide information for 2 bond issuance transactions: 1 where the bonds were sold at a premium; and 1 where the bonds were sold at a discount.Describe the accounting for bonds payable, including bonds issued at face amount, bonds issued at a discount , nd bonds issued at a premium ?
- If bonds are issued between interest dates, the entry on the books of the issuing corporation could include a Select one: а. debit to Interest Payable b. credit to Interest Receivable. Oc. credit to Interest Expense. O d. credit to Unearned Interest. 19Please read and respond to the three questions below. 1. Under what conditions of bond issuance does a discount on bonds payable arise? Under what conditions of bond issuance does a premium on bonds payable arise? 2. How should discount on bonds payable be reported on the financial statements? Premium on bonds payable? 3. What are the two methods of amortizing discount and premium on bonds payable? Explain each.When bonds are issued at face value, the debit to Cash and credit to Bonds Payable are for the same amount.
- What kind of account is the Discount on Bonds Payable? What kind of account is the Premium on Bonds Payable?2. complete the amoritzation table by calculating interest expense, beginning & ending bond carrying amounts at the end of each period, please show work & formulas used.The journal entry to record the issuance of bonds at a premium consists of a debit to Cash, a debit to Premium on Bonds Payable, and a credit to the Bonds Payable account. True or False True False
- Describe the accouting for bonds payaable, including bonds issued at face amount , bonds issued at a discount, and bonds issued at a premium.q3. For accounting purposes, interest expense recognized on bonds payable should be based on theA. effective interest rate, considering the issue price and the transaction costs.B. nominal interest rate.C. rate stated on the face of the bonds.D. market rate of interest on the reporting date.A. Assuming the bonds were sold at 107.732, what is the selling price of the bonds? 24 B. Were they issued at a discount or a premium?