On January 1, 2021, Tennessee Harvester Corporation issued debenture bonds that pay interest semiannually on June 30 and December 31. Portions of the bond amortization schedule appear below:   Payment   Cash Payment   Effective Interest   Increase in Balance   Outstanding Balance                   7,218,650   1   270,000   288,746   18,746   7,237,396   2   270,000   289,496   19,496   7,256,892   3   270,000   290,276   20,276   7,277,168   4   270,000   291,087   21,087   7,298,255   5   270,000   291,930   21,930   7,320,185   6   270,000   292,807   22,807   7,342,992   ~   ~   ~   ~   ~   ~   ~   ~   ~   ~   ~   ~   ~   ~   ~   38   270,000   350,010   80,010   8,830,251   39   270,000   353,210   83,210   8,913,461   40   270,000   356,539   86,539   9,000,000       Required: 1. What is the face amount of the bonds? 2. What is the initial selling price of the bonds? 3. What is the term to maturity in years?

Q: Hillside issues $4,000,000 of 6%, 15-year bonds dated January 1, 2021, that pay interest…

A: Solution 1:       Journal Entries - Hillside Date Particulars Debit Credit 1-Jan-21 Cash…

Q: On January 1, 2021, Baddour, Inc., issued 10% bonds with a face amount of $160 million. The bonds…

A: Requirement 1:

Q: Chowan Corporation issued $198,000 of 8% bonds dated January 1, 2019, for $191,470.07 on January 1,…

A: Discount on bonds payable is first calculated which is the difference of Bonds par value and the…

Q: Polk Incorporated issued $251,000 of 10% bonds on July 1, 2019, for $260,122.33. The bonds were…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS    Par value of bonds = $251,000  Semi-annual interest…

Q: On June 1. 2020. Mitchell Inc. issued 100, 8%, $1,000 bonds dated June 1, 2020 for $108,530. The…

A: The face value of a bond is 100000 and it is issued at 108530. The premium on the issue of bond is…

Q: On January 1, 2021, Essence Communications issued $800,000 of its 10-year, 8% bonds for $700,302.…

A: Given information is: On January 1, 2021, Essence Communications issued $800,000 of its 10-year, 8%…

Q: Consider the following independent situations: a.    On March 1, 2020, Heide Co. issued at 103 plus…

A: Step 1: a. Compute the net amount of cash received as follows:

Q: Devin Company computes the following bond interest amortization table for bonds issued on January 1,…

A: A bond is a fixed pay instrument issued to represents to an advance made by a financial specialist…

Q: On January 1, 2021, Carrow Company issued 11% bonds in the face amount of P1,000,000 that mature on…

A: Bonds are a form of loan or debt that is being taken by the business, on which regular interest…

Q: On August 31, 2021, DASHER Company issued at 104 plus accrued interest, three thousand 10% bonds…

A: The carrying value of a bond is the par value or face value of that bond plus any unamortized…

Q: [The following information applies to the questions displayed below.] Hillside issues $4,000,000 of…

A: The bonds payable are issued at premium when market rate is lower than the coupon rate of bonds…

Q: On January 1, 2021, Tennessee Harvester Corporation issued debenture bonds that pay interest…

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

Q: On March 1, 2021, Stratford Lighting issued 14% bonds, dated March 1, with a face amount of…

A: Requirement 1:

Q: Polk Incorporated issued $242,000 of 7% bonds on July 1, 2019, for $251,421.19. The bonds were dated…

A: Given, Face value = $242,000 Issue price = $251,421.19 Coupon rate = 7%/2 = 3.5% Market rate = 6%/2…

Q: Journalize the first interest payment and the amortization of the related bond discount. Round to…

A: A bond is said to be issued at a discount when the buyer pays an amount which is less than the par…

Q: On March 31, 2021, Gardner Corporation received authorization to issue $50,000 of 9 percent, 30-year…

A: Note:- Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: Metlock, Inc. issued $282,000, 7%, 15-year bonds on December 31, 2021, for $253,800. Interest is…

A: Total discount on bonds = Face value of bonds - issue value of bonds = 282000-253800 = $28,200

Q: on april 1, 2019 franville corporation issued, at 98 plus accrued interest, 400 of its 105, $1000…

A: Number of bonds = 400 Face value of bonds = $1,000 The bonds issued at a 98% discount  Interest on…

Q: BC Corp. issued callable bonds on January 1, 2021. The bonds pay interest annually on December 31…

A: Working:

Q: On June 30, 2021, Moran Corporation issued $13.0 million of its 8% bonds for $11.7 million. The…

A: Lets understand basics. When bond is issued for less than its face value then it is known to be…

Q: On March 1, 2020, Mitchell Inc. issued 60, 6%, $1,000 bonds dated March 1, 2020 for $62,626. The…

A: Bond Payables: In the financial statement, bonds payable represents the amount owing to bondholders…

Q: On January 1, 2019, Western Manufacturing Corporation issued $3,000,000, 10%, 5-year bonds dated…

A: If the bonds are issued at discount or at premium, the discount or premium on the bonds payable is…

Q: On June 30, 2021, Moran Corporation issued $13.5 million of its 6% bonds for $12.1 million. The…

A:

Q: Sun City issues $47 million of bonds on January 1, 2021 that pay interest semiannually on June 30…

A: Note: Here, multiple subparts of a question have been asked, and no subparts have been specified, so…

Q: On June 30, 2021, Arlington Company issued $2,100,000 of 10-year, 3% bonds, dated June 30, for…

A: The bonds are the financial instruments that are used to raise money from the market.

Q: Romero issues $3,400,000 of 10%, 10-year bonds dated January 1, 2019, that pay interest semiannually…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: In order to fulfill its financing activities, Astro Co. issued Rp 505.000,000, 12%, 10-year bonds…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: On January 1, 2021, Concord Corporation issued its 10% bonds in the face amount of $8070000, which…

A: Step 1: Compute the amount of interest expense: Interest expense=$9152978*8%=$732238 Step 2: Compute…

Q: Polk Incorporated issued $242,000 of 7% bonds on July 1, 2019, for $251,421.19. The bonds were dated…

A: Journal entries to record the issue of the bonds on July 1, 2019, and the interest payments on…

Q: Hillside issues $1,900,000 of 5%, 15-year bonds dated January 1, 2019, that pay interest…

A: Face value of bond = $ 1,900,000                             Issue price of bond = $ 1,641,812…

Q: BC Corp. issued callable bonds on January 1, 2021. The bonds pay interest annually on December 31…

A: A bond refers to the instrument which is issued by the government to borrow money when needed. It is…

Q: On July 31, 2018, Snowday Corporation issued $100,000, 5%, 20-year bonds for $88,443 when the market…

A: Bonds payable are one of the sources of finance and are shown as liability. If the interest rate is…

Q: On January 1, 2021, PRANCER Company was authorized to issue 12% bonds with a face amount of…

A: Bond is a source of debt financing for companies. It carries a fixed rate of interest which the…

Q: The following are four independent situations. a.   On March 1, 2021, Wilke Co. issued at 103 plus…

A: Step 1: a. Compute the net amount of cash received as follows:

Q: On March 1, 2021, Patriot Company issued at 97, including accrued interest, 2,550 of its 10%, ₱1,000…

A: Formula: Cash received on issue of bonds = Face value of bond x Issue rate of bonds

Q: Sun City issues $47 million of bonds on January 1, 2021 that pay interest semiannually on June 30…

A: Here, Face Value of Bond is $47,000,000   Cash paid Interest expense Decrease in carrying value…

Q: Ike issues $180,000 of 11%, three-year bonds dated January 1, 2019, that pay interest semiannually…

A: “Hey, since there are multiple requirements posted, we will answer first three requirements. If you…

Q: Polk Incorporated issued $231,000 of 11% bonds on July 1, 2019, for $239,209.53. The bonds were…

A: Amortization Schedule:- It is a statement prepared for the premium and discount over the investment…

Q: Ellison Corporation issued $300,000, 8%, five-year bonds on January 1, 2019, for$325,591 when the…

A: Given, Carrying Value of bond = $325,591 Interest Rate = 6%

Q: On January 2, 2021, YELLOW Co. issued 9% bonds in the amount of ₱1,000,000 which mature on January…

A: Solution: Bond Issue price = P939,000 Amount of interest expense for the year ended Dec 31, 2021 =…

Q: On January 1, 2021, Tennessee Harvester Corporation issued debenture bonds that pay interest…

A: 6. Effective annual interest rate    = Effective interest for any period/opening outstanding balance…

Q: On January 1, 2021, Solo Inc. issued 1,300 of its 8%, $1,000 bonds at 97.7. Interest is payable…

A: The carrying value of the bond as on December 31, 2021 = Net Proceeds + First year discount…

Q: On January 1, 2021, Bradley Recreational Products issued $100,000, 9%, four year bonds. Interest…

A: Concept Given Date of issue January 1 2021 Face value 100000 Coupon rate 9%…

Q: On January 1, 2021, Essence Communications issued $700,000 of its 10-year, 10% bonds for $619,711.…

A: Amount are rounded of therefore value are approximate.

Q: On the July 1, 2021, Trials Corporation issued $17,500,000 of five-year, 12% bonds to finance its…

A: Bonds are issued to generate funds. When the contract rate of interest is more than the market rate…

Q: On July 1, 2021, Spear Co. issued 1,000 of its 10%, P1,000 bonds at 99 plus accrued interest. The…

A: Amount received from the issuance of the bonds is calculated by adding the accrued interest on the…

Q: On January 1, 2021, Tennessee Harvester Corporation issued debenture bonds that pay interest…

A: Bond: When the company needs money, the company issues fixed-income security that the investor buys.…

Q: On January 2, 2021, YELLOW Co. issued 9% bonds in the amount of ₱1,000,000 which mature on January…

A: Analysis: In case of Bonds Calculation, Carrying amount of bonds payable as on date will be computed…

Q: On September 31, 2021, an entity issues bonds with face amount of P8,000,000 for P9,105, 022…

A: Cash proceeds P9,105,022 Accrued Interest (P8,000,000 *9 /12 * 9%) (P540,000) Face Value of…

Q: [The following information applies to the questions displayed below.] Hillside issues $4,000,000 of…

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…