Assume the bonds in were issued for $644,636 and the effective-interest rate is 6%, prepare the company's journal entries
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- Majestic Corporation holds an investment in Cromwell bonds that pays interest eachOctober 31. Majestic’s balance sheet at December 31 should reporta. interest expense.b. interest revenue.c. interest payable.d. interest receivable.On January 1, Pina Inc. issued $101050000, 9% bonds at 103. The journal entry to record the issuance of the bonds will include O a credit to Bonds Payable for $104081500. a credit to Interest Expense for $3031500. O a credit to Premium on Bonds Payable for $3031500. O a debit to Cash for $101050000.1. 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 tables
- An $800,000 bond issue on which there is an unamortized premium of $57,000 is redeemed for $785,000. Journalize the redemption of the bonds. Refer to the Chart of Accounts for exact wording of account titles.On Jan. 1, Year 1, Foxcroft Inc. issued 100 bonds with a face value of $1,000 each for $104,000. The bonds had a stated rate of 6% and paid interest semiannually. Premium on Bonds Payable Interest Income Discount on Bonds Payable Interest Expense Cash Bonds Payable What is the journal entry to record the issuance of the bonds? What is the journal entry to record the first interest payment?THIS QUESTION WILL ALSO BE CHECKED MANUALLY. QUESTION 7 On the first day of the fiscal year, a company issues a $960,000, 86, 5-year bond that pays semiannual interest of $38,400, receiving cash of $884,177 Journalize the entry for the issuance of the bonds using the chart of accounts below. Bonds Payable Cash Gain on Redemption of Bonds Interest Expense Interest Payable Interest Revenue Loss on Redemption of Bonds Premiun on Bonds Payable Discount on Bonds Payable Enter your answers into the table below. Key the account names carefully (exactly as shown above) and follow formatting instructions below. DO NOT USE A DECIMAL WITH ZEROES FOR WHOLE DOLLAR AMOUNTS AND USE COMMAS APPROPRIATELY. WHEN THE DEBIT/CREDIT DOES NOT REQUIRE AN ENTRY LEAVE IT BLANK. Account Debit Credit THIS QUESTION WILL ALSo BE CHECKED MANUALLY (to make adjustments for typos).
- On August 1, 2022, Martinez Corp. issued $489,600, 6%, 10-year bonds at face value. Interest is payable annually on August 1. Martinez’s year-end is December 31. Prepare the journal entry to record the issuance of the bonds. Prepare the journal entry to record the accrual of interest on December 31, 2022. Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title to record the accrual of interest on December 31, 2017enter an account title to record the accrual of interest on December 31, 2017On the first day of the fiscal year, a company issues a $980,000, 8%, 5-year bond that pays semiannual interest of $39,200 ($980,000 × 8% × 1/2), receiving cash of $884,177. Required: Journalize the entry to record the issuance of the bonds. Refer to the Chart of Accounts for exact wording of account titles. Chart Of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 113 Allowance for Doubtful Accounts 114 Notes Receivable 115 Interest Receivable 121 Merchandise Inventory 122 Supplies 131 Prepaid Insurance 140 Land 151 Building 152 Accumulated Depreciation-Building 153 Equipment 154 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Salaries Payable 231 Sales Tax Payable 241 Notes Payable 242 Interest Payable 251 Bonds Payable 252 Discount on Bonds Payable 253 Premium on Bonds Payable EQUITY 310…Mission Furniture issued $500,000 in bonds payable at par. The journal entry to record asemiannual interest payment on these bonds woulda. debit Cash and credit Interest Payable.b. debit Cash and credit Interest Expense.c. debit Interest Expense and credit BondsPayable.d. debit Interest Expense and credit Cash.
- Willoughby Inc. issued 100 bonds with a face value of $1,000 and a stated rate of 4% and received $105,000. What is the journal entry to record the sale of the bonds?Allante Corporate issued 50 bonds with a face value of $1,000 and a stated rate of 4% and received $45,000. What is the journal entry to record the sale of the bonds?Roo Incorporated issued 50 bonds with a face value of $1,000 and a stated rate of 6% when the market rate was 6%. What is the journal entry to record the sale of the bonds?