Question: Delta Company issued $1,000,000, 4%, 10-year, bonds. Interest to be paid semiannually. The market rate on bonds issue date was 5%. Click here to use Excel. Example of Answer: A5678.20D A15000.00D Two Decimal Points. No comma, space, or dollar sign. Provide the journal entry that must be made on issue date of the bonds.
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- Present entries to record the selected transactions described below: Required: a. Issued $2,750,000 of 10-year, 8% bonds at 97.* b. Amortized bond discount for a full year, using the straight-line method.* c. Called bonds at 98. Assume the bonds were carried at $2,692,250 at the time of the redemption.* *Refer to the Chart of Accounts for exact wording of account titles. General Journal a. Issued $2,750,000 of 10-year, 8% bonds at 97 on January 1. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 b. Amortized bond discount for a full year, using the straight-line method, on December 31. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL…On Jan. 1, Year 1, Foxcroft Inc. issued 100 bonds with a face value of $860 for $89,900. The bonds had a stated rate of 10% and paid interest semi-annually. What is the journal entry to record the issuance of the bonds? If an amount box does not require an entry, leave it blank. Jan. 1 - Select - - Select - - Select - - Select - - Select - - Select -On January 1, Year 1, Price Company issued $291,000 of five-year, 5 percent bonds at 98. Interest is payable annually on December 31. The discount is amortized using the straight-line method. Required Prepare the journal entries to record the bond transactions for Year 1 and Year 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the entry for issuance of bonds. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Record entry Clear entry View general journal
- Cheyenne Corp. issued 1,400 9%, 5-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1.(a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2022 enter an account title for the journal entry on January 1,2017 enter a debit amount enter a credit amount enter an account title for the journal entry on January 1,2017 enter a debit amount enter a credit amount (b) Prepare the adjusting journal entry on December 31, 2022, to record interest expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2022 enter an account title for the journal entry on December 31,2017 enter a debit amount enter a credit amount…tELLiy, you must enter your ID number on the first sheet! On January 1, 2020 Omsk Corporation issued Bonds pay interest each July 1 and January 1. 150,000 of 5 % bonds, due in 17 years 12 % market rate of interest. Assume Requirements (Round to 0 decimals, Rounding errors do not matter): 1. Compute market price of bonds. Provide detailed computation. Use functions in Excel 2. What is an amount of discount /premium? Indicate, what it is (discount or premium). Computation. 3. Prepare amortization schedule for first 5 years. Use formulas in Excel. 4. Prepare journal entry to record bond issue. 5. Prepare journal entry on July 1, 2020. 6. Prepare journal entry on December 31, 2020. 7. Prepare journal entry on January 1, 2021Bramble Corp. issued 3,400 8%, 9-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1.(a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2022 enter an account title for the journal entry on January 1,2017 enter a debit amount enter a credit amount enter an account title for the journal entry on January 1,2017 enter a debit amount enter a credit amount (b) Prepare the adjusting journal entry on December 31, 2022, to record interest expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2022 enter an account title for the journal entry on December 31,2017 enter a debit amount enter a credit amount…
- eBook Medhurst Corporation issued $89,200 in bonds for $86,000. The bonds had a stated rate of 5% and pay interest quarterly. What is the journal entry to record the sale of the bonds? If an amount box does not require an entry, leave it blank. Interest Expense Discount on Bonds Payable CashBramble Corp. issued 1,200 9%, 8-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2022 Cash 1200000 Bonds Payable 1200000 (b) Prepare the adjusting journal entry on December 31, 2022, to record interest expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2022 Interest Expense Interest PayableOn January 1, 2022, Ivanhoe Company issued $425,000, 12%, 10-year bonds at face value. Interest is payable annually on January 1. (a) Your answer is partially correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically Indented when amount is entered. Do not Indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, Cash 51000 2022 Bonds Payable 51000
- 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1. 2a. Journalize the entry to record the first semiannual interest payment on December 31, 20Y1, and the amortization of the bond premium, using the straight-line method.Compute the price of $42,601,480 received for the bonds by using the present value tablesKingbird, Inc. issues $4.1 million, 10-year. 9% bonds at 102, with interest payable on January 1. The straight-line method is used to amortize bond premium (a) Your answer is partially correct Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Tities and Explanation Jan 1 Cash Premium on Bonds Payable Bons Payable Debit 369000 82000 Credit 4100000On August 1, 2022, Blue Spruce Corp. issued $481,200, 7%, 10-year bonds at face value. Interest is payable annually on August 1. Blue Spruce’s year-end is December 31. (a) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 1 enter an account title to record the issuance of the bonds on August 1enter an account title to record the issuance of the bonds on August 1 enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to record the issuance of the bonds on August 1enter an account title to record the issuance of the bonds on August 1 enter a debit amountenter a debit amount enter a credit amountenter a credit amount
