On March 1, 2021, Brown-Ferring Corporation issued $100 million of 12% bonds, dated January 1, 2021, for $99 million (plus accrued interest). The bonds mature on December 31, 2040, and pay interest semiannually on June 30 and December 31. Brown-Ferring’s fiscal period is the calendar year. Required:1. Determine the amount of accrued interest that was included in the proceeds received from the bond sale.2. Prepare the journal entry for the issuance of the bonds by Brown-Ferring.

Madison Corporation is authorized to issue $570,000 of 5-year bonds dated June 30, 2019, with a stated rate of interest of 11%. Interest on the bonds is payable semiannually, and the bonds are sold on June 30, 2019. Required: Determine the proceeds that the company will receive if it sells the following: (Click here to access the tables to use with this exercise and round your answers to two decimal places, if necessary.) 1.  The bonds to yield 12% $fill in the blank 1 2.  The bonds to yield 10% $fill in the blank 2

TMC issued $55 million of its 12% bonds on April 1, 2021 at 97, reflecting a market rate of interest of 14%, plus accrued interest. The bonds are dated January 1, 2021, and mature on December 31, 2040. Interest is payable semiannually on June 30 and December 31. What amount did TMC receive from the bond issuance? Multiple Choice A. $51.70 million. B. $56.65 million. C. $55.00 million.   D. $53.35 million.   \

On May 1, 2021, Bramble Corp. purchased $1,580,000 of 12% bonds, interest payable on January 1 and July 1, for $1,406,500 plus accrued interest. The bonds mature on January 1, 2027. Amortization is recorded when interest is received by the straight-line method. (Assume bonds are available for sale.) (a) Prepare the journal entry for May 1, 2021.

Sandhill Company issued $690,000, 12%, 10-year bonds on December 31, 2021, for $620,000. Interest is payable annually on December 31. Sandhill Company uses the straight-line method to amortize bond premium or discount.

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 the July 1, 2021, Trials Corporation issued $17,500,000 of five-year, 12% bonds to finance its operations. The bonds were issued at a market (effective) interest rate of 10%, resulting in Trials Corporation receiving cash of $18,851,252. Interest is payable semiannualy on 12/31 and 6/30. The company uses the straight-line method to amortize the bond discount. REQUIRED: Journalize the entries to record the following: 07/01/21-issuance of the bonds 12/31/21- the first semiannual interest payment, including amortization of the bond discount. Round to the nearest dollar. 06/30/22- the second semiannual interest payment, including amortization of the bond discount. Round to the nearest dollar. Date Account Name Journal Entries Debi Credit

On April 1, 2021, Marigold Corporation issued $352.000, 5-year bonds. On this date, Shoreline Corporation puurchased the bonds from Marigold to earn interest. Interest is received semi-annually on April 1 and October 1 and Shoreline's year end is March 31 Below is a partial amortization schedule for the first three interest periods of the bond issue Semi-Annual Interest Received Interest Interest Period Revenue Amortization Bond Amortized Cost April 1. 2021 $368.231 October 1, 2021 $7.040 $5.523 $1.517 366.714 April 1.2022 7.040 5.501 1.539 365,175 October 1, 2022 7.040 5,478 1,562 363,613 Were the bonds purchased at a discount or at a premium? Bonds purchased at a What is the face value of the bonds? Face value of the bonds s eTextbook and Media What will the bonds' amortized cost be at the maturity date? Bonds' amortized cost at the maturity date eTextbook and Media /1 E What is the bonds' contractual interest rate? The market interest rate? (Round answers to 2 decimal places, eg…

On August 1, 2027, Concord Corporation issued $500,400, 9%, 10-year bonds at face value. Interest is payable annually on August 1. Concord's year-end is December 31. Prepare a tabular summary to record the following events. (a) The issuance of the bonds. (b) (c) The accrual of interest on December 31, 2027. The payment of interest on August 1, 2028. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) (a) Aug. 1, 2027 $ (b) Dec. 31, 2027 (c) Aug. 1, 2028 Assets Cash $ Bonds Payable Liabilities + $ Interest Payable + $ Paid in Capital Common Stock $ Revenue Stockholders' Equity $ Expense Retained Earnings $ Dividend Bonds payable Discount on bonds Interest expense Premium on bonds

Lincoln Company issued $110,000 of 10-year, 8% bonds payable on January 1, 2025. Lincoln Company pays interest each January 1 and July 1 and amortizes discount or premium by the straight-line amortization method. The company can issue its bonds payable under various conditions. Read the requirements. Requirement 1. Journalize Lincoln Company's issuance of the bonds and first semiannual interest payment assuming the bonds were issued at face value. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Journalize the issuance of the bond payable at face value. Date Jan. 1, 2025 Accounts Debit Credit