On January 1, 2018, Rupar Retailers purchased $100,000 of Anand Company bonds at a discount of $5,000. The Anand bonds pay 6% interest but were purchased when the market interest rate was 7% for bonds of similar risk and maturity. The bonds pay interest semiannually on Jan 1 and July 1 of each year. Rupar accounts for the bonds as a held-to-maturity investment, and uses the effective interest method. As of Dec 31, 2018, the bonds were trading at a value of $94,000. The bond investment would be reported on the balance sheet at: A) 94,000 B) 95,000 C) 95,661 D) 100,000

On January 2, current year, Kalahari Limited issued $1,000,000, 10-year bonds for $1,150,000. The bonds pay interest on June 30 and December 31. The stated rate is 10% and the market rate is 8%. The company plans to use the effective interest method of amortizing bond discounts and premiums. The semiannual cash payment on the bonds is

Which predictive analytics technique would be used to predict whether a firm is likely to have a material misstatement in the coming year? Monetary unit sampling Regression Classification Benford’s law

Ivanhoe Company issued $2,900,000 of 10%, 10-year bonds on January 1, 2017, at 102. Interest is payable semiannually on July 1 and January 1. Ivanhoe Company uses the effective-interest method of amortization for bond premium or discount. Assume an effective yield of 9.6833%. Prepare the journal entries to record the following. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) The issuance of the bonds. (b) The payment of interest and related amortization on July 1, 2017. (c) The accrual of interest and the related amortization on December 31, 2017. Date Account Titles and Explanation Debit Credit (a) 1/1/17 (b) 7/1/17 (c) 12/31/17

On January 1, 2024, Rupar Retallers purchased $100,000 of Anand Company bonds at a discount of $6,000. The Anand bonds pay 6% interest but were purchased when the market interest rate was 7% for bonds of similar risk and maturity. The bonds pay interest semiannually on June 30 and December 31 of each year. Rupar accounts for the bonds as a held-to-maturity Investment, and uses the effective interest method. In Rupar's December 31, 2024, journal entry to record the second period of Interest, Rupar would record a credit to interest revenue of Multiple Choice O O $3,000 $3,500 $1.300

On January 1, 2020, National Retail purchased $100,000 of GEH Company bonds at a discount of $10,000. The GEH bonds pay 6% interest but were purchased when the market interest rate was 8% for bonds of similar risk and maturity. The bonds pay interest semiannually on June 30 and December 31 of each year. National Retail accounts for the bonds as a held-to-maturity investment and uses the effective interest method. In National Retail's December 31, 2020, journal entry to record the second period of interest would include a credit to interest revenue of: $3,000 $3,600 $3,336 d. $7,336 e. $3,624 a. b. C.

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 ×

On January 1, 2021, Rupar Retailers purchased $130,000 of Anand Company bonds at a discount of $9,000. The Anand bonds pay 6% interest but were purchased when the market interest rate was 7% for bonds of similar risk and maturity. The bonds pay interest semiannually on June 30 and December 31 of each year. Rupar accounts for the bonds as a held-to-maturity investment, and uses the effective interest method. In Rupar's December 31, 2021, journal entry to record the second period of interest, Rupar would record a credit to interest revenue of:   Multiple Choice   $4,235.   $4,247.   $4,550.   $3,900.

Daan Corporation wholesales repair products to equipment manufacturers. On April 1, 2016, Daan Corporation issued $3,400,000 of 4-year, 12% bonds at a market (effective) interest rate of 11%, receiving cash of $3,507,686. 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.     fill in the blank 96de01ff9f9efb1_2 fill in the blank 96de01ff9f9efb1_3     fill in the blank 96de01ff9f9efb1_5 fill in the blank 96de01ff9f9efb1_6     fill in the blank 96de01ff9f9efb1_8 fill in the blank 96de01ff9f9efb1_9 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 method. The bond premium amortization is combined with the semiannual interest payment. (Round to the nearest dollar.) For a compound transaction,…

On January 1, 2015, Solis Co. issued its 10% bonds in the face amount of $3,000,000, which mature on January 1, 2020. The bonds were issued for $3,405,000 with a rate of 8% and market rate of 5.5%, resulting in bond premium of $405,000. Solis uses the effective - interest method of amortizing bond premium. Interest is payable quarterly. Record the appropriate journal entries if you knew that they made all the interest payments for 2015 and prepare the amortization schedule. [Hint: watch out for the payment dates].