$750,000

On April 1, 2019, Ellison Co. issued 4-year, 7%, $100,000 face value bonds. The bonds were issued at 107.0919 , the interest payable annually on April 1. The bonds were sold to yield 5%. a) Complete the following table: Carrying Cash Interest Premium Date amount of Paid Expense Amortization bonds April 1 2019 April 1 2020 April 1 2021 April 1 2022 April 1 2023 b) Journalize the required entries on the following dates April 1, 2019 December 31, 2019 – adjusting entry April 1, 2020 2

Lincoln Company issued $110,000 of 10-year, 8% bonds payable on January 1, 2025. Lincoln Company pays interest each January 1 and July 1 and amortizes discount or premium by the straight-line amortization method. The company can issue its bonds payable under various conditions. Read the requirements. Requirement 1. Journalize Lincoln Company's issuance of the bonds and first semiannual interest payment assuming the bonds were issued at face value. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Journalize the issuance of the bond payable at face value. Date Jan. 1, 2025 Accounts Debit Credit

Aggies Inc. issued bonds with a $450,000 face value, 8% interest rate, and a 4-year term on July 1, 2018, and received $510,000. Interest is payable semi-annually. The premium is amortized using the straight-line method. A. July 1, 2018: entry to record issuing the bonds B. Dec. 31, 2018: entry to record payment of interest to bondholders C. Dec. 31, 2018: entry to record amortization of premium Prepare journal entries for the above transactions. If an amount box does not require an entry, leave it blank. A.   fill in the blank 2 fill in the blank 3     fill in the blank 5 fill in the blank 6     fill in the blank 8 fill in the blank 9 B.   fill in the blank 11 fill in the blank 12     fill in the blank 14 fill in the blank 15 C.

Reporting Financial Statement Effects of Bond TransactionsOn January 1, 2016, McKeown, Inc., issued $350,000 of 12%, 9-year bonds for $314,793, yielding a market (yield) rate of 14%. Semiannual interest is payable on June 30 and December 31 of each year. Requireda. Show computations to confirm the bond issue price.

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

Hillside issues $4,000,000 of 6%, 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 $3,456,448. Required 1. Prepare the January 1 journal entry to record the bonds' issuance. 2. For each semiannual period, compute (a) the cash payment, (b) the straight-line discount amortization, and (c) the bond interest expense. Check (3) $4,143,552 3. Determine the total bond interest expense to be recognized over the bonds' life. (4) 12/31/2022 carrying value, $3,528,920 4. Prepare the first two years of a straight-line amortization table like Exhibit 14.7. 5. Prepare the journal entries to record the first two interest payments.

Bonds Payable On January 1, 2018, Thomas Company issued $100,000, 5-year, 12% bonds, with interest payable semi-annually, at an effective (market rate) of 10%. Use the present value factors from Exhibit 5 and 7 on pages 559 and 560, respectively from the textbook to calculate the price of the bonds at issuance. Prepare the journal entries to record the following: 1. 1/1/2018 issuance of the bonds for cash 2. 6/30/2018 semi-annual interest payment assuming straight line amortization 3. 12/31/2018 semi-annual interest payment assuming straight line amortization 4. 1/1/2019 redemption of the bonds at a price of 115. Please answer the following questions: 1. What was the total interest expense for the year 2018 reflected on the income statement? 2. What was the total amount borrowed? 3. Calculate the effective rate of interest for the year (Interest Expense/Total Amount Borrowed) and round to the nearest percent. Is this rate more indicative of the market rate or contract rate? Do you…

Entries for Issuing Bonds and Amortizing Premium by Straight-Line Method Daan Corporation wholesales repair products to equipment manufacturers. On April 1, 2016, Daan Corporation issued $3,600,000 of 9-year, 9% bonds at a market (effective) interest rate of 8%, receiving cash of $3,827,866. Interest is payable semiannually on April 1 and October 1. a. Journalize the entry to record the issuance of bonds on April 1, 2016. For a compound transaction, if an amount box does not require an entry, leave it blank. Cash 3,827,866 Premium on Bonds Payable 3,600,000 X Bonds Payable 227,866 X Feedback V Check My Work Bonds Payable is always recorded at face value. Any difference in issue price is reflected in a premium or discount account. The straight-line method of amortization provides equal amounts of amortization over the life of the bond. b. Journalize the entry to record the first interest payment on October 1, 2016, and amortization of bond premium for six months, using the straight-line…

Martinez Corp. issues 4800, 10-year, 8%, $1000 bonds dated January 1, 2017, at 103. The journal entry to record the issuance will show a debit to Premium on Bonds Payable for $144000. credit to Bonds Payable for $4800000. credit to Cash for $4944000. debit to Cash of $4800000.