1.Prepare the journal entry on January 1, 2021, to record interest paid.

Q: Bramble Corp. issued 3,400 8%, 9-year, $1,000 bonds dated January 1, 2022, at face value. Interest…

A: Given:

Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $7,800,000, 8%,…

A: Discount = Face value - Cash Discount = $7,800,000 - $6,791,633 Discount = $1,008,367

Q: Ivanhoe Company issued $680,000 of 5-year, 8% bonds at 96 on January 1, 2022. The bonds pay interest…

A: Bonds Payable -Bonds are the notes issued by the payer to the collector. It is a promissory note…

Q: Schlitterbahn Waterslide Company issued 35,000, 10-year, 8 percent, $100 bonds on January 1 at face…

A: The journal entries can be made as follows :

Q: On the first day of the fiscal year, a company issues a $2,800,000, 8%, 8-year bond that pays…

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

Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $4,500,000,…

A: Bonds: To raise the funds and finance the operations of the company, money is borrowed from the…

Q: Oriole Company issued $510,000, 7%, 10-year bonds on January 1, 2020, at 103. Interest is payable…

A: Bonds payable is one of the liability of the business, on which regular interest payments needs to…

Q: Blossom Company issues $3.2 million, 10-year, 9% bonds at 96, with interest payable on December 31.…

A: 1. Date Account Titles and Explanation Debit Credit Jan. 1 Cash ($3,200,000*96/100)…

Q: Blossom Company issues $2.1 million, 10-year, 5% bonds at 96, with interest payable on December 31.…

A:

Q: Issuance of Long-Term Debt M. Nickles Company issued $1,500,000 of bonds for $1,487,200. Interest is…

A: 1. Record journal entry for issuance of bonds as shown below:

Q: la Vista Company issues $1,000,000, 10-year, 6% bonds at 92, with interest payable each January 1.

A: Bonds are issued for collecting resources and they are considered as a cheaper source of finance…

Q: Ashvin

A: Certainly, here's the working for each journal entry:1. **January 1, 2020:**    - Timber Corporation…

Q: Darien Inc. redeemed $20,000 of its bonds at 102 on January 1. At this date, the unamortized…

A: Cash on bonds is   20000 × 1.02 = 20400 the unamortized discount was $2,760. Loss on redemption is $…

Q: 9. Rodriquez Corporation issued a $300,000, 9%, 8-year bond payable on January 1, 2024. Journalize…

A: BOND  Bond is a Financial Securities which is Generally Issued by the Corporation's &…

Q: Current Attempt in Progress Pharoah Company issued $309,000, 9%, 15-year bonds on December 31, 2024,…

A: Bonds Payable is a documentary evidence issued by the borrower. This document acts as a promissory…

Q: Sheridan Company issued $501,000, 8%, 30-year bonds on January 1, 2025, at 102. Interest is payable…

A: No. of issued bonds = $501,000 Interest rate = 8% Term to maturity = 30 years Percentage per bond =…

Q: Sandhill Inc. issues $230,000, 10-year, 9% bonds at 97. Prepare the journal entry to record the sale…

A: It means lending money and on maturity repaying principal  as well as its interest.Interest a is…

Q: On January 1, 2020, Aumont Company sold 12% bonds having a maturity value of $ 500,000 for $…

A: Solution: Computation of bond price Table values are based on: n= 5     i= 10.00%…

Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a.$4,200,000, 10%,…

A: Bonds are issued by the companies to get the financial resources for working. It is a cheaper source…

Q: Clumber Company issues 1100 million 10-a6% bondhat 95, with interest payable each January 1 (a)…

A: Discount on Bonds: When the bond market costs lower than its face value then bonds are called at a…

Q: Monty Corp. uet 1900 S, vea. L000 bonds dated anuary 1. 2022. at face value. terest in pait each…

A: Journal entries are foundation for accounting transactions of the entity where it involves an debit…

Q: Instructions On January 1, the first day of the fiscal year, a company issues a $2,050,000, 9% ,…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Crane Corporation issued 3,200, 6%, 5-year, $ 1,000 bonds dated January 1, 2022, at 100. Interest is…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: Kingbind, Inc. issues $4.1 million, 10-year. 9% bonds at 102, with interest payable on January 1.…

A: Solution: Journal entries : The straight line method :

Q: On January 1, 2020, Cullumber Corporation issued $840,000, 7%, 10-year bonds at face value. Interest…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

Q: On January 1, 2020, Concord Company purchased at face value, a $1060, 10% bond that pays interest on…

A: The interest earned during period but not received during period is recorded as interest receivable.…

Q: On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $750,000, 6%, 10-year…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On January 1, 2020, Crane Company purchased at face value, a $1110, 10% bond that pays interest on…

A: Bonds are instruments acknowledging the debt due from one person to another person to be paid on…

Q: Prepare the necessary journal entries to record the following transactions relating to the long-term…

A: Formulas that are used: Note:- 1. Premium on bonds issued will be amortized over 117 Months because…

Q: On the first day of the fiscal year, a company issues a $6,800,000, 8%, 10-year bond that pays…

A: Bonds are the instruments that are being issued for the purpose of raising finance. These are the…

Q: Legacy issues $740,000 of 7.5%, four-year bonds dated January 1, 2021, that pay interest…

A: Journal entries provide as the essential building blocks that provide answers to those and other…

Q: On May 1, 2020 Setup Inc, sold an issue of 5%, 1000 bonds dated January 1, 2020, to yield 5%. The…

A: Bonds are an obligation on the entity. These are issued for raising funds from the market. The…

Q: QUESTION 8 On January 1 2018, Trademark Bhd issued 1,000 units, 10-year debentures, RM1,000 per…

A: Debentures are the securities that a company issue to raise capital for the company. A fixed-rate of…

Q: Novak corp. Issued $417,000,11%, 15 year bond on december  31 2021 for $404,490. Interest is payable…

A: A Bond is a fixed income instrument that represents a loan made by an investor to a borrower,…

Q: Omar Company issued a $140,000, 11%, 10-year bond payable at 97 on January 1, 2024 Interest is paid…

A: If the issued Price is less than the face value, it will be treated as that Bonds are issued at…

Q: On August 1, 2022, Bramble Corp. issued $482,400, 8%, 10-year bonds at face value. Interest is…

A: As per accrual principle of accounting, all the expenses need to be accounted for within the…

Q: min.9

A: The objective of the question is to prepare the journal entries for the issuance of bonds, the…

Q: Ivanhoe Company issued $ 520,000, 8%, 10-year bonds on January 1, 2020, at 102. Interest is payable…

A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

Q: Bramble Corp. issued $318,000, 9%, 15-year bonds on December 31, 2021, for $298,920. Interest is…

A: Bonds payable refers to a type of long-term debt that a company or organization issues to borrow…

Q: andings Glassware Company issues $1,066,000 of 16%, 10- year bonds at 94 on February 28, 2025. The…

A: Bonds are considered a financial instrument used to raise finance for the organization. It is also…

Q: Answer in step by step solution

A:

Q: Splish Brothers Inc. issues $520,000, 20-year, 10% bonds at 102. Prepare the journal entry to record…

A: A premium bond is a bond that is trading at a price higher than its face value.For a premium bond,…

Q: On the first day of the fiscal year, a company issues a $1,900,000, 10%, 9-year bond that pays…

A: A bond is referred to as a financial instrument that a company issues to meet its financial…

Q: On January 1, 2019 Ivanhoe Corporation issued $640,000, 5%, 5-year bonds at face value. Interest is…

A: The journal entries are preapred to record the transactions on regular basis. The bonds payable are…

Q: Adcock Company issued $276,000, 8%, 20-year bonds on January 1, 2015, at 105. Interest is payable…

A: Bonds: When a corporation wants to raise money for financing its operations, Bonds issue is one of…

Q: On Jan. 1, Year 1, Foxcroft Inc. issued 90 bonds with a face value of $1,060 for $99,400. The bonds…

A: Solution: journal entry to record the first payment to the bondholders is as  under:

Q: Helen Martin Company issued $576,000 of 10%, 20-year bonds on January 1, 2025, at 103. Interest is…

A: Lets understand the basics. When bond is issued for more than its face value then bond is known to…