On January 1, 2020, Marin Company purchased 6% bonds, having a maturity value of $550,000 for $475,253. The bonds provide the bondholders with a 8% yield. They are dated January 1, 2020, and mature January 1, 2027, with interest paid on June 30 and December 31 of each year. Marin Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale category. The fair value of the bonds at December 31 of each year-end is as follows. 2020   $476,000   2023   $496,000 2021   $471,000   2024   $516,000 2022   $466,000   (a)   Prepare the journal entry at the date of the bond purchase. (b)   Prepare the journal entries to record the interest revenue and recognition of fair value for 2020. (c)   Prepare the journal entry to record the recognition of fair value for 2021. (Round answers to 2 decimal places, e.g. 2,525.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Ellis Company issues 6.5%, five-year bonds dated January 1, 2021, with a $250,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $255,333. The annual market rate is 6% on the issue date. Required: 1. Compute the total bond interest expense over the bonds' life. 2. Prepare an effective interest amortization table for the bonds' life. 3. Prepare the journal entries to record the first two interest payments.

On May 1, 2024, Green Corporation issued $1,200,000 of 8% bonds, dated January 1, 2024, for $1,104,000 plus accrued interest. The market rate of interest was 9%.The bonds pay interest semiannually on june 30 and december 31,.Green's fiscal year ends on December 31 each year.   Determine the amount of accrued interest that was included in the proceeds received from the bond sale. Prepare the journal entry for the issuance of the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.).                                    Need answer in detail with explanation computation formulas with steps

On January 1, 2021, Solis Co. issued its 10% bonds in the face amount of P3,000,000, which mature on January 1, 2026. The bonds were issued for P3,405,000 to yield 8%, resulting in bond premium of P405,000. Solis uses the effective-interest method of amortizing bond premium. Interest is payable annually on December 31. At December 31, 2021, the carrying value of the bonds should be a.) P3,405,000 b.) P3,377,400 c.) P3,364,500 d.) P3,304,500

On December 1, 2017, Cone Company issued its 9%, $450,000 face value bonds for $520,000, plus accrued interest. Interest is payable on November 1 and May 1. On December 31, 2019, the book value of the bonds, inclusive of the unamortized premium, was $480,000. On July 1, 2020, Cone reacquired the bonds at 99 plus accrued interest. Cone appropriately uses the straight-line method for the amortization because the results do not materially differ from those of the effective interest method. Requirement: Book value of bonds on December 1, 2017 _______ Book value of bonds on December 31, 2019 _______ Amortization for 25 months _______ Monthly amortization _______ Book value of bonds on December 31, 2019 ________ Amortization for January 1 to July 1, 2020 ________ Book value of bonds on July 1, 2020 ________ Cost of reacquisition ________ Gain on bond redemption

On January 1, 2022, Ehrlich Corporation issued 7%, 15-year bonds with a face amount of $4,800,000 .   Instructions Prepare the following entries: record the issuance of the bonds on 1/1/22, assuming the bonds were issued at 102 record the issuance of the bonds on 1/1/22, assuming the bonds were issued at 100 prepare the entry for the redemption of the bonds at maturity calculate the total cost of borrowing for these bonds, assuming they are issued at 100

Grocery Corporation received $300,328 for 11 percent bonds issued on January 1, 2021, at a market interest rate of 8 percent. The bonds had a total face value of $250,000, stated that interest would be paid each December 31, and stated that they mature in 10 years. Assume Grocery Corporation uses the effective-interest method to amortize the bond premium. Required: 1. & 2. Prepare the required journal entries to record the bond issuance and the first interest payment on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest whole dollar.) 1. Record the issuance of bonds with a face value of $250,000 for $300,328. 2. Record the interest payment on December 31.

On January 1, 2020, Wildhorse Company purchased  8% bonds having a maturity value of $ 360,000, for $ 390,329.57. The bonds provide the bondholders with a  6% yield. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. Wildhorse Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified in the held-to-maturity category.   Prepare the journal entry to record the interest revenue and the amortization at December 31, 2020. (Round answers to 2 decimal places, e.g. 2,525.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Ellis Company issues 8.0%, five-year bonds dated January 1, 2021, with a $530,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $540,871. The annual market rate is 7.5% on the issue date. Required: 1. Compute the total bond interest expense over the bonds' life. 2. Prepare an effective interest amortization table for the bonds' life. 3. Prepare the journal entries to record the first two interest payments.  Please need answer for all with working please answer do not waste time or question by holding attempt if you can otherwise skip

On January 1, 2020, Riverbed Company purchased  12% bonds, having a maturity value of $ 284,000 for $ 305,531.40. The bonds provide the bondholders with a  10% yield. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. Riverbed Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale category. The fair value of the bonds at December 31 of each year-end is as follows. 2020   $ 303,400   2023   $ 293,200 2021   $ 292,200   2024   $ 284,000 2022   $ 291,200           (a)   Prepare the journal entry at the date of the bond purchase. (b)   Prepare the journal entries to record the interest revenue and recognition of fair value for 2020. (c)   Prepare the journal entry to record the recognition of fair value for 2021. (Round answers to 2 decimal places, e.g. 2,525.25. Credit account titles are automatically indented when…