Entries for issuing bonds and amortizing premium by straight-line method Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, 20Y1, Smiley issued $2,800,000 of 10-year, 12% bonds at a market (effective) interest rate of 10%, receiving cash of $3,148,940. Interest is payable semiannually on April 1 and October 1. a. Journalize the entry to record the issuance of bonds on April 1, 20Y1. If an amount box does not require an entry, leave it blank.
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Q: Bond Premium, Entries for Bonds Payable Transactions Rodgers Corporation produces and sells…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Entries for Issuing Bonds and Amortizing Discount by Straight-Line Method On the first day of its…
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Q: Entries for issuing bonds and amortizing discount by straight-line method On the first day of its…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Entries for issuing bonds and amortizing discount by straight-line methodOn the first day of its…
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Q: Entries for Issuing Bonds and Amortizing Discount by Straight-Line Method On the first day of its…
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Q: Entries for issuing bonds and amortizing discount by straight-line method On the first day of its…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
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Q: Bond Premium, Entries for Bonds Payable Transactions Rodgers Corporation produces and sells…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
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Q: Entries for Issuing Bonds and Amortizing Discount by Straight-Line Method On the first day of its…
A: Answer for (a) and (b) is below:
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- Bond Discount, Entries for Bonds Payable Transactions On July 1, 20Y1, Livingston Corporation, a wholesaler of manufacturing equipment, issued $46,000,000 of 20-year, 10% bonds at a market (effective) interest rate of 11%, receiving cash of $42,309,236. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: For all journal entries, if an amount box does not require an entry, leave it blank. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1. 20Y1 July 1 1. Accounts Payable Bonds Payable Cash Interest Expense Interest Payable Premium on Bonds Payable 2. Accounts Payable Bonds Payable Discount on Bonds Payable Interest Expense Interest Payable Premium on Bonds Payable 3. Bonds Payable Cash Discount on Bonds Payable Interest Expense Interest Payable Premium on Bonds Payable Journalize the entries to record the following: The first semiannual…Do not give answer in image and hand writingEntries for Issuing Bonds and Amortizing Premium by Straight-Line Method Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, Year 1, Smiley issued $20,000,000 of five-year, 9% bonds at a market (effective) interest rate of 8%, receiving cash of $20,811,010. Interest is payable semiannually on April 1 and October 1. a. Journalize the entry to record the issuance of bonds on April 1, Year 1. For a compound transaction, if an amount box does not require an entry, leave it blank.
- Entries for Issuing Bonds and Amortizing Discount by Straight-Line Method On the first day of its fiscal year, Jacinto Company issued $27,600,000 of five-year, 5% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 6%, resulting in Jacinto Company receiving cash of $26,422,722. a. Journalize the entries to record the following: 1. Issuance of the bonds. 2. First semiannual interest payment. The bond discount amortization is combined with the semiannual interest payment. 3. Second semiannual interest payment. The bond discount amortization is combined with the semiannual interest payment. If an amount box does not require an entry, leave it blank. Round your answers to the nearest dollar. 1. Cash Discount on Bonds Payable Bonds Payable 2. Interest Expense Discount on Bonds Payable Cash 3. Interest Expense Discount on Bonds Payable Cash Feedback Check My Work…Entries for issuing bonds and amortizing discount by straight line method On the first day of its fiscal year, Chin Company issued $26, 500, 000 of 5 - year, 7% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 8%, resulting in Chin receiving cash of $25,425, 200. Question Content Area a. Journalize the entries to record the following: Issuance of the bonds. First semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) Second semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) If an amount box does not require an entry, leave it blank. EntriesAccount DebitCredit 1. 2. 3. Question Content Area b.Entries for Issuing Bonds and Amortizing Premium by Straight-Line Method Favreau Corporation wholesales repair products to equipment manufacturers. On April 1, Year 1, Favreau Corporation issued $3,600,000 of 6-year, 8% bonds at a market (effective) interest rate of 6%, receiving cash of $3,958,346. Interest is payable semiannually on April 1 and October 1. Question Content Area a. Journalize the entry to record the issuance of bonds on April 1. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area b. Journalize the entry to record the first interest payment on October 1 and amortization of bond premium for six months, using the straight-line method. The bond premium amortization is combined with the semiannual interest payment. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. - Select - - Select…
- for issuing bonds and amortizing premium by straight-line method Entries Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, 20Y1, Smiley issued $3,500,000 of 8-year, 10% bonds at a market (effective) interest rate of 8%, receiving cash of $3,907,830. Interest is payable semiannually on April 1 and October 1. a. Journalize the entry to record the issuance of bonds on April 1, 20Y1. If an amount box does not require an entry, leave it blank. Debit Cash Account Premium on Bonds Payable Bonds Payable Feedback ►Check My Work 3,907,830 Interest Expense Premium on Bonds Payable Cash Debit b. Journalize the entry to record the first interest payment on October 1, 20Y1, and amortization of bond premium for 6 months, using the straight-line method. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. Account Credit 154,609 X Credit 20,391 X 407,830 3,500,000 175,000Bond Premium, Entries for Bonds Payable Transactions Rodgers Corporation produces and sells football equipment. On July 1, 20Y1, Rodgers issued $77,800,000 of 10-year, 12% bonds at a market (effective) interest rate of 10%, receiving cash of $87,495,638. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: For all journal entries, if an amount box does not require an entry, leave it blank. 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1. fill in the blank 4ad6ca024fc305d_2 fill in the blank 4ad6ca024fc305d_3 fill in the blank 4ad6ca024fc305d_5 fill in the blank 4ad6ca024fc305d_6 fill in the blank 4ad6ca024fc305d_8 fill in the blank 4ad6ca024fc305d_9 2. Journalize the entries to record the following: a. The first semiannual interest payment on December 31, 20Y1, and the amortization of the bond…Bond Premium, Entries for Bonds Payable Transactions Instructions Present Value Tables Chart of Accounts Journal Final Questions Instructions O'Halloran Inc. produces and sells outdoor equipment. On July 1, Year 1, O'Halloran Inc. issued $32,000,000 of six-year, 8% bonds at a market (effective) interest rate of 7%, receiving cash of $33,546,022. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, Year 1.* 2. Journalize the entries to record the following:* a. The first semiannual interest payment on December 31, Year 1, and the amortization of the bond premium, using the straight-line method. Round to the nearest dollar. b. The interest payment on June 30, Year 2, and the amortization of the bond premium, using the straight-line method. Round to the nearest dollar. 3. Determine the total interest…
- Entries for Issuing Bonds and Amortizing Discount by Straight-Line Method On the first day of its fiscal year, Chin Company issued $27,500,000 of five-year, 8% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 9%, resulting in Chin receiving cash of $26,412,067. a. Journalize the entries to record the following: 1. Issuance of the bonds. 2. First semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) 3. Second semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) If an amount box does not require an entry, leave it blank. 1. Cash 26.412,067 Discount on Bonds Payable 1,087,933 Bonds Payable 27,500,000 2. Interest Expense Discount on Bonds Payable 120,881.44 X Cash 3. Interest Expense…How do I journalize using the straight line methodtries for issuing and calling bonds; loss Instructions Chart of Accounts Journal ustructions oover Corp., a wholesaler of music equipment, issued $32,700,000 of 20-year, 6% callable bonds on March 1, 20Y2, at their face amount, with interest payable on March 1 and eptember 1. The fiscal year of the company is the calendar year. purnalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. 20Υ2 Mar. Issued the bonds for cash at their face amount. 1 Sept. 1 Paid the interest on the bonds. 20Υ4 Sept. Called the bond issue at 102, the rate provided in the bond indenture. (Omit entry for payment of 1 interest.) Previous Nex