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- Edward Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1, 2018 and received $480,000. Interest is payable semiannually. The discount is amortized using the straight-line method. Prepare journal entries for the following transactions. A. July 1, 2018: entry to record issuing the bonds B. Dec. 31, 2018: entry to record payment of interest to bondholders C. Dec. 31, 2018: entry to record amortization of discountVolunteer Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1, 2018 and received $540,000. Interest is payable annually. The premium is amortized using the straightline method. Prepare journal entries for the following transactions. A. July 1, 2018: entry to record issuing the bonds B. June 30, 2019: entry to record payment of interest to bondholders C. June 30, 2019: entry to record amortization of premium D. June 30, 2020: entry to record payment of interest to bondholders E. June 30, 2020: entry to record amortization of premiumAggies Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1, 2018, and received $540,000. Interest is payable semi-annually. The premium is amortized using the straight-line method. Prepare journal entries for the following transactions. A. July 1, 2018: entry to record issuing the bonds B. Dec. 31, 2018: entry to record payment of interest to bondholders C. Dec. 31, 2018: entry to record amortization of premium
- On the first day of the fiscal year, a company issues a $868,000, 9%, 10-year bond that pays semiannual interest of $39,060 ($868,000 × 9% × 1/2), receiving cash of $911,400. Required: Journalize the entry to record the first interest payment and amortization of premium using the straight-line method. Refer to the Chart of Accounts for exact wording of account titles. Chart Of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 113 Allowance for Doubtful Accounts 114 Notes Receivable 115 Interest Receivable 121 Merchandise Inventory 122 Supplies 131 Prepaid Insurance 140 Land 151 Building 152 Accumulated Depreciation-Building 153 Equipment 154 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Salaries Payable 231 Sales Tax Payable 241 Notes Payable 242 Interest Payable 251 Bonds Payable 252 Discount on Bonds…On the first day of the fiscal year, a company issues a $326,000, 6%, 10-year bond that pays semiannual interest of $9,780 ($326,000 x 6% x 1/2), receiving cash of $342,300. Journalize the entry for the first interest payment and amortization of premium using the straight-line method. If an amount box does not require an entry, leave it blank. Previous Next 3:22 PM a 53°F Sunny 12/14/2021 2)On the first day of the fiscal year, a company issues a $883,000, 10%, 10-year bond that pays semiannual interest of $44,150 ($883,000 x 10% x 1/2), receiving cash of $927,200. Journalize the entry to record the first interest payment and amortization of premium using the straight-line method. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select -
- On the first day the fiscal year, a company issue a $437,000, 7%, 10years bond that pays semiannual interest of $15,295 ($437,000 x 7% x 1/2), receiving cash of $458,900. Journalize the entry for the first interest payment and amortization of premium using the straight-in line method. If an amount box does not require an entry, leave in blank. ____________ _____ _______ _____________ ______ ________On the first day of the fiscal year, a company issues a $957,000, 7%, 10-year bond that pays semiannual interest of $33,495 ($957,000 x 7% x 1/2), receiving cash of $1,004,900. Journalize the entry to record the first interest payment and amortization of premium using the straight-line method. If an amount box does not require an entry, leave it blankOn the first day of the fiscal year, a company issues a $500,000, 8%, 10-year bond that pays semiannual interest of $20,000 ($500,000 × 8% × 1/2), receiving cash of $520,000. Journalize the entry to record the first interest payment and amortization of premium using the straight-line method. If an amount box does not require an entry, leave it blank. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9
- On the first day of the fiscal year, a company issues a $584,000, 11%, 10-year bond that pays semiannual interest of $32,120 ($584,000 x 11% x 1/2), receiving cash of $613,200. Journalize the entry to record the first interest payment and amortization of premium using the straight-line method. If an amount box does not require an entry, leave it blank. Interest Expense Premium on Bonds Payable CashOn the first day of the fiscal year, a company issues a $874,000, 9%, 10-year bond that pays semiannual interest of $39,330 ($874,000 x 9% x 1/2), receiving cash of $917,700. Journalize the entry to record the first interest payment and amortization of premium using the straight-line method. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select -On the first day of the fiscal year, a company issues a $784,000, 6%, 10-year bond that pays semiannual interest of $23,520 ($784,000 x 6% x 1/2), receiving cash of $823,200. Journalize the entry for the first interest payment and amortization of premium using the straight-line method. If an amount box does not require an entry, leave it blank. OUD