Presented below are two independent situations. On January 1, 2025, Cullumber Company issued $396,000 of 9%, 10-year bonds at par. Interest is payable quarterly on April 1. July 1, October 1, and January 1. 1. 2 On June 1, 2025, Riverbed Company issued $348,000 of 12 %, 10-year bonds dated January 1 at par plus accrued interest. Interest is payable semiannually on July 1 and January 1.

On June 30, Jamison Company issued $2,500,000 of 10-year, 9% bonds, dated June 30, for $2,580,000. Present entries to record the following transactions. Issuance of bonds. (a) Payment of first semiannual interest on December 31 (record separate entry from premium (b) amortization). (C) Amortization by straight-line method of bond premium on December 31.

1. On January 1, 2025, Waterway Company issued $408,000 of 9%, 10-year bonds at par. Interest is payable quarterly on April 1. July 1, October 1, and January 1. 2. On June 1, 2025, Wildhorse Company issued $360,000 of 11%, 10-year bonds dated January 1 at par plus accrued interest. Interest is payable semiannually on July 1 and January 1. For each of these two independent situations, prepare journal entries to record the following. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) a. The issuance of the bonds. b. The payment of interest on July 1. с The accrual of interest on December 31. Date Account Titles and Explanation Debit Credit 1. Waterway Company: 2. Wildhorse Company:

Burris Corporation is authorized to issue $940,000 of 6% bonds. Interest on the bonds is payable semiannually; the bonds are dated January 1, Year 1, and are due December 31, Year 5. Required:   Prepare the journal entries to record the following:   a. April 1, Year 1 Sold the bonds at par plus accrued interest b. June 30, Year 1 First interest payment c. December 31, Year 1 Second interest payment

On January 1, $980,000, 5-year, 10% bonds were issued for $950,600. Interest is paid semiannually on January 1 and July 1. If the issuing company uses the straight-line method to amortize a discount on bonds payable, the semiannual amortization amount is

On January 1, $954,000, 5-year, 10% bonds, were issued for $925,380. Interest is paid semiannually on January 1 and July 1. If the issuing corporation uses the straight-line method to amortize discount on bonds payable, what is the semiannual amortization amount? Select the correct answer. $47,700 $5,724 $28,620 $2,862

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

Riverbed Company issued $2,690,000, 9%, 20-year bonds on January 1, 2020, at 105. Interest is payable annually on January 1. Riverbed uses straight-line amortization for bond premium or discount. Prepare the journal entries to record the following events. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) (a) The issuance of the bonds. (b) The accrual of interest and the premium amortization on December 31, 2020. (c) The payment of interest on January 1, 2021. (d) The redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded. Date Account Titles and Explanation Debit Credit > >

Marigold Corporation issued $660,000 of 6% bonds on May 1,2025 . The bonds were dated January 1,2025 , and mature January 1 , 2028 , with interest payable July 1 and January 1 . The bonds were issued at face value plus accrued interest. Prepare Marigold's journal entries for (a) the May 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry.

On February 1, Clayton Co. issued $1,300,000 of 20-year, 9% bonds for $1,225,000. Interest is payable semiannually on February 1 and August 1. Present the entries to record the following transactions: