Burris Corporation is authorized to issue $940,000 of 6% bonds. Interest on the bonds is payable semiannually; the bonds are dated January 1, Year 1, and are due December 31, Year 5. Required:   Prepare the journal entries to record the following:   a. April 1, Year 1 Sold the bonds at par plus accrued interest b. June 30, Year 1 First interest payment c. December 31, Year 1 Second interest payment

On January 1, $858,000, 5-year, 10% bonds, were issued for $832,260. Interest is paid semiannually on January 1 and July 1. If the issuing corporation uses the straight-line method to amortize discount on bonds payable, the semiannual amortization amount is

Salt Foods purchases forty $1,000, 7%, 10-year bonds issued by Pretzelmania, Inc., for $37,282 on January 1. The market interest rate for bonds of similar risk and maturity is 8%. Salt Foods receives interest semiannually on June 30 and December 31.1. & 2. Record the necessary entries regarding the bonds. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole number.) Jan 1. Record the investment in bonds. Jun 30. Reord the receipt of the first interest payment.

On January 1, Year 1, Twain Corporation sold $620,000 of its own 5 percent, 10-year bonds. Interest is payable annually on December 31. The bonds were sold to yield an effective interest rate of 6 percent. Twain uses the effective interest rate method. The bonds sold for $574,368. Requireda. Prepare the journal entry for the issuance of the bonds.b. Prepare the journal entry for the amortization of the bond discount and the payment of the interest at December 31, Year 1. (Assume effective interest amortization.)c. Prepare the journal entry for the amortization of the bond discount and the payment of interest on December 31, Year 1. (Assume straight-line amortization.)d. Calculate the amount of interest expense for Year 2. (Assume effective interest amortization.) e. Calculate the amount of interest expense for Year 2. (Assume straight-line amortization.)

Franklin corporation issues $84,000, 8%, 5-year bonds on January 1, for $87,780. Interest is paid semiannually on January 1 and July 1. If Franklin uses the straight-line method of amortization of bond premium, the amount of bond interest expense to b recognized on July 1 is O a. $3,738 O b. $6,720 Oc. $3.360 d. $2,982

Hillside issues $1,700,000 of 8%, 15-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $1,468,990. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. 2(a) For each semiannual period, complete the table below to calculate the cash payment. 2(b) For each semiannual period, complete the table below to calculate the straight-line discount amortization. 2(c) For each semiannual period, complete the table below to calculate the bond interest expense. 3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 4. Prepare the first two years of a straight-line amortization table. 5. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Req 1 Req 2A to 2C Req 3 Req 4 Req 5 Prepare the January 1 journal entry to record the bonds' issuance.

During Year 1 and Year 2, Agatha Corporation completed the following transactions relating to its bond issue. The corporation’s fiscal year is the calendar year. Year 1 January 1 Issued $310,000 of 10-year, 6 percent bonds for $298,000. The annual cash payment for interest is due on December 31. December 31 Recognized interest expense, including the straight-line amortization of the discount, and made the cash payment for interest. December 31 Closed the interest expense account. Year 2 December 31 Recognized interest expense, including the straight-line amortization of the discount, and made the cash payment for interest. December31 Closed the interest expense account. Required a-1. When the bonds were issued, was the market rate of interest more or less than the stated rate of interest? a-2. If Agatha had sold the bonds at their face amount, what amount of cash would Agatha have received? b. Prepare the liabilities section of the balance sheet at December 31, Year 1…

On January 1, the first day of the fiscal year, a company issues an $2,250,000, 12%, five-year bond that pays semiannual interest of $135,000 ($2,250,000 x 12% x ½), receiving cash of $2,379,360. Required:   Journalize the first interest payment and the amortization of the related bond premium. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Salt Foods purchases thirty $1,000, 6%, 10-year bonds issued by Pretzelmania, Inc., for $27,868 on January 1. The market interest rate for bonds of similar risk and maturity is 7%. Salt Foods receives interest semiannually on June 30 and December 31.1. & 2. Record the necessary entries regarding the bonds. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest whole number.)

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