3NisPrepare Garzon Company's journal entries to record the following transactions for the current year.January 1 Purchases 8.5% bonds (as a held-to-maturity investment) issued by PBS at a cost of $52,800, which isthe par value.June 30 Receives first semiannual payment of interest from PBS bonds.December 31 Receives a check from PBS in payment of principal ($52,800) and the second semiannual payment ofinterest.View transaction listJournal entry worksheet123Purchases 8.5% bonds (as a held-to-maturity investment) issued by PBS at acost of $52,800, which is the par value.DateJanuary 01Note: Enter debits before credits.General Journal***DebitCredit

Journal entry worksheet < 1 2 3 Purchases 8.5% bonds (as a held-to-maturity investment) issued by PBS at a cost of $52,800, which is the par value. Date January 01 Note: Enter debits before credits. General Journal Debit Credit >

Journal entry worksheet < 1 2 3 Purchases 8.5% bonds (as a held-to-maturity investment) issued by PBS at a cost of $52,800, which is the par value. Date January 01 Note: Enter debits before credits. General Journal Debit Credit >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Brief Exercise 10-16 Sheridan Company issues $3.80 million, 20-year, 5% bonds at 97, with interest payable on December 31. The straight-line method is used to amortize bond discount. Prepare the journal entry to record the sale of these bonds on January 1, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Prepare the journal entry to record interest expense and bond discount amortization on December 31, 2017, assuming no previous accrual of interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31
eBook y Work Show Me How ator=&inprogress=false Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $1,300,000, 12%, 6-year bond that pays semiannual interest of $78,000 ($1,300,000 x 12% x 2), receiving cash of $1,196,745. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. Save and Exi Previous Upd. Next
How do I journalize the bonds at face amount?
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(1) Facebook A New tab E Intermediate Accounting 2.pdf O File C:/Users/Admin/Desktop/2nd%20Year%20-%201st%20Sem/Intermediate%20Accounting%202.pdf ... O Page view A Read aloud V Draw - Highlight O Erase 34 of 38 2. Downing Company issues P5,000,000, 6%, 5-year bonds dated January 1, 2021. The bonds pay interest semi-annually on June 30 and December 31. The bonds are issued toyield 5%. What are the proceeds from the bond issue? 2.5% 3.0% P 5.0% 6.0% Present value of a single sum for 5 88385 periods 86261 .78353 .74726 .78120 31 Present value of a single sum for 10 periods 4.64583 74409 .61391 55839 Present value of annuity for 5 periods Present value of annuity for 10 8.75206 4.57971 4.32948 4.21236 periods 8.53020 7.72173 7.36009 O Type here to search 6:15 pm 11/09/2021 83.8% 29°C G 1) O ENG
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how do I find premium bonds payable?
How do I journalize using the straight line method
es and Equities Computation es for issuing bonds and amortizing premium by straight-line method ey Corporation wholesales repair products to equipment manufacturers. On April 1, 20Y1, Smiley issued $6,400,000 of 4-year, 7% bonds at a market (effective) interest rate of 5%, receiving cash of $6,858,887. est is payable semiannually on April 1 and October 1. Cash 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. Account Credit Premium on Bonds Payable Bonds Payable Interest Expense Premium on Bonds Payable Cash Feedback Account eBook Check My Work The market rate of interest is less than Check My Work Debit 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 ot require an entry, leave it blank. 6,858,887 0 0 6,400,000 Debit Credit 000 Show Me How 0 000 c.…
ASsignmentiMain.do?invoker=& takeAssignmentSessionLocator%3D&inprogress%-false rk eBook Calculator Print Item Compute Bond Proceeds, Amortizing Premium by Interest Method, and Interest Expense Ware Co. produces and sells motorcycle parts. On the first day of its fiscal year, Ware Co. issued $90,000,000 of five-year, 12% bonds at a market (effective) interest rate of 10%, with interest payable semiannually. Compute the following: a. The amount of cash proceeds from the sale of the bonds. Use the tables of present values in Exhibit 8 and Exhibit 10. Round to the nearest dollar. b. The amount of premium to be amortized for the first semiannual interest payment period, using the interest method. Round to the nearest dollar. C. The amount of premium to be amortized for the second semiannual interest payment period, using the interest method. Round to the nearest dollar. d. The amount of the bond interest expense for the first year. Round to the nearest dollar. SHEET.A... SHEET KSHEET.A...…
Instructions Present Value Tables Chart of Accounts Journal Final Questions Instructions Campbell Inc. produces and sells outdoor equipment. On July 1, Year 1, Campbell Inc. issued $60,400,000 of 10-year, 12% bonds at a market (effective) interest rate of 11%, receiving cash of $64,009,069. 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 expense for Year 1. 4. Will the bond proceeds always be…