Record the issue of the bonds on July 31,2024. (List debit entry before credit entry. Record the payment of interest on January 31, 2025, assuming the semi-annual amortization amount for this interest period is \$895. (list all debit entries before credit entries Please answer all three requirements without image format answer thanku
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Record the issue of the bonds on July 31,2024. (List debit entry before credit entry.
Record the payment of interest on January 31, 2025, assuming the semi-annual amortization amount for this interest period is \$895. (list all debit entries before credit entries
Please answer all three requirements without image format answer thanku
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- On January 1, 2018, Wawatosa Inc. issued 5-year bonds with a face value of $200,000 and a stated interest rate of 12% payable semi-annually on July 1 and January 1. The bonds were sold to yield 10%. Assuming the bonds were sold at 107.732, what is the selling price of the bonds? Were they issued at a discount or a premium?you had been given the following concerning ABC " Company CALLABLE bonds: Value Stated Rate Market Rate Maturity Interest Date Payment 1/7/2017 100,000 10% 6 5 Years Semiannual Selling Price 117,060 Based on the above given information Answer the following questions: if the company is using the effective interest method 1. if the company pays interest on July 14 and December 31 What is the amount of interest expense that must be presented on the company's income statement for the year 2018 ?· The Answer is: 2. At what value must the company present its bonds payable as 31/12/2018 ? The Answer is 3. If the company called 60 % of its outstanding bonds at 103 on 30/6/2019, then the company must Pay Cash with an amount of For the year 2019 the company must Present interest Expense with value of on income statement, and a of on the income statement asCurrent Attempt in Progress Pharoah Company issued $309.000, 9%, 15-year bonds on December 31, 2024, for $296,640. Interest is payable annually on December 31. Pharoah uses the straight-line method to amortize bond premium or discount. Prepare the journal entries to record the following events. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) (b) (c) No. (a) The issuance of the bonds: The payment of interest and the discount amortization on December 31, 2025. The redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded. Date Account Titles and Explanation Debit Cred
- 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, 2021page On January 1, 2019, $40 million face amount of 5%, 20-year bonds were issued. The bonds pay interest on a semiannual basis on June 30 and December 31 each year. The market interest rates were slightly higher than 5% when the bonds were sold. Were these bonds issued at a premium or discount? Will the semiannual interest expense on these bonds be more than or less than the amount of interest paid on each payment date? O a. The bonds were issued at a premium, and the semiannual interest expense will be less than the amount of interest paid on each payment date. O b. The bonds were issued at a premium, and the semiannual interest expense will be more than the amount of interest paid on each payment date. O c. The bonds were issued at a discount, and the semiannual interest expense will be more than the amount of interest paid on each payment date. O d. The bonds were issued at a discount, and the semiannual interest expense will be less than the amount of interest paid on each payment…Take me to the text On January 1, 2023, Bootic Inc. issued $3,182,000 worth of 4% redeemable bonds due in 9 years. At the time of issue, the market interest rate was 3% (interest is due annually). Calculate the discount or premium at which the bonds were issued. The company's year end is December 31. Do not enter dollar signs or commas in the input boxes. Round your answer to the nearest whole number. For bond calculations, use the PV tables at the end of Chapter 7 textbook or use a financial calculator. The bond is issued at a: Premium + Premium/Discount: $ Check
- The balance sheet for Pharoah Consulting reports the following information on July 1, 2022. Long-term liabilities Bonds payable Less: Discount on bonds payable $2,000,000 160,000 Pharoah decides to redeem these bonds at 105 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2022. (Credit acco entered. Do not indent manually.) Date Account Titles and Explanation July 1 H $1,840,000 titles are automatically indented when au Debit CreditHelp Seve & E On January 1, 2021, Lambda, Inc. issued ten-year bonds with a face value of $1.000.000 and an annual stated interest rate of 8%. Interest payments are made semi-annually on June 30th and December 31st. The bonds were issued for $875,378, when the market rate of interest was 10%. What amount of interest expense will Lambda record for 2021? Multiple Choice $43,957 $92,462 S80,000 $87,726K On December 31, 2024, when the market interest rate is 12%, McCann Realty issues $900,000 of 13.25%, 10-year bonds payable. The bonds pay interest semiannually. McCann Realty received $964,699 in cash at issuance. Requirements 1. Prepare an amortization table using the effective interest amortization method for the first two semiannual interest periods. (Round to the nearest dollar.) 2. Using the amortization table prepared in Requirement 1, journalize issuance of the bonds and the first two interest payments. Requirement 1. Prepare an amortization table using the effective interest amortization method for the first two semiannual interest periods. (Round to the nearest dollar.) Carrying Premium Amortized Amount 12/31/2024 06/30/2025 12/31/2025 Requirement 2. Using the amortization table prepared in Requirement 1, journalize issuance of the bonds and the first two interest payments. (Record debits first, then credits. Select explanations on the last line of the journal entry. Round…
- View Policies On January 2, 2015, Monty Corporation issued $ 1,950,000 of 10% bonds at 98 due December 31, 2024. Interest on the bonds is payable annually each December 31. The discount on the bonds is also being amortized on a straight-line basis over the 10 years. (Straight-line is not materially different in effect from the preferable "interest method.") Current Attempt in Progress The bonds are callable at 101 (i.e., at 101% of face amount), and on January 2, 2020, Monty called $ 1,170,000 face amount of the bonds and redeemed them. Ignoring income taxes, compute the amount of loss, if any, to be recognized by Monty as a result of retiring the $ 1,170,000 of bonds in 2020. (Round answer to O decimal places, eg. 38,548.) Loss on redemption Prepare the journal entry to record the redemption. (Round answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented…The balance sheet for Ivanhoe Company reports the following information on July 1, 2022. IVANHOE COMPANYBalance Sheet (partial) Long-term liabilities Bonds payable $400,000 Less: Discount on bonds payable 9,000 $391,000 Ivanhoe decides to redeem these bonds at 109 after paying annual interest.Prepare the journal entry to record the redemption on July 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amountRequ a. Using the present value tables in Chapter 6, calculate the proceeds (issue price) of Learned, Inc.'s, bonds on January 1, 2013, assuming that the bonds were sold to provide a market rate of return to the investor. b. Assume instead that the proceeds were $93,000,000. Use the horizontal model (or write the journal entry) to record the payment of semiannual interest and the related premium amortization on June 30, 2013, assuming that the premium of $3,000,000 is amortized on a straight-line basis. o 0ompound interest method