On the first day of the fiscal year, a company issues a $3,500,000, 6%, five-year bond that pays semiannual interest of $105.000 ($3,500,000 x 6% x ), receiving cash of $3,350,000. Joumalize the first interest payment and the amortization of the related bond discount. Refer to the Chart of Accounts for exact wording of account titles

On the first day of the fiscal year, a company issues a (n) $935,000, 7%, 5-year bond that pays semiannual interest of $32,725 ($935,000 x 7% x 1/2), receiving cash of $878,900. Journalize the entry for the first interest payment and the amortization of the related bond discount using the straight-line method. If an amount box does not require an entry, leave it blank.

On the first day of the fiscal year, a company issues a $400,000, 6% 5-year bond that pays semiannual interest of $12,000 receiving cash of $367,556. The journal entry to record the first interest payment would include a

On the first day of the fiscal year, a company issues an $8,600,000, 11%, five-year bond that pays semi-annual interest of $475,000 ($8,600,000 x 11% x 1/2), receiving cash of $8,932,035. Journalize the bond issuance.

On the first day of the fiscal year, a company issues a $3,000,000, 11%, five-year bond that pays semiannual interest of $165,000 ($3,000,000 x 11% x 2), receiving cash of $2,889,599. Journalize the bond issuance. If an amount box does not require an entry, leave it blank.

On the first day of the fiscal year, a company issues a $1,450,000, 5%, five-year bond that pays semiannual interest of $36,250 ($1,450,000 × 5% × ½), receiving cash of $1,408,720. Journalize the first interest payment and the amortization of the related bond discount. Round to the nearest dollar. 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 121 Accounts Receivable 122 Allowance for Doubtful Accounts 126 Interest Receivable 127 Notes Receivable 131 Merchandise Inventory 141 Office Supplies 191 Land 194 Office Equipment 195 Accumulated Depreciation-Office Equipment   LIABILITIES 210 Accounts Payable 221 Salaries Payable 231 Sales Tax Payable 232 Interest Payable 241 Notes Payable 251 Bonds Payable 252 Discount on Bonds Payable 253 Premium on Bonds Payable   EQUITY 311 Common Stock 312…

A company issues bonds with a face value of $12 million on June 1, Year One, for the face value plus accrued interest. The bonds pay an annual cash interest rate of 10 percent with payments made on April 1 and October 1 of each year. On financial statements as of December 31, Year One, and the year then ended, which of the following balances will appear?     Responses Interest expense: $400,000; interest payable: -0- Interest expense: $600,000; interest payable: -0- Interest expense: $900,000; interest payable: $300,000 Interest expense: $700,000; interest payable: $300,000

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

On the first day of the fiscal year, a company issues an $2,750,000, 8%, five-year bond that pays semiannual interest of $110,000 ($2,750,000 x 8% x ½), receiving cash of $2,938,110. Journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar. 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 121 Accounts Receivable 122 Allowance for Doubtful Accounts 126 Interest Receivable 127 Notes Receivable 131 Merchandise Inventory 141 Office Supplies 191 Land 194 Office Equipment 195 Accumulated Depreciation-Office Equipment   LIABILITIES 210 Accounts Payable 221 Salaries Payable 231 Sales Tax Payable 232 Interest Payable 241 Notes Payable 251 Bonds Payable 252 Discount on Bonds Payable 253 Premium on Bonds Payable   EQUITY 311 Common Stock…

On the first day of the fiscal year, a company issues a $8,800,000, 11%, 7-year bond that pays semiannual interest of $484,000 ($8,800,000 × 11% × ½), receiving cash of $9,235,540. Journalize the bond issuance. If an amount box does not require an entry, leave it blank.