Federal Semiconductors issued 11% bonds, dated January 1, with a face amount of $800 million on January 1,2018. The bonds sold for $739,814,813 and mature on December 31, 2037 (20 years). For bonds of similar riskand maturity the market yield was 12%. Interest is paid semiannually on June 30 and December 31.Required:1. Prepare the journal entry to record their issuance by Federal on January 1, 2018.2. Prepare the journal entry to record interest on June 30, 2018 (at the effective rate).3. Prepare the journal entry to record interest on December 31, 2018 (at the effective rate).4. At what amount will Federal report the bonds among its liabilities in the December 31, 2018, balance sheet?

On January 1, 2018, for $17.4 million, Cenotaph Company purchased 8% bonds, dated January 1, 2018, with a face amount of $19.4 million. For bonds of similar risk and maturity, the market yield is 10%. Interest is paid semiannually on June 30 and December 31. Required: 1. Prepare the journal entry to record interest on June 30, 2018, using the effective interest method. 2. Prepare the journal entry to record interest on December 31, 2018, using the effective interest method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record interest on June 30, 2018, using the effective interest method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet 1 > Record the entry to interest on June 30, 2018, using the effective interest method. Note: Enter debits before credits. Date General…

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Federal Semiconductors issued 8% bonds, dated January 1, with a face amount of $740 million on January 1, 2024.   The bonds sold for $671,914,968 and mature on December 31, 2043 (20 years).   For bonds of similar risk and maturity the market yield was 9%.   Interest is paid semiannually on June 30 and December 31.   1- Prepare the journal entries to record their issuance by Federal on January 1, 2024   2- At what amount will Federal report the bonds among its liabilities in the December 31, 2024, balance sheet?

Ellis Company issues 8.5 %, five - year bonds dated January 1, 2021, with a $540,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $550, 969. The annual market rate is 8.0% on the issue date. Required: Compute the total bond interest expense over the bonds' life. Prepare an effective interest amortization table for the bonds' life. Prepare the journal entries to record the first two interest payments.

On January 1, 2018, Nebal Manufacturing Corporation issued $5,000,000, 10%, 6-year bonds dated January 1, 2018, at 105. The bonds pay semi-annual interest on January 1 and July 1. The company uses the straight-line method of amortization and has a December 31, year end. Instructions: Prepare the journal entries to record the following: The issuance of bonds on January 1, 2018. The payment of interest and the discount (or premium) amortization on July 1, 2018. The accrual of interest and the discount (or premium) amortization on December 31, 2018. The payment of interest on January 1, 2019.

Sheridan Inc. issues $5,000,000, 5-year, 10% bonds at 101, with interest payable annually on January 1. The straight-line method is used to amortize bond premium. a) Prepare the journal entry to record the sale of these bonds on January 1, 2022 b)

On June 30, 2021, Highland Co. issued $600,000, 8% bonds, due to mature on June 30, 2026.  Interest is paid semi-annually on December 31 and June 30.  Similar bonds at the time of sale were being traded at a market rate of 7%. Required: Calculate the value of the bond at the time of issuance, and record the initial journal entry. Assuming that Highland has a June 30 year end, provide any additional required entries (other than in part a) until June 30, 2022.

The Gorman Group issued $930,000 of 11% bonds on June 30, 2021, for $1,009,794. The bonds were dated on June 30 and mature on June 30, 2041 (20 years). The market yield for bonds of similar risk and maturity is 10%. Interest is paid semiannually on December 31 and June 30.   Required: 1.to3.  Prepare the journal entries to record their issuance by The Gorman Group on Jun 30, 2021, interest on December 31, 2021, and interest on June 30, 2022 (at the effective rate).   Record the issuance of the bond on June 30, 2021. Record the interest on December 31, 2021 (at the effective rate). Record the interest on June 30, 2022 (at the effective rate).

Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $70,000 for $63,948 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 8%. Interest is paid semiannually on June 30 and December 31. Required: 1. & 2. Record the bond issue and first interest payment on June 30, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your intermediate computations and final answers to the nearest whole dollar amount.) No 1 Date January 01, 2021 Cash Bonds Payable Answer is not complete. General Journal Debit Credit 63,948 Premium on bonds payable × 70,000x 6,052 ×