On January 1, 2021, for $18 million, Monument Company purchased 10 year, 10% bonds, dated January 1, 2021, with a face amount of $20 million. For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually on June 30 and December 3 Required: 1. Prepare the journal entry to record interest on June 30, 2021, using the straight-line method. 2 Bron: cord interact 2021 ight ling method

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Devon Harris Company sells 10% bonds having a maturity value of $2,000,000 for $1,855,816. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on January 1.   Set up a schedule of interest expense and discount amortization under the effective-interest method.

Recording Bond Entries and Reporting Bonds— Effective Interest, Straight-Line Master Corp. issued 5%, $180,000 bonds on January 1, 2020. The bonds pay cash interest semiannually each July 1 and January 1, and were issued to yield 6%. The bonds mature January 1, 2030, and the company uses the effective interest method to amortize bond discounts or premiums.  Required  a. Prepare journal entries on the following dates.  1. January 1, 2020—Issuance of bonds.  2. July 1, 2020—Interest payment.  3. December 31, 2020—Interest accrual.  4. January 1, 2021—Interest payment.  b. Answer part a assuming instead that the company uses the straight-line interest method to amortize discounts and premiums and the bonds were sold on March 1, 2020, for $166,489 (excluding accrued interest).  Hint: Amortize discount on bonds payable over a 118 month bond term.     Effective Interest Method Straight-Line Interest Method Note: List multiple debits or credits (when applicable) in alphabetical…

Exercise 9-71 (Algorithmic) Interest Payments and Interest Expense for Bonds (Straight Line) On January 1, 2020, Harrington Corporation sold $100,000 of 15-year, 11% bonds. The bonds sold for $96,000 and pay interest semiannually on June 30 and December 31. Required: 1. Prepare the journal entry to record the sale of the bonds. 2020 Jan. 31 Record issuance of bonds at discount 2. Calculate the amount of the cash semiannual interest payment. Round your answer to the nearest whole dollar, if required. 3. Prepare the entry at June 30, 2020, to recognize the payment of interest and interest expense. Round your answers to the nearest whole dollar, if required. 2020 June 30 Record interest expense 4. Calculate the annual interest expense for 2020. Round your answer to the nearest whole dollar, if required.

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Waterway Industries issues 2300, 10-year, 8%, $1000 bonds dated January 1, 2020, at 98. The journal entry to record the issuance will show a O debit to Cash of $2300000. O credit to Bonds Payable for $2346000. O debit to Cash for $2254000. O credit to Discount on Bonds Payable for $46000.

On June 30, 2021 the market interest rate is 10% winner corporation issues $850,000 of 11% 30 year bonds payable the bonds pay interest on June 30 and December 31 the company amortize bond premium using the effective interest method use the PV function in excel to calculate the issue of the bonds. The issue price of the bond is.

Recording Bond Entries and Reporting Bonds- Effective Interest, Straight-Line Master Corp. issued 5%, $360,000 bonds on January 1, 2020. The bonds pay cash interest semiannually each July 1 and January 1, and were issued to yield 6%. The bonds mature January 1, 2030, and the company uses the effective interest method to amortize bond discounts or premiums. Required a. Prepare journal entries on the following dates. 1. January 1, 2020–Issuance of bonds. 2. July 1, 2020–Interest payment. 3. December 31, 2020–Interest accrual. 4. January 1, 2021–Interest payment. b. Answer part a assuming instead that the company uses the straight-line interest method to amortize discounts and premiums and the bonds were sold on March 1, 2020, for $332,978 (excluding accrued interest). Hint. Amortize discount on bonds payable over a 118 month bond term.

Subject: acounting