Rosewell Corporation sold $4,000,000, 7%, 10-year bonds on January 1, 2015. The bonds were dated January 1, 2015, and pay interest annually on January 1. Rosewell Corporation uses the straight-line method to amortize bond premium or discount. Instructions (a) Prepare all the necessary journal entries to record the issuance of the bonds X assuming that the bonds sold at 103. (b) Prepare journal entries for the interest accrual and amortization of the premium for 2015 and 2016. (c) Show the balance sheet presentation for the bond liability at December 31, 2016. (d) Calculate the total cost of borrowing for this bond

Ivanhoe Company issued $2,900,000 of 10%, 10-year bonds on January 1, 2017, at 102. Interest is payable semiannually on July 1 and January 1. Ivanhoe Company uses the effective-interest method of amortization for bond premium or discount. Assume an effective yield of 9.6833%. Prepare the journal entries to record the following. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) The issuance of the bonds. (b) The payment of interest and related amortization on July 1, 2017. (c) The accrual of interest and the related amortization on December 31, 2017. Date Account Titles and Explanation Debit Credit (a) 1/1/17 (b) 7/1/17 (c) 12/31/17

Flint Corporation sold $3,050,000, 6%, 5-year bonds on January 1, 2025. The bonds were dated January 1, 2025, and pay interest on January 1. Flint Corporation uses the straight-line method to amortize bond premium or discount. (a) Your Answer Correct Answer ✓ Your answer is correct. Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2025, assuming that the bonds sold at 103. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 1 Cash Premium on Bonds Payable Bonds Payable Dec. 31 Interest Expense. Debit 3141500 164700 Credit 91 305C

BC Corporation sold $55,000,000, 8%, 10-year bonds on January 1, 2022. The bonds apply interest on July 1 and January 1. BC uses the staight-line method to amortize bond premium or discount. Assume no interestaccrued on June 30.Instructions1. Prepare all the necessary journal entries to record the issuance of the bonds and bond interesthappens for 2022, assuming that the bonds sold at 105.2. Prepare journal entries as in part (1) assuming that the bond sold at 98.3. Show statement of financial position presentation for each bond issued at December 31, 2022.

On January 1, 2017, the board of directors of Papermaker Inc. issued 9-year, 2% bonds with a par value of $600,000 to finance equipment purchases.   1.      Using the straight-line method to amortize bond discounts and premiums, (a) prepare the issuer's journal entry to record the initial bond issuance and the first semiannual interest payment with the amortization of any bond discount or premium assuming the bonds were issued at par, and (b) calculate the total bond interest expense over the life of the bonds. 2.      Using the straight-line method to amortize bond discounts and premiums, (a) prepare the issuer's journal entry to record the initial bond issuance and the first semiannual interest payment with the amortization of any bond discount or premium assuming the bonds were issued at 97, and (b) calculate the total bond interest expense over the life of the bonds. 3.      Using the straight-line method to amortize bond discounts and premiums, (a) prepare the issuer's…

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On July 1, 2018, ABC Co. issued $6,000,000, 6%, 4-year bonds. The bonds were sold to yield an effective-interest rate of 8%. Interest is paid semiannually on July 1 and January 01. The company uses the effective-interest method of amortization. Required: For ABC Co. answer the following independent requirements: JORARE STON a. Prepare the necessary journal entry on July 1, 2018. b. Assume that the accounting date for ABC Co. is December 31, prepare journal entry on December 31, 2018. cessary c. Assume that the bond was issued on September 30, 2018, prepare the journal entry on January 01, 2019. d. Assume that the accounting date for ABC Corporation is November 30, prepare the journal entry on November 30, 2018.

Ivanhoe Company issued $459,000, 8%, 30-year bonds on January 1, 2017, at 103. Interest is payable annually on January 1. Ivanhoe 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 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, 2017. (c)   The payment of interest on January 1, 2018. (d)   The redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded.   No. Date Account Titles and Explanation Debit Credit (a) Jan. 1, 2017 enter an account title to record the issuance of the bonds on January 1, 2017   enter a debit amount   enter a credit amount       enter an account title to record the issuance of the bonds on January 1, 2017   enter a debit amount…

Adcock Company issued $276,000, 8%, 20-year bonds on January 1, 2015, at 105. Interest is payable semiannually on July 1 and January 1. Adcock uses straight-line amortization for bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2015                         Prepare the journal entry to record the payment of interest and the premium amortization on July 1, 2015, assuming that interest was not accrued on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1, 2015                         Prepare the journal entry to record the accrual of…

Pharoah Company issued $2,400,000 of 10%, 10-year bonds on January 1, 2017, at 104. Interest is payable semiannually on July 1 and January 1. Pharoah Company uses the effective-interest method of amortization for bond premium or discount. Assume an effective yield of 9.3750%.Prepare the journal entries to record the following.  The issuance of the bonds.(b)The payment of interest and related amortization on July 1, 2017.(c)The accrual of interest and the related amortization on December 31, 2017.